Pravin Kumar Shishodiya and Punit Shishodiya have revised the timeline for their mandatory open offer to acquire up to 37,70,000 equity shares, representing 26% of Ramgopal Polytex Limited , at ₹17.10 per share. The tendering period will now run from September 16, 2026, to September 29, 2026, replacing the previously announced schedule. This adjustment impacts the deadline for public shareholders to tender their shares and the subsequent payment date, which is now set for October 14, 2026. The change ensures alignment with the regulatory framework under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The acquirers, who recently purchased a 45.46% controlling stake from the promoter group for ₹9 per share, are compelled to make this public offer under Regulation 3(1) and Regulation 4 of the SEBI (SAST) Regulations, 2011. This transaction marks a complete change in control, with the Shishodiya family set to hold approximately 71.46% of the company post-offer, assuming full acceptance. The maximum consideration for the offer remains ₹6,44,67,000, payable in cash under Regulation 9(1)(a). To secure the obligation, the acquirers have deposited ₹1,62,00,000 in an escrow account with Kotak Mahindra Bank Limited.

Revised Offer Timeline

The updated schedule reflects a two-week shift in the tendering window. Public shareholders can tender their shares through the stock exchange mechanism on BSE Limited. The Letter of Offer is scheduled for dispatch by September 08, 2026, earlier than the previous date. Payment for accepted tenders must be made by October 14, 2026. The offer is not conditional on any minimum acceptance level.

Financial Context and Shareholding

Ramgopal Polytex reported a net loss of ₹99.11 lakh on a total revenue of ₹153.35 lakh for FY26, following losses in FY25 (₹18.52 lakh loss) and FY24 (₹166.64 lakh loss). The company’s net worth stood at ₹1,047.72 lakh as of March 31, 2026. The existing promoter group sold their entire 45.46% stake via a Share Purchase Agreement dated July 28, 2026. Post-transaction, these entities hold nil shares.

What the Numbers Show

The significant premium between the underlying acquisition price (₹9 per share) and the open offer price (₹17.10 per share) reflects the regulatory mandate to protect minority shareholders during a change of control. While the promoters exited at a lower valuation, public shareholders are offered a price justified by the volume-weighted average market price of ₹16.73 over the preceding sixty trading days. This structure ensures that public investors receive fair value despite the company’s recent financial losses, potentially signaling the new management’s intent to stabilize operations and explore growth opportunities within its current business lines.

Ramgopal Polytex Limited has scheduled its 45th Annual General Meeting (AGM) for August 06, 2026, at 3:30 p.m. IST, to be conducted through video conferencing and other audio-visual means. The meeting will be held in compliance with the Companies Act, 2013, and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has appointed Ms. Uma Lodha, Proprietor of M/s. Uma Lodha & Co., as the scrutinizer for the e-voting process.

The register of members and share transfer books of the company will remain closed from July 31, 2026, to August 06, 2026, both days inclusive, for the purpose of the AGM. Shareholders whose names appear in the register of members or beneficial owners as on the cut-off date will be entitled to participate in the remote e-voting and attend the meeting.

The company has established a remote e-voting facility, which will commence on August 03, 2026, at 9:00 a.m. IST and conclude on August 05, 2026, at 5:00 p.m. IST. The cut-off date for determining eligibility for e-voting is July 30, 2026. Members may opt for either remote e-voting or e-voting during the AGM, but not both. Votes cast through remote e-voting cannot be changed subsequently.

The notice of the AGM and the Annual Report for 2025-26 have been dispatched electronically to members with registered email addresses. Physical copies will not be sent. These documents are available on the company's website and the BSE website. Shareholders holding shares in physical form can update their KYC details, including email and bank account information, by submitting Form ISR-1 to the company's Registrar and Transfer Agent, Bigshare Services Private Limited.

Key Meeting Dates