JMG Corporation Open Offer: Acquirer Seeks 26% Stake at ₹5.30 per Share
Mr. Neerav Bairagi has initiated a mandatory open offer to acquire 60,21,053 equity shares (26% stake) of JMG Corporation Limited at ₹5.30 per share. The Committee of Independent Directors unanimously recommended the offer as fair and reasonable on February 12, 2026. The tendering period runs from February 17, 2026 to March 04, 2026, with implementation through BSE Limited's acquisition window mechanism.
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JMG Corporation is subject to a mandatory open offer by Mr. Neerav Bairagi to acquire a significant stake in the company. The offer represents a structured acquisition process under SEBI regulations, targeting public shareholders with specific terms and timeline.
Open Offer Details
The open offer targets the acquisition of substantial equity holdings in JMG Corporation Limited. Mr. Neerav Bairagi, the acquirer, seeks to purchase equity shares from existing public shareholders through a regulated process.
| Parameter: | Details |
|---|---|
| Shares Sought: | 60,21,053 fully paid-up equity shares |
| Stake Percentage: | 26% of total voting share capital |
| Face Value: | ₹2.50 per share |
| Offer Price: | ₹5.30 per share |
| Payment Method: | Cash |
Regulatory Compliance and Recommendations
The offer follows mandatory requirements under Regulation 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The Committee of Independent Directors of JMG Corporation has evaluated the proposal and provided their assessment to shareholders.
The Committee of Independent Directors unanimously recommended that the offer is fair and reasonable, with the recommendation approved on February 12, 2026. The committee determined that the offer price aligns with parameters prescribed in SEBI regulations and serves the interests of public shareholders.
Timeline and Process
The open offer follows a structured timeline with specific milestones for completion. Key dates have been revised following receipt of SEBI observations, ensuring compliance with regulatory requirements.
| Activity: | Scheduled Date |
|---|---|
| Public Announcement: | December 04, 2025 |
| Detailed Public Statement: | December 11, 2025 |
| Identified Date: | February 03, 2026 |
| Letter of Offer Dispatch: | February 10, 2026 |
| Tendering Period Start: | February 17, 2026 |
| Tendering Period End: | March 04, 2026 |
| Payment Completion: | March 18, 2026 |
Implementation Mechanism
The open offer will be implemented through the Stock Exchange Mechanism provided by BSE Limited via a separate Acquisition Window. This mechanism ensures transparent and regulated execution of the share acquisition process.
Srujan Alpha Capital Advisors LLP serves as the Manager to the Offer, holding SEBI Registration No: INM000012829. The manager coordinates the offer process and ensures compliance with regulatory requirements throughout the acquisition period.
Shareholder Participation
Public shareholders holding equity shares as of the Identified Date (February 03, 2026) received the Letter of Offer through electronic and physical modes. However, all public shareholders, including those acquiring shares after the Identified Date, remain eligible to participate during the tendering period.
Shareholders can participate through registered selling brokers or buying brokers, depending on their demat account arrangements. The process accommodates both physical and dematerialized share holdings, ensuring broad accessibility for eligible participants.
Historical Stock Returns for JMG Corporation
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | 0.0% | +4.95% | -1.85% | +12.97% | +457.89% |
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