An open offer by Radhe Dhokla Private Limited and four other acquirers to acquire up to 19,20,000 fully paid-up equity shares of Shantai Industries Limited concluded with no shares tendered by public shareholders. The offer, which was made at a price of ₹21 per share aggregating to ₹4,03,20,000, opened on May 26, 2026, and closed on June 9, 2026. Saffron Capital Advisors Private Limited acted as the manager to the offer.

The acquirers, including Radhe Dhokla Private Limited, Pandav Dishant Kanubhai, Nikunj Vijaybhai Prajapati, Pandav Jinesh Kanaiyalal, and Pandav Pradipkumar Vijaybhai, had proposed to acquire 25.60% of the voting share capital held by the public. However, the actual number of shares tendered and accepted was zero. The offer size was restricted to the shares held by public shareholders, representing 25.60% of the voting share capital, as per the detailed public statement.

Offer Details

The following table outlines the key details of the acquisition:

Acquisition Outcome

The post-offer shareholding of the acquirers remains at 55,80,000 shares, representing 74.40% of the voting share capital. The public shareholding continues to be 19,20,000 shares, or 25.60%. The share purchase agreement triggering the regulations involved the proposed acquisition of 55,80,000 shares, which constituted 74.40% of the voting share capital.

The acquirers and the directors of Acquirer 1 accepted full responsibility for the information contained in the post-offer advertisement. A copy of the advertisement is available on the websites of SEBI, BSE, the manager to the offer, and the registered office of the target company.

A consortium of acquirers, comprising Radhe Dhokla Private Limited, Pandav Dishant Kanubhai, Nikunj Vijaybhai Prajapati, Pandav Jinesh Kanaiyalal, and Pandav Pradipkumar Vijaybhai, has launched an open offer to purchase shares from the public shareholders of Shantai Industries Limited. The offer is being made pursuant to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Offer Details

The acquirers have proposed to acquire up to 19,20,000 fully paid-up equity shares, which represents 25.60% of the voting share capital of the target company. The offer price has been set at ₹21 per share for equity shares with a face value of ₹2 each. The total offer size aggregates to ₹4,03,20,000. Although Regulation 7 of the SEBI (SAST) Regulations typically requires an offer size of at least 26%, the offer is restricted to the shares held by public shareholders, which constitutes 25.60% of the capital.

Schedule of Activities

The Letter of Offer was dispatched on May 19, 2026. The tendering period for the open offer is scheduled to commence on May 26, 2026, and will close on June 9, 2026. The final date for communicating acceptance or rejection of shares is June 23, 2026. A reminder advertisement for the offer was published on June 1, 2026, in Financial Express, Jansatta, Janadesh, and Mumbai Lakshadeep.

Committee of Independent Directors' Recommendation

The Committee of Independent Directors (IDC) of Shantai Industries Limited convened on May 21, 2026, to evaluate the proposal. The committee reviewed the Public Announcement, Detailed Public Statement, and the Letter of Offer. The IDC determined that the offer price of ₹21 is in line with the parameters prescribed by SEBI regulations. The price is comparable to the volume-weighted average market price of ₹20.78 per share for the 60 trading days preceding the Public Announcement and is higher than the highest negotiated price of ₹11.50 per share. Consequently, the committee believes the offer is fair and reasonable.

Shareholder Advisory

While the IDC endorsed the offer, it drew the attention of shareholders to the fact that the equity shares of Shantai Industries Limited are currently trading on the BSE at a price higher than the offer price of ₹21. The committee advised shareholders to independently evaluate the open offer in light of the current market price and other investment options before making a decision to participate. The recommendation was unanimously approved by the members of the IDC.