Asgard Alcobev Limited’s Open Offer Deemed Fair and Reasonable
Nashik, March 30, 2026 — The Committee of Independent Directors for Asgard Alcobev Limited, formerly known as Banganga Paper Industries Limited, has concluded that an open offer is fair and reasonable. This follows a public announcement dated December 17, 2025, a detailed public statement released on December 20, 2025, and a letter of offer dated March 19, 2026.The open offer, initiated by Ronak Jain, Sarita Jain, Priyanka Jain, and K K Impex & Trading Private Limited (collectively referred to as the “Acquirers”), along with Karan Jain, Karishma Rohit Jain, and Radhika Karan Jain (collectively referred to as the “PACs”), aims to acquire up to 9,174,1759 equity shares, representing 26.00% of the expanded equity and voting share capital. The offer price is set at Rs. 1.45 per fully paid-up equity share with a face value of Re. 1.
The Committee’s decision was reached after a review of the open offer at a meeting held on March 30, 2026. The outcome was communicated to the Manager of Corporate Services at the BSE Limited.
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