Swarnsarita Jewels India Limited has published its Detailed Public Statement (DPS) on January 30, 2026, marking a significant milestone in the open offer process under SEBI's Substantial Acquisition of Shares and Takeovers (SAST) Regulations, 2011. The announcement represents a major corporate development for the gold and diamond jewelry manufacturer.

Open Offer Structure and Participants

The open offer is being made by three individual acquirers and one corporate entity acting as persons acting in concert (PAC). The acquirers include Mr. Mahendra Madanlal Chordia (Managing Director), Mrs. Asha M. Chordia, and Mr. Sunny Mahendra Chordia (Whole-time Director), along with Swarnsarita Jewellers Private Limited as the PAC.

Current and Proposed Shareholding Pattern

The shareholding structure reveals the acquirers' existing significant stake and their intention to consolidate control. The current combined holding of acquirers and PAC stands at substantial levels, with the open offer designed to further strengthen their position.

Offer Price Justification and Market Analysis

The offer price of ₹32.15 per equity share has been determined based on regulatory requirements under SEBI (SAST) Regulations. The company's shares are listed on BSE Limited with scrip code 526365 and symbol SWARNSAR, with ISIN INE967A01012.

The equity shares demonstrated frequent trading activity with annualized trading turnover of 19.05% on BSE Limited, with 39,76,280 shares traded during the twelve calendar months preceding January 2025.

Financial Arrangements and Regulatory Compliance

The acquirers have established robust financial arrangements to support the open offer. A cash escrow account has been opened with Yes Bank Limited under the name "Swarnsarita Open Offer Escrow Account" with account number 008266200000441.

Publication and Regulatory Filings

The DPS has been published in multiple newspapers to ensure wide dissemination among public shareholders. Mark Corporate Advisors Private Limited, serving as Manager to the Open Offer, coordinated the publication process in compliance with SEBI regulations.

Target Company Profile and Business Operations

Swarnsarita Jewels India Limited, originally incorporated as M/s Shyam Star Gems Private Limited in 1992, operates in the gold and diamond jewelry sector. The company underwent strategic restructuring and rebranding, with the Chordia family taking control in 2011. The company's registered office is located at Ruby Chambers, Zaveri Bazar, Mumbai, positioning it in the heart of India's jewelry trading hub.

The company maintains full compliance with listing requirements, though it has incurred penalties aggregating ₹2,72,580 under various SEBI (LODR) Regulations over the past period. The authorized share capital stands at ₹22,00,00,000 comprising 2,20,00,000 equity shares, with issued and paid-up capital of ₹20,87,68,000 representing 2,08,76,800 fully paid-up equity shares.

Strategic Objectives and Future Plans

The acquirers have stated that the primary objective of the takeover is to consolidate their existing shareholdings in the target company. They have indicated no current plans to diversify business activities but may reorganize the capital structure and strengthen the board composition. Importantly, the acquirers have confirmed no intention to delist the company's shares, ensuring continued public market access for minority shareholders.

The Chordia family has announced a voluntary open offer to acquire a significant stake in Swarnsarita Jewels India Limited , marking a strategic move to increase their shareholding in the jewelry company. The offer, managed by Mark Corporate Advisors Private Limited, targets public shareholders and demonstrates the promoters' confidence in the company's prospects.

Open Offer Structure and Pricing

The voluntary open offer seeks to acquire up to 47,94,987 equity shares of face value ₹10.00 each, representing 22.97% of the voting share capital of Swarnsarita Jewels India Limited. The offer has been structured in compliance with Regulation 6 of SEBI (SAST) Regulations, 2011.

The offer price of ₹32.15 per equity share has been determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations, 2011, as the equity shares are frequently traded on BSE Limited.

Acquirer Details and Current Holdings

The open offer is being made by three members of the Chordia family, who currently serve in key management positions within the target company. Their existing shareholding and roles demonstrate their deep involvement in the company's operations.

All three acquirers share the same address at 901, Silver Solitaire CHS, Tilak Road, Opp. Axis Bank, Ghatkopar (East), Mumbai-400077, Maharashtra, India.

Target Company Information

Swarnsarita Jewels India Limited operates in the jewelry sector and maintains its corporate presence in Mumbai's traditional jewelry hub. The company's equity shares are listed on BSE Limited under scrip code 526365 with the symbol SWARNSAR.

Regulatory Compliance and Timeline

The open offer follows a voluntary structure under SEBI regulations, with no minimum acceptance threshold required. Mark Corporate Advisors Private Limited, registered with SEBI under registration number INM000012128, serves as the manager to the offer.

Key regulatory milestones include:

• The Detailed Public Statement (DPS) will be published on or before January 30, 2026
• The offer is not conditional upon minimum acceptance levels
• No competing offer provisions apply
• The acquirers have confirmed adequate financial arrangements for the transaction

The acquirers have accepted full responsibility for the information contained in the public announcement and confirmed their commitment to comply with all SEBI (SAST) Regulations, 2011 obligations. The offer represents a straightforward voluntary acquisition without any underlying triggering transaction, as the promoters seek to consolidate their position in the jewelry company.