Acquirers Launch Open Offer for SJ Corporation Ltd., Aiming for 26% Stake at ₹12.00 per Share

Acquirers Launch Open Offer for SJ Corporation Ltd., Aiming for 26% Stake at ₹12.00 per Share​

A collective of four individuals has initiated a mandatory open offer aimed at acquiring a significant stake in SJ Corporation Limited. The public offering is set with an offer price of ₹12.00/- per share, targeting up to 1,12,72,300 Equity Shares, which represent 26.00% of the Expanded Voting Share Capital of the company.

The Acquirers—Mr. Pintu Kanjibhai Kalavadia (Acquirer 1), Mr. Prashant Kanjibhai Kalavadia (Acquirer 2), Mr. Umang Kantilal Savani (Acquirer 3), and Mr. Kalpesh Patel (Acquirer 4)—are undertaking the acquisition through this open offer, which is described as a triggered mandatory open offer pursuant to their agreements for the acquisition of substantial equity shares and control over SJ Corporation Limited.

The Pre-Offer Advertisement detailing the offer was released, providing public shareholders with an opportunity to tender their holdings. The tendering period for the offer runs from Monday, July 13, 2026, until Friday, July 24, 2026.

Offer Details and Acquisition Context​

The open offer pertains to the acquisition of up to 1,12,72,300 equity shares of face value ₹1 each. The Acquirers are collectively offering to acquire these shares from public shareholders at a fixed cash consideration of ₹12.00/- per Offer Share.

In parallel with the open offer, the Acquirers had previously completed a preferential allotment of Equity Shares under a Share Subscription Agreement dated Friday, January 30, 2026. Following approval by the Board of Directors of SJ Corporation Limited on Friday, March 13, 2026, the Acquirers were allotted 2,17,00,000 Equity Shares. This allotment, representing 50.05% of the Expanded Voting Share Capital, was done for an aggregate consideration of ₹26,04,00,000.00.

The shares allotted to the Acquirers through this preferential issue are held in a Demat Escrow Account maintained by Nikunj Stock Brokers Limited, and they will continue to be classified as 'Public' in the Shareholding Pattern until the open offer is completed.

Status of Offer​

As per the details provided, no material changes have occurred regarding the Open Offer since the date of the Public Announcement, save for updates incorporated into this Pre-Offer Advertisement and its Corrigendum. The Acquirers confirmed that they do not plan to dispose or encumber any significant assets of SJ Corporation Limited in the succeeding two years from the closure of this offer, except through the ordinary course of business or necessary regulatory compliance.

Shareholding Structure and Proposal​

The pre-acquisition status and the proposed post-acquisition shareholding structure of the Acquirers are detailed as follows:


The proposed offer aims to bring the total holding of the Acquirers up to 87.40% of the Expanded Voting Share Capital of SJ Corporation Limited upon the completion of both the underlying transaction and this open offer.

Directors Representing the Acquirers​

Mr. Pintu Kanjibhai Kalavadia (Acquirer 1) and Mr. Prashant Kanjibhai Kalavadia (Acquirer 2) are classified under the Promoter category of SJ Corporation Limited as per MCA Master Data. Both individuals hold director positions, with Mr. Pintu Kanjibhai Kalavadia serving as Managing Director and Mr. Prashant Kanjibhai Kalavadia serving as Executive Non-Independent Director.

The proposed acquisition is set to conclude with the Acquirers acquiring control over SJ Corporation Limited, and the Selling Promoter Shareholders ceasing to be promoters of the company in compliance with relevant regulations.

Stock Price Movement​

SJ Corporation Ltd shares closed Friday at ₹148.30, marking a 4.99% gain. The stock moved through its trading range, fluctuating between an intraday low of ₹134.20 and a high recorded at ₹148.30.