Japanese company Aica Kogyo Company Limited has formally completed the regulatory documentation process for its open offer to acquire up to 44,06,496 equity shares of Stylam Industries , representing 26% of the company's voting share capital. The target company has officially received and acknowledged the detailed public statement through ICICI Securities Limited.

Regulatory Compliance and Documentation

Stylam Industries has issued a formal intimation under Regulation 30 of SEBI LODR Regulations, confirming receipt of the detailed public statement from Aica Kogyo Company Limited. The documentation was received on January 2, 2026, through ICICI Securities Limited, the appointed manager for the open offer.

Open Offer Structure and Timeline

The acquisition involves multiple transaction phases through share purchase agreements dated December 26, 2025. The detailed public statement outlines the comprehensive structure for acquiring up to 67,79,224 equity shares representing 40% of the issued share capital from existing promoters and shareholders.

Management and Governance Changes

The detailed public statement reveals significant governance restructuring plans following the acquisition. Aica Kogyo will acquire joint control over Stylam Industries and become a joint promoter alongside the existing promoter group. The board composition will be restructured with Aica Kogyo nominating up to 8 directors and recommending 1 independent director.

Strategic Partnership Framework

The transaction establishes a comprehensive shareholders' agreement governing the relationship between Aica Kogyo and the existing promoter group. The agreement includes provisions for call options, tag-along rights, and specific governance mechanisms to ensure smooth operational integration.

The acquisition represents Aica Kogyo's strategic entry into the Indian laminates and building materials market, leveraging Stylam Industries' established manufacturing capabilities and market presence. The Japanese company operates primarily in chemical products and laminates segments, making this acquisition strategically aligned with its core business operations.

Regulatory Approvals and Next Steps

The open offer proceeds under SEBI SAST Regulations with all necessary regulatory filings completed. Public shareholders will receive the letter of offer by February 11, 2026, with the committee of independent directors required to provide recommendations by February 16, 2026. The transaction demonstrates compliance with all applicable foreign investment regulations and stock exchange requirements.

Investment firm Investec has issued a Buy recommendation for Stylam Industries with a price target of ₹2,300, indicating a positive outlook for the plywood and laminates manufacturer.

Analyst Recommendation Details

The brokerage firm's assessment reflects confidence in the company's prospects within the building materials sector. The price target represents Investec's valuation assessment based on their analysis of Stylam Industries' fundamentals and market position.

Company Profile

Stylam Industries operates as a manufacturer in the plywood boards and laminates segment, serving the building materials and construction industry. The company is classified as a small-cap stock in the Indian equity markets.

Market Implications

The Buy rating from Investec suggests the brokerage sees value in the stock at current levels, with the ₹2,300 price target indicating potential upside for investors. Analyst recommendations may influence investor sentiment and could impact trading activity in the stock.

Investors typically consider such brokerage recommendations alongside their own research and risk assessment when making investment decisions in the building materials sector.