Midland Polymers Limited has filed a draft letter of offer with the Securities and Exchange Board of India (SEBI) for a mandatory open offer scheduled to commence from May 25, 2026 to June 8, 2026. The comprehensive document outlines the acquisition of up to 97,50,000 equity shares at an offer price of Rs. 10/- per share.

Open Offer Details

The open offer represents a significant corporate development for the company, with the acquisition targeting 26.00% of the expanded equity and voting share capital. The offer is being made by a consortium of five acquirers, with Mrs. Gayathri Boreddy leading as Acquirer-1, supported by Mr. Jagannath Edla, Mr. Radha Krishna Avudari, Mr. Mahammad Amaan Shaik, and Mr. Ravi Kiran Veeramalla.

Preferential Issue and Share Capital Structure

The open offer follows a proposed preferential allotment where the acquirers will receive 1,49,31,240 fully paid-up equity shares representing 60.94% of emerging equity and voting share capital. The allotment includes both cash consideration and share swap arrangements.

The company's capital structure will undergo significant changes post-preferential allotment:

Financial Arrangements and Escrow

The acquirers have demonstrated financial capability by depositing Rs. 250.00 lacs in an escrow account with Kotak Mahindra Bank Limited on March 30, 2026. This amount exceeds the mandatory 25% of the total offer consideration, ensuring compliance with regulatory requirements.

Navigant Corporate Advisors Limited has been appointed as the Manager to the Offer, while Purva Sharegistry (India) Private Limited serves as the Registrar. The settlement will be conducted through BSE Limited as the designated stock exchange, with Allwin Securities Limited acting as the buying broker.

Acquirer Background and Net Worth

The five acquirers bring substantial financial resources and industry experience:

Company Transformation and Future Plans

Currently, the target company has no operational revenue. Following the acquisition of substantial stake and management control, the acquirers propose to initiate new business lines and diversify activities, subject to shareholder and regulatory approvals. The existing promoter will cease to be the promoter and will be reclassified as a public category shareholder.

The offer includes provisions for proportionate acceptance in case of oversubscription, with the minimum marketable lot being one share. The acquirers have committed to maintaining the company's listing status and ensuring compliance with minimum public shareholding requirements.

Regulatory Compliance and Timeline

The draft letter of offer submission follows the public announcement made on March 27, 2026, and the detailed public statement published on April 7, 2026. Key upcoming milestones include the identified date of May 11, 2026, for determining eligible shareholders, and the dispatch of offer documents by May 18, 2026.

The offer is subject to standard regulatory approvals, with SEBI approval for BSE regarding the preferential issue being the primary requirement. The comprehensive documentation ensures transparency and provides detailed risk factors, procedural guidelines, and settlement mechanisms for participating shareholders.

Midland Polymers Limited has submitted its quarterly compliance certificate to BSE Limited, fulfilling regulatory requirements under SEBI (Depositories & Participants) Regulations, 2018 for the quarter ended March 31, 2026.

Regulatory Compliance Filing

The company filed the mandatory compliance certificate under Regulation 74(5) of SEBI regulations on April 10, 2026. The certificate was digitally signed by Vanaja Veeramreddy, Managing Director (DIN: 07019245), and submitted to BSE Limited at P.J. Towers, Dalal Street, Mumbai.

RTA Confirmation Certificate

Purva Sharegistry (India) Private Limited, the company's Registrar and Transfer Agent (SEBI Registration: INR000001112), issued the compliance certificate dated April 01, 2026. The certificate confirms adherence to prescribed timelines for dematerialisation processes and proper maintenance of member registers.

Ms. Deepali Gaonkar, Compliance Officer at Purva Sharegistry, signed the confirmation certificate, stating that all security certificates received for dematerialisation were properly processed and verified by depository participants within regulatory timelines.

Dematerialisation Activity Report

The detailed dematerialisation report for the period January 01, 2026 to March 31, 2026 shows no activity during the quarter:

Company Information

Midland Polymers Limited (CIN: L62013TS1992PLC178971) is headquartered at Plot no. 8-2-603/23/3 & 8-2-603/23, 15, 2nd Floor, HSR Summit Banjara Hills, Hyderabad, Telangana. The company maintains its corporate compliance through regular filings with stock exchanges and regulatory authorities.

The submission of this quarterly compliance certificate demonstrates the company's commitment to maintaining transparency and adhering to SEBI regulations governing depositories and participants.