Gulshankumar Vijaykumar Chopra’s open offer to acquire a 26% stake in Niraj Cement Structurals opens on July 31, 2026, allowing shareholders to tender their equity shares at ₹29 per share. The acquirer seeks to purchase up to 1,55,20,529 equity shares, representing 26.00% of the company’s fully paid-up voting capital. This accelerated timeline follows the receipt of final observations from the Securities and Exchange Board of India (SEBI), which enabled the early dispatch of the Letter of Offer (LOF) to shareholders on July 23, 2026. Shareholders can participate through the designated stock exchanges, BSE Limited and National Stock Exchange of India Limited, using the separate acquisition window mechanism.

The pre-offer advertisement was published in Financial Express, Jansatta, and Navshakti on July 30, 2026, pursuant to Regulation 18(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Navigant Corporate Advisors Limited serves as the manager to the offer. The offer remains open until August 13, 2026, with payment for acquired shares scheduled for August 28, 2026. There have been no competitive bids for this offer.

Committee Recommendation and Correction

The Committee of Independent Directors (IDC) of Niraj Cement Structurals recommended that shareholders accept the offer, deeming the ₹29 per share price fair and reasonable. The IDC’s recommendation was published on July 29, 2026. However, the company issued a clarification regarding an inadvertent error in the initial publication: the name of Mr. Vishram Pandurang Rudre was incorrectly listed instead of Mr. Partha Sarathi Raut. The correct composition of the IDC is as follows:

The committee based its positive assessment on three key factors: the offer price aligns with the consideration paid in separate Share Purchase Agreements (SPAs); the shares are frequently traded under Regulation 2(j) of the SEBI SAST Regulations; and the offer price exceeds the volume-weighted average market price for the 60 trading days preceding the public announcement on June 16, 2026.

Revised Schedule of Activities

The accelerated regulatory approvals have shifted several key dates earlier than originally planned. The draft LOF was submitted to SEBI on July 1, 2026, and final observations were received on July 15, 2026. Consequently, the identified date for determining eligible shareholders moved from July 24 to July 17, 2026.

Shareholders are advised to evaluate the proposal independently, considering the change in ownership structure that may result from the acquisition.

Gulshankumar Vijaykumar Chopra has revised the timeline for the open offer to acquire up to 26.00% of the fully paid-up equity and voting share capital of niraj cement structurals . The acquirer is offering to purchase 1,55,20,529 equity shares of Rs. 10/- each at a price of Rs. 29/- per fully paid-up equity share. The revision accelerates the process, moving the opening of the offer to July 31, 2026, and the closure to August 13, 2026.

Navigant Corporate Advisors Limited issued the corrigendum to the detailed public statement on behalf of the acquirer in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The modification follows SEBI Observation Letter no. HO/49/12/11(70)2026-CFD-RAC-DCR1/I/16413/2026 dated July 15, 2026. The detailed public statement was originally published in various newspapers on June 23, 2026.

Revised Schedule of Activities

The corrigendum updates several key dates in the offer process. The date for the receipt of comments from SEBI on the Draft Letter of Offer has been moved forward to July 15, 2026, from July 22, 2026. Consequently, the identified date for determining shareholder eligibility is now July 17, 2026, and the Letter of Offer will be dispatched by July 24, 2026.

All other terms and conditions of the open offer remain unchanged. The identified date is specifically for determining the names of shareholders to whom the Letter of Offer will be sent. All owners of equity shares, except the acquirer, sellers, existing promoters, and persons deemed to be acting in concert, are eligible to participate in the offer before its closure.