Shashank Traders Limited has concluded its open offer under SEBI's Substantial Acquisition of Shares and Takeovers (SAST) Regulations, 2011, with the acquirers receiving partial acceptance from public shareholders. The post-offer advertisement was submitted by Narnolia Financial Services Limited on March 17, 2026.

Open Offer Performance

The open offer, conducted by three acquirers - AVB Endeavors Private Limited, Prilika Enterprises Private Limited, and Mr. Aditya Vikram Birla - achieved partial success in terms of share acceptance.

Shareholding Changes

The open offer has resulted in significant changes to the company's shareholding pattern. The acquirers' combined stake increased substantially following the completion of both the share purchase agreement and the open offer.

Transaction Timeline

The open offer followed a structured timeline as mandated by SEBI regulations. The offer period commenced on Monday, February 09, 2026, and concluded on Monday, February 23, 2026. Payment of consideration to accepting shareholders was completed on Tuesday, March 10, 2026.

Regulatory Compliance

Narnolia Financial Services Limited, registered with SEBI under registration number INM000010791, acted as the Manager to the Offer. MAS Services Limited served as the Registrar to the Offer. The post-offer advertisement was published in compliance with Regulation 18(12) of the SEBI (SAST) Regulations.

Company Information

Shashank Traders Limited, incorporated under Corporate Identification Number L52110DL1985PLC021076, has its registered office at 702-A, Arunachal Building, 19, Barakhamba Road, Connaught Place, New Delhi - 110001. The company's equity shares have a face value of ₹10 each.

The acquirers have accepted full responsibility for the information contained in the post-offer advertisement and confirmed their compliance with all obligations under the SEBI (SAST) Regulations, 2011. All equity shares tendered in the open offer were successfully acquired by the acquirers.

Narnolia Financial Services Limited has formally submitted the Letter of Offer for an open offer to acquire equity shares of Shashank Traders Limited under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The submission was made to BSE Limited and The Calcutta Stock Exchange Limited on February 02, 2026.

Open Offer Details

The open offer is being made by three acquirers acting collectively to acquire a substantial stake in Shashank Traders Limited. The acquirers comprise AVB Endeavors Private Limited (Acquirer 1), Prilika Enterprises Private Limited (Acquirer 2), and Mr. Aditya Vikram Birla (Acquirer 3).

Underlying Transaction

The open offer stems from a Share Purchase Agreement executed on November 07, 2025, wherein the acquirers agreed to purchase 8,24,600 equity shares from the seller Praveen Jaswant Rai Jain. This acquisition represents 26.65% of the issued, subscribed, paid-up and voting share capital at ₹30.00 per share, aggregating to ₹2,47,38,000.

Offer Timeline and Process

The tendering period for the open offer is scheduled from February 09, 2026 to February 24, 2026. BSE Limited has been designated as the stock exchange for tendering equity shares through the Acquisition Window mechanism.

Financial Arrangements

The acquirers have established comprehensive financial arrangements to fulfill their payment obligations. An escrow account has been opened with Axis Bank Limited under the name "PRILIKA ENTERPRISES PRIVATE LIMITED -OPEN OFFER 2025" with a cash deposit of ₹4,64,07,000, representing 100% of the total consideration payable.

Target Company Profile

Shashank Traders Limited is a public limited company incorporated on May 29, 1985, engaged in providing financial consultancy services and trading in goods and services. The company's equity shares are listed on BSE Limited with scrip code 540221 and The Calcutta Stock Exchange Limited with scrip code 033007.

Regulatory Compliance

The open offer is being conducted in accordance with Regulations 3(1) and 4 of the SEBI (SAST) Regulations, 2011. The offer is unconditional and not subject to any minimum level of acceptance from eligible shareholders. Narnolia Financial Services Limited, with SEBI Registration Number INM000010791, serves as the Manager to the Offer.

The Letter of Offer includes comprehensive documentation covering risk factors, offer price justification, financial arrangements, terms and conditions, and detailed procedures for acceptance and settlement. All eligible shareholders whose names appear in the register of members as on the identified date will receive the Letter of Offer along with the Form of Acceptance cum Acknowledgement.

Source: