Sanginita Chemicals Limited has announced an open offer to acquire up to 1,56,89,957 fully paid-up equity shares at a price of ₹13.55 per share. The offer, which aggregates to ₹21,25,98,917.35, represents 26% of the emerging fully diluted voting equity share capital of the company. This acquisition is being made pursuant to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The acquirers, BNG Investment LLC and Anubhav Agarwal, have initiated the offer following a preferential allotment of equity shares. The offer price is payable in cash and is based on the emerging fully diluted voting equity share capital of 6,03,45,986 equity shares with a face value of ₹10 each.

Committee of Independent Directors Recommendation

The Committee of Independent Directors (IDC) of Sanginita Chemicals has reviewed the open offer proposal. The committee members, comprising Mr. Pramodbhai Dabhi (Chairperson), Mr. Jagdishkumar Vaijaji Thakor, Mr. Sanmitra Trivedi, and Ms. Jalpa Anand Lavingia, unanimously voted in favour of recommending the offer.

The IDC members stated that the offer is fair and reasonable and in line with the SEBI SAST Regulations. They reviewed several documents, including the Public Announcement dated March 20, 2016, the Detailed Public Statement published on March 30, 2016, and the Letter of Offer dated May 26, 2016.

Offer Details

The IDC confirmed that none of its members have traded in the equity shares of the target company during the 12 months prior to the public announcement or hold any contracts with the acquirers. The detailed recommendation is available on the company's website.

Sanginita Chemicals Limited has initiated an open offer to acquire 1,56,89,957 fully paid-up equity shares from public shareholders. The shares, representing 26% of the emerging fully diluted voting equity share capital, have a face value of ₹10 each and are being offered at a price of ₹13.55 per equity share.

The Board of Directors passed a resolution on May 26, 2026, to constitute a committee of independent directors. This committee will provide reasoned recommendations regarding the open offer to the shareholders. The members of the committee include Mr. Pramodsinh Dabhi, Mr. Jagdishkumar Vajaji Thakor, Mr. Sanmitra Trivedi, and Ms. Jalpa Anand Lavingia.

As required under Regulation 26(7) of the SEBI (SAST) Regulations, 2011, the reasoned recommendations of the independent directors will be published. These recommendations will appear in the same newspapers where the detailed public statement of the open offer was published, at least two working days before the commencement of the tendering period.

Simultaneously, a copy of the recommendations will be sent to the Securities and Exchange Board of India, Finshore Management Services Limited, and the National Stock Exchange of India Limited. The offer is being made by the "Acquirers" for cash at the specified price.

Offer Details