Shentracon Chemicals IDC Approves Open Offer Following Promoter Exit
Following the complete divestment of promoter group's 52.21% stake, Shentracon Chemicals' Independent Directors Committee has recommended an open offer by new acquirers for 26% additional stake at ₹0.50 per share, marking a significant ownership restructuring.
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Shentracon Chemicals Ltd witnessed a significant change in its ownership structure as the promoter group, led by Sanjay Sureka, divested their entire stake in the company. Following this development, the Independent Directors Committee (IDC) has now recommended an open offer by new acquirers for additional shares.
Promoter Group Exit Details
| Aspect: | Details |
|---|---|
| Shares Sold: | 23,17,343 equity shares |
| Stake Percentage: | 52.21% of total paid-up capital |
| Transaction Method: | Share Purchase Agreement |
| Transaction Dates: | November 20-21, 2025 |
| Promoter Group's New Holding: | 0% (down from 52.21%) |
IDC Recommendation on Open Offer
The Independent Directors Committee, comprising Mr. Ashish Bakliwal (Chairperson) and Ms. Madhuri Toshniwal (Member), has unanimously approved the open offer made by Mr. Amit Lalit Jain and Mr. Hanish Kanakraj Jaain. The committee published its recommendation in multiple newspapers including Financial Express, Jansatta, Mumbai Lakshadweep, and Duranta Barta.
Open Offer Structure
| Parameter: | Details |
|---|---|
| Acquirers: | Mr. Amit Lalit Jain and Mr. Hanish Kanakraj Jaain |
| Shares Offered: | 11,53,917 equity shares |
| Stake Percentage: | 26.00% of paid-up equity capital |
| Offer Price: | ₹0.50 per equity share |
| Payment Method: | Cash |
| Manager: | Bonanza Portfolio Limited |
IDC Assessment and Rationale
The Independent Directors Committee reviewed comprehensive offer documents including the Public Announcement dated September 04, 2025, Detailed Public Statement published September 12, 2025, Draft Letter of Offer dated September 19, 2025, and Letter of Offer dated January 05, 2025.
The committee justified the ₹0.50 offer price based on:
- Compliance with Regulation 8(2) of SEBI (SAST) Regulations
- Recognition that company shares are infrequently traded on BSE
- Alignment with prescribed regulatory parameters
Market Implications
The complete exit of the promoter group combined with the new open offer represents a fundamental shift in Shentracon Chemicals' ownership structure. The IDC emphasized that while they consider the offer fair and reasonable, shareholders should independently evaluate the proposal and make informed decisions.
Bonanza Portfolio Limited serves as the Manager to the Offer, facilitating the acquisition process under SEBI (SAST) Regulations. The committee members confirmed they have no relationship with either the target company or the acquirers, ensuring independent assessment of the offer terms.
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