Acquirers Announce Open Offer for Midland Polymers Limited Stake
A consortium of acquirers, comprising Gayathri Boreddy, Jagannath Edla, Radha Krishna Avudari, Mahammad Amaan Shaik, and Ravi Kiran Veeramalla, has announced an open offer for Midland Polymers Limited (MPL). The offer aims to acquire up to 97,50,000 equity shares of the company.The offer, structured to acquire a stake representing 26.00% of the expanded equity and voting share capital of Midland Polymers Limited, was publicly announced across several major Indian dailies, including Financial Express - English Daily, Jansatta - Hindi Daily, Pratahkal - Marathi Daily, and Mega Jyothi - Telugu Daily.
Offer Details and Valuation
The offer price has been set at Rs. 10/- (Rupees Ten Only) per fully paid-up equity share, payable in cash.The Committee of Independent Directors (IDC) of Midland Polymers Limited reviewed the offer and issued a recommendation on June 1, 2026. The IDC found the Offer Price of Rs. 10/- justified and in accordance with relevant regulations.
The Letter of Offer (LOF) detailing the transaction was completed and dispatched to all public shareholders on May 26, 2026. No competitive bid has been received for this offer.
For the public, the key terms of the acquisition are summarized below:
| Parameter | Details |
|---|---|
| Target Company | Midland Polymers Limited |
| Acquirers | Gayathri Boreddy, Jagannath Edla, Radha Krishna Avudari, Mahammad Amaan Shaik, Ravi Kiran Veeramalla |
| Total Shares Offered | Up to 97,50,000 Equity Shares |
| Stake Acquired | 26.00% of expanded equity and voting share capital |
| Offer Price | Rs. 10/- per fully paid-up equity share (in cash) |
Key Schedule of Activities
The open offer follows a structured timeline, outlining several critical dates from the initial public announcement to the potential payment of consideration.| Activity | Original Date | Original Day | Revised Date | Revised Day |
|---|---|---|---|---|
| Public Announcement | 27.03.2026 | Friday | 27.03.2026 | Friday |
| Publication of Detailed Public Statement in newspapers | 07.04.2026 | Tuesday | 07.04.2026 | Tuesday |
| Submission of Detailed Public Statement to BSE, Target Company & SEBI | 07.04.2026 | Tuesday | 07.04.2026 | Tuesday |
| Last date of filing draft letter of offer with SEBI | 15.04.2026 | Wednesday | 15.04.2026 | Wednesday |
| Last date for a Competing offer | 29.04.2026 | Wednesday | 29.04.2026 | Wednesday |
| Receipt of comments from SEBI on draft letter of offer | 07.05.2026 | Thursday | 15.05.2026 | Friday |
| Identified date | 11.05.2026 | Monday | 19.05.2026 | Tuesday |
| Date by which letter of offer be dispatched to the shareholders | 18.05.2026 | Monday | 26.05.2026 | Tuesday |
| Last date for revising the Offer Price | 21.05.2026 | Thursday | 01.06.2026 | Monday |
| Comments from Committee of Independent Directors of Target Company | 21.05.2026 | Thursday | 01.06.2026 | Monday |
| Advertisement of Schedule of activities for open offer, status of statutory and other approvals in newspapers and sending to SEBI, Stock Exchange and Target Company | 22.05.2026 | Friday | 02.06.2026 | Tuesday |
| Date of Opening of the Offer | 25.05.2026 | Monday | 03.06.2026 | Wednesday |
| Date of Closure of the Offer | 08.06.2026 | Monday | 16.06.2026 | Tuesday |
| Post Offer Advertisement | 15.06.2026 | Monday | 23.06.2026 | Tuesday |
| Payment of consideration for the acquired shares | 22.06.2026 | Monday | 01.07.2026 | Wednesday |
| Final report from Merchant Banker | 30.06.2026 | Tuesday | 08.07.2026 | Wednesday |
Stock Price Movement
At the close of trade on Tuesday, shares of Midland Polymers Ltd settled at ₹23.90, reflecting a 4.97% decline. The stock remained completely flat throughout the session, locked within an intraday range of ₹23.90.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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