Four prominent acquirers have launched a mandatory open offer for Pankaj Polymers Limited , targeting up to 14,41,414 equity shares representing 26% of the company's voting share capital. The offer, priced at ₹40 per fully paid-up equity share and payable in cash, follows a significant acquisition that triggered regulatory requirements under SEBI (SAST) Regulations.

Acquirer Details and Transaction Structure

The open offer is being made by four acquirers working in concert:

The acquirers entered into a Share Purchase Agreement on January 14, 2026, to acquire 32,23,627 equity shares (58.15% of voting capital) from existing promoters at a negotiated price of ₹20 per share, aggregating to ₹6,44,72,540.

Offer Terms and Pricing Justification

The offer price of ₹40 per share has been determined in accordance with Regulation 8(2) of SEBI (SAST) Regulations, representing the higher of relevant pricing parameters:

The total consideration for the open offer, assuming full acceptance, amounts to ₹5,76,56,560. The acquirers have established an escrow account with Yes Bank Limited, depositing ₹1,45,00,000 (over 25% of maximum consideration) to secure the offer.

Company Financial Performance

Pankaj Polymers Limited, incorporated in 1992 and engaged in trading of plastic products and construction business, has shown mixed financial performance:

The company's shares are listed on BSE Limited under the symbol PANKAJPO (Scrip Code: 531280) with ISIN INE698B01011.

Shareholding Structure Changes

Post-completion of the transaction, significant changes in shareholding structure will occur:

Current Promoter Group (to exit):

• Mr. Pankaj Goel and family members
• Pankaj Capfin Private Limited
• Pankaj Strips Private Limited
• Pankaj Polytec Private Limited

New Promoter Structure:

• Mr. Sandeep Jain: 13.05%
• Mr. Vikas Garg: 20.29%
• Mr. Rahul Nagar: 20.29%
• Mr. Himanshu Arora: 4.51%
• Open offer shares (if fully accepted): 26.00%

The public shareholding will reduce to approximately 15.86% post-transaction, potentially falling below the minimum 25% requirement for continuous listing.

Offer Timeline and Procedure

Key dates for the open offer include:

The offer will be conducted through BSE's acquisition window mechanism, with Fintellectual Corporate Advisors Private Limited serving as Manager to the Offer and Skyline Financial Services Private Limited as Registrar.

Strategic Objectives

The acquirers have stated their primary objective is to revive business performance and strengthen the company's competence in the IT sector while continuing existing business lines. They have committed to maintaining the current workforce and will seek shareholder approval for any significant asset disposals over the next two years.

The offer is not conditional upon minimum acceptance levels and represents a mandatory requirement following the substantial acquisition triggering SEBI regulations. Shareholders can tender their shares through registered brokers during the tendering period, with settlement following standard stock exchange procedures.

Pankaj Polymers Limited faces a mandatory open offer as four individual acquirers seek to purchase additional equity shares from public shareholders. The acquirers have published a detailed public statement following their substantial acquisition of promoter stakes in the Telangana-based polymer company.

Open Offer Details

The four acquirers are targeting up to 14,41,414 equity shares through the open offer, representing 26.00% of the voting share capital. The offer has been structured with specific financial parameters and regulatory compliance requirements.

Acquirer Profiles

The acquisition consortium comprises four experienced professionals from finance and technology sectors. Each acquirer brings distinct expertise and substantial net worth to the transaction.

The acquirers have demonstrated their financial capability through certified net worth statements as of December 31, 2025. Mr. Sandeep Jain's net worth stands at ₹22,68,58,252.00, while Mr. Vikas Garg possesses ₹33,77,74,264.00 in individual net worth.

Underlying Share Purchase Agreement

The open offer stems from a Share Purchase Agreement executed on January 14, 2026, between the acquirers and existing promoters. This primary transaction involved the acquisition of a controlling stake at a significantly lower price than the public offer.

The promoter sellers include Mr. Pankaj Goyal, Mr. Paras Goyal, Mrs. Kanchan Goyal, Mrs. Nita Goyal, Mrs. Prabha B Kedia, Mr. Aman Goyal, along with three private limited companies - Pankaj Capin Private Limited, Pankaj Strips Private Limited, and Pankaj Polytet Private Limited.

Regulatory Compliance and Implementation

The open offer complies with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The detailed public statement was published across multiple newspapers on January 22, 2026, including Financial Express, Jansatta, Pratahkal, and Nava Telangana in various regional languages.

Fintellectual Corporate Advisors Private Limited serves as the Manager to the Offer, while Skyline Financial Services Private Limited acts as the Registrar. The implementation will utilize BSE Limited's acquisition window mechanism, with Nikunj Stock Brokers Limited appointed as the buying broker for settlement purposes.

Eligibility and Tendering Process

Public shareholders eligible to participate include all equity holders except promoters, promoter group members, the acquirers, and parties to the Share Purchase Agreement. Both dematerialized and physical share holders can tender their shares during the offer period.

The offer provides proportionate acceptance if oversubscribed, ensuring fair treatment of all participating shareholders. The tendering process will follow established stock exchange procedures through BSE's designated acquisition window, maintaining transparency and regulatory compliance throughout the transaction.