Navigant Corporate Advisors Limited has issued a corrigendum to the public announcement, detailed public statement, and draft letter of offer for the open offer of Asgard Alcobev Limited (formerly banganga paper industries ). The revision, dated March 10, 2026, modifies key terms of the acquisition proposal originally announced in December 2025.

Revised Offer Terms

The corrigendum introduces significant changes to the open offer structure:

The acquirers—Ronak Jain, Sarita Jain, Priyanka Jain, and K K Impex & Trading Private Limited—along with persons acting in concert Karan Jain, Karishma Rohit Jain, and Radhika Karan Jain, have enhanced their escrow deposit to comply with SEBI regulations.

Post-Acquisition Shareholding Structure

Upon completion of the open offer and assuming full acceptance, the combined shareholding of acquirers and persons acting in concert will undergo substantial change:

This calculation assumes completion of both the share purchase agreement and preferential issue components of the transaction.

Regulatory Compliance and Background

The open offer is being conducted pursuant to Regulation 3(1) and Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The corrigendum addresses modifications to the original public announcement dated December 17, 2025, detailed public statement dated December 20, 2025, and draft letter of offer dated December 30, 2025.

The target company's shareholders approved the issue of 6,00,00,000 equity shares to public category investors at an extraordinary general meeting held on January 14, 2026. However, the board of directors has allotted 3,90,10,000 equity shares and 16,70,000 equity shares at meetings held on February 17, 2026, and February 18, 2026, respectively.

Documentation and Availability

The corrigendum has been published in multiple newspapers including Business Standard (English and Hindi editions), Pratahkal (Marathi, Mumbai edition), and Prahaar (Marathi, Nashik edition). Complete documentation is available on the websites of SEBI, BSE Limited, Navigant Corporate Advisors Limited, and Asgard Alcobev Limited.

Navigant Corporate Advisors Limited, registered with SEBI under registration number INM000012243, serves as the manager to the offer. The company is headquartered in Mumbai with registered office at 804, Meadows, Sahar Plaza Complex, Andheri East.

Asgard Alcobev Limited has received a regulatory disclosure under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following a preferential allotment completed on February 17, 2026. The disclosure was submitted by Jimson Kharkongor to BSE Limited on February 19, 2026.

Acquisition Details

Jimson Kharkongor has acquired a significant stake in the company through preferential allotment. The acquirer had no prior holding in the company before this transaction and belongs to the non-promoter (public) category.

Share Capital Impact

The preferential allotment has significantly expanded Asgard Alcobev's share capital structure. The company's equity base has increased substantially following the allotment processed on February 17, 2026.

Shareholding Structure

Following the acquisition, Jimson Kharkongor holds 2,06,89,655 equity shares, representing 6.68% of the total voting capital and 6.23% of the total diluted share capital. The acquirer had no prior shareholding in the company before this preferential allotment.

Regulatory Compliance

The disclosure filing ensures compliance with SEBI's transparency requirements for substantial acquisitions. The acquirer belongs to the public (non-promoter) category and the acquisition was executed through preferential allotment mechanism on February 17, 2026.

This acquisition demonstrates continued investor interest in Asgard Alcobev Limited's growth prospects. The company has been actively expanding its presence in the alcoholic beverages segment, including its recent acquisition of a majority stake in CMJ Breweries Private Limited.