Shantai Industries has notified BSE Limited of an upcoming board meeting scheduled for Monday, May 25, 2026 at 04.00 P.M. at its registered office located at Shop 10, 2nd Floor, Agrasen Point, Nr Agrasen Bhavan, Citylight Road, Bharthana, Surat, Gujarat – 395007. The intimation, dated May 18, 2026, has been filed pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting Agenda

The board meeting has been convened to transact the following key business, among other matters:

Trading Window Closure

In accordance with the company's internal code of conduct for regulating, monitoring, and reporting of trading by insiders, and pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in the equity shares of Shantai Industries has been closed. The closure applies to directors, officers, designated employees, and their immediate relatives covered under the said policy.

Key details of the trading window closure are as follows:

• Closure Start Date: April 01, 2026
• Closure End Date: 48 hours from the declaration of financial results for the quarter and year ended March 31, 2026
• Applicable Persons: Directors, officers, designated employees, and immediate relatives of respective persons covered under the insider trading policy

Company Details

The intimation was signed by Shipra Mehta, Company Secretary and Compliance Officer, on behalf of Shantai Industries, from Surat, on May 18, 2026. The company is headquartered at Shop 10, 2nd Floor, Agrasen Point, Nr Agrasen Bhavan, Citylight Road, Bharthana, Surat, Gujarat – 395007.

Shantai Industries Limited faces a comprehensive open offer from multiple acquirers seeking to acquire up to 19,20,000 equity shares at ₹21 per share, representing a significant ownership change in the textile manufacturing company.

Open Offer Structure and Participants

The open offer is being conducted by five acquirers: Radhe Dhokla Private Limited (Acquirer 1), Pandav Dishant Kanubhai (Acquirer 2), Nikunj Vijaybhai Prajapati (Acquirer 3), Pandav Jinesh Kanaiyalal (Acquirer 4), and Pandav Pradipkumar Vijaybhai (Acquirer 5). The offer follows SEBI (SAST) Regulations, 2011, and targets 25.60% of the company's voting share capital.

Share Purchase Agreement Details

Prior to the open offer, the acquirers entered into a Share Purchase Agreement dated February 13, 2026, with existing promoters to acquire 55,80,000 equity shares at ₹11.50 per share, constituting 74.40% of the voting share capital.

Lead Acquirer Profile

Radhe Dhokla Private Limited, the primary acquirer, is a family-owned food business incorporated on March 23, 2022, specializing in Gujarati, Punjabi, and other regional cuisines. The company's signature product is Dhokla, with an expanded portfolio including Indian dishes, Chinese cuisine, and Pav Bhaji.

The company's financial performance shows steady growth:

Offer Price Determination

The offer price of ₹21.00 per share was determined under SEBI regulations, considering multiple valuation parameters:

• Highest negotiated price under SPA: ₹11.50
• Volume-weighted average market price (60 trading days): ₹20.78
• The offer price represents the highest of applicable parameters

Financial Arrangements

The acquirers have established robust financial arrangements for the transaction. An escrow cash account has been opened with ICICI Bank Limited with a deposit of ₹1,01,05,000, representing more than 25% of the total offer consideration as required under SEBI regulations.

Target Company Overview

Shantai Industries Limited, originally incorporated as "Wheel & Axle Trading & Finance Limited" on April 9, 1985, operates in textile manufacturing and trading. The company is engaged in manufacturing and trading of yarn domestically and exports textile fabrics.

Timeline and Process

The open offer follows a structured timeline with key milestones:

The offer will be conducted through BSE's acquisition window mechanism, with Nikunj Stock Brokers Limited appointed as the buying broker. Public shareholders holding shares in both dematerialized and physical form are eligible to participate during the tendering period.

Regulatory Compliance

Saffron Capital Advisors Private Limited serves as the Manager to the Open Offer, while Purva Sharegistry (India) Private Limited acts as the Registrar. The transaction complies with all applicable SEBI regulations and requires no additional statutory approvals as of the announcement date.

The successful completion of this open offer will result in a complete change of control, with the current promoter group relinquishing their stake and the acquirers becoming the new promoter group of Shantai Industries Limited.