Acquirers Launch Mandatory Open Offer for Jai Mata Glass Limited, Targeting 26% Stake at INR 1.85 Per Share

Acquirers Launch Mandatory Open Offer for Jai Mata Glass Limited, Targeting 26% Stake at INR 1.85 Per Share​

A consortium led by Mr. Ashwani Gulati and Ms. Kiran Gulati has initiated a mandatory open offer for Jai Mata Glass Limited (JMGL). The acquisition aims to secure management control and expand the business operations of the company, with the Acquirers offering up to 260,00,000 Equity Shares at an offer price of INR 1.85 per share.

The mandatory open offer follows a related transaction wherein the Acquirers acquired 4,45,65,460 equity shares from members of the Promoter Group—Ms. Anu Marwah, Mr. Inesh Marwah, and M/s J P Overseas Private Limited. This initial acquisition, executed via a Share Purchase Agreement on July 13, 2026, constituted 44.57% of JMGL's paid up equity share capital at the same price of INR 1.85 per Equity Share, amounting to INR 8,24,46,101.

The Acquirers, comprising Mr. Ashwani Gulati, Ms. Kiran Gulati, and M/s Veerasha Trust, intend to leverage JMGL's listing status on the BSE to revive and strengthen its business operations, exploring opportunities for future growth. The purpose of the open offer is to acquire a significant minority stake and establish control over the company.

Offer Mechanics and Valuation Details​

The current outstanding Equity Shares of JMGL are listed on the BSE and qualify as frequently traded shares. The Acquirers established the INR 1.85 price based on various market parameters, including the volume-weighted average market price recorded over sixty trading days prior to the public announcement, which was noted at INR 1.81 per share.

Financial planning for the open offer includes a maximum consideration requirement of INR 4,81,00,000 for acquiring up to 260,00,000 shares. To ensure commitment, the Acquirers deposited a minimum escrow amount of INR 1,25,00,000 into an Escrow Account with Kotak Mahindra Bank.

Key details regarding the offer and market valuation are summarized below:

Financial Performance of Jai Mata Glass Limited​

The company, incorporated on February 27, 1981, and listed on the BSE since November 01, 1986, has shown varied financial performance across the last three reported years. The authorized share capital stands at INR 11,75,00,000, comprising equity and preference shares.

The financial data for the Target Company is presented in the table below:

Post-Offer Shareholding and Compliance​

Upon the successful completion of the acquisition, assuming full acceptance by all public shareholders, the Acquirers anticipate holding a total of 7,05,65,460 Equity Shares, representing 70.57% of the paid up equity share capital of the Target Company as of the tenth working day after the closure of the tendering period.

The structure of the acquisition and existing interests are detailed in the shareholding table:


The proposed transaction ensures compliance with requirements regarding the minimum public shareholding of 25%.

The offer is structured as a mandatory open offer to all Public Shareholders, and Acquirers have confirmed that no other significant assets of JMGL are planned for alienation by them in the ordinary course of business within a two-year period.

Stock Price Movement​

As the market closed, shares of Jai Mata Glass Ltd. settled at ₹2.34 today, buoyed by a 4.93% gain over the previous close. However, the stock remained completely flat throughout the session, as both the high and low maintained the exact same price point of ₹2.34.