Karronn Naresh Bajaj Acquires 15.57% Stake in Mitshi India Ltd Via Share Purchase Agreement

Karronn Naresh Bajaj Acquires 15.57% Stake in Mitshi India Ltd Via Share Purchase Agreement​

Karronn Naresh Bajaj has entered into a Share Purchase Agreement (SPA) with the Promoter Sellers of Mitshi India Limited, agreeing to acquire a significant portion of the company's voting share capital. The transaction was formalized on July 23, 2026.

Under the SPA, Karronn Naresh Bajaj agreed to acquire 13,70,070 Equity Shares of Mitshi India Ltd, representing 15.57% of the company's total voting share capital. The consideration for this acquisition was set at ₹22,05,51,050/- (Rupees Two Crore Five Lakh Fifty Onc Thousand Fifty).

The agreement details indicate that the Acquirer, Mr. Karronn Naresh Bajaj, does not have any prior relationship or interest in Mitshi India Limited. The Promoter Sellers involved in the transaction are Mr. Kumar V Shah and Mrs. Deepa K Shah.

Open Offer Obligation Triggered​

Following the acquisition of the voting share capital under the SPA, the Acquirer has an obligation to conduct an open offer. This measure was triggered by the planned acquisition of control over Mitshi India Ltd.

The open offer is for 22,38,000 fully paid-up equity shares, which represent 26% of the total Equity and Voting Share Capital on a fully diluted basis. The offer was extended to public shareholders of the company at a cash price of ₹15/- per Equity Share.

Control and Future Management​

The acquisition is structured such that upon the consummation of the transaction contemplated in the SPA and following the successful completion of the Open Offer, Karronn Naresh Bajaj will acquire control over Mitshi India Ltd and shall become the promoter of the company.

The transaction does not fall under related party transactions. The SPA records the terms on which the Promoter Seller has agreed to sell their shares to the Acquirer, along with control of the Company. The sale is proposed at a price of ₹15.00/- per Equity Share and is subject to satisfaction of conditions precedent specified in the agreement and receipt of statutory approvals.

Stock Price Movement​

Mitshi India Ltd. settled at ₹14.41 on Thursday, showing a slight dip of 0.07%. The shares moved within an intraday range bounded between ₹14.30 and the high of ₹15.00.