Western Ministil Limited's open offer has concluded with substantially lower participation than originally targeted, according to the post-offer advertisement published on March 12, 2026. The acquisition attempt by Mr. Kalpesh Patel and Mrs. Vandana Patel fell significantly short of expectations.

Offer Performance Summary

The open offer, managed by Navigant Corporate Advisors Limited, aimed to acquire 33,80,000 equity shares at Rs. 10.00 per share. However, the actual response was dramatically lower than anticipated:

Acquirer Shareholding Changes

The acquirers' shareholding pattern shows a significant transformation through the combined preferential allotment and open offer process:

Public Shareholding Impact

The limited acceptance in the open offer resulted in higher public shareholding retention than originally planned:

Offer Timeline and Process

The open offer was conducted between February 18, 2026, and March 5, 2026, with consideration payment scheduled for March 20, 2026. MUFG Intime India Private Limited served as the registrar to the offer. The detailed public statement was initially published on December 3, 2025, in Financial Express, Jansatta, and Pratahkaal newspapers.

Regulatory Compliance

The post-offer advertisement was issued in compliance with Regulation 18(12) of SEBI SAST Regulations 2011. The acquirers have accepted full responsibility for the information contained in the advertisement and fulfillment of obligations under SEBI regulations. A copy of the post-offer advertisement is available on SEBI's website for public reference.

Western Ministil Limited has completed a significant preferential allotment to acquirers Kalpesh Naginbhai Patel and Vandana Patel on February 16, 2026. The company has now submitted mandatory disclosures under Regulation 29(1) of SEBI's Substantial Acquisition of Shares and Takeovers Regulations, 2011 to BSE Limited on February 18, 2026.

Preferential Allotment Structure

The Board of Directors approved the allotment of 35,00,000 equity shares and 45,00,000 convertible warrants to the acquirers. This preferential allotment represents a substantial increase in their shareholding position in the company.

Capital Structure Impact

The preferential allotment has significantly altered Western Ministil's capital structure. The company's equity share capital expanded from 21,57,186 shares to 61,57,186 equity shares of Rs. 10 face value each following the allotment.

Ongoing Open Offer Details

Simultaneously with the preferential allotment, the acquirers are conducting an open offer targeting 33,80,000 equity shares at Rs. 10.00 per share. This represents 26.00% of the expanded equity and voting share capital.

Regulatory Compliance and Status

Navigant Corporate Advisors Limited serves as the manager to the offer. The acquirers have deposited Rs. 340.00 lakhs in an escrow account with Kotak Mahindra Bank Limited and received necessary approvals from BSE Limited under SEBI's listing regulations.

The acquirers currently belong to the public category but will be treated as promoters upon completion of the open offer, as stated in their public announcement dated November 26, 2025. The Letter of Offer remains available on SEBI's website and the manager's website for public access.