News Corporate Actions Shentracon Chemicals Open Offer Extended to January 27 Due to Trading HolidayShentracon Chemicals Open Offer Extended to January 27 Due to Trading Holiday
Shentracon Chemicals' open offer tendering period has been extended to January 27 from January 23 due to a BSE trading holiday declared for Maharashtra Municipal Corporation Elections. The open offer by Mr. Amit Lalit Jain and Mr. Hanish Kanakraj Jaain seeks to acquire 11,53,917 equity shares representing 26% stake at ₹0.50 per share, following the complete exit of the promoter group led by Sanjay Sureka who divested their entire 52.21% stake.
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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%) |
Open Offer Timeline Extension
Bonanza Portfolio Limited, acting as Manager to the Offer, has issued a corrigendum extending the open offer tendering period. The extension follows BSE's declaration of a trading holiday on January 15 due to Municipal Corporation Elections in Maharashtra.
| Activity: | Original Date | Revised Date |
|---|---|---|
| Offer Opening Date: | January 12, 2026 | January 12, 2026 |
| Offer Closing Date: | January 23, 2026 | January 27, 2026 |
| Payment/Refund Completion: | February 09, 2026 | February 10, 2026 |
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, comprising Mr. Ashish Bakliwal (Chairperson) and Ms. Madhuri Toshniwal (Member), has unanimously approved the open offer. The committee published its recommendation in multiple newspapers including Financial Express, Jansatta, Mumbai Lakshadweep, and Duranta Barta.
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, and 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. All other terms and conditions of the open offer remain unchanged despite the timeline extension. The IDC emphasized that while they consider the offer fair and reasonable, shareholders should independently evaluate the proposal and make informed decisions.
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