Mitshi India Launches Open Offer to Acquire Up to 2,288,000 Shares from Public at Rs 15/- Per Share

Mitshi India Launches Open Offer to Acquire Up to 2,288,000 Shares from Public at Rs 15/- Per Share​

Mitshi India Ltd., formerly Dera Paints & Chemical Limited, has initiated a mandatory open offer for the acquisition of equity shares from public shareholders. The offer is being conducted by Srujan Alpha Capital Advisors LLP, Manager to the Open Offer, on behalf of Mr. Karronn Naresh Bajaj ('Acquirer').

The open offer aims to acquire up to 2,288,000 fully paid-up equity shares of Mitshi India Ltd., representing 26.00% of the company's total voting share capital. The defined Offer Price for the acquisition is Rs 15/- per Equity Share.

Key Financial Details of the Open Offer​

The open offer is a mandatory requirement, and the maximum consideration aggregating to this transaction is Rs 3,43,20,000/- (Rupees Three Crore Forty Three Lakh Twenty Thousand Only).

Prior to the commencement of the open offer, Mr. Karronn Naresh Bajaj had acquired 13,70,070 shares in the Target Company through a Share Purchase Agreement dated July 23, 2026. This pre-transaction holding accounts for 15.57% of the equity shares and voting rights in Mitshi India Ltd.

Based on the proposed acquisition, the post-offer shareholding pattern for the Acquirer is projected to be 36,58,070 Equity Shares, representing 41.31% of the Target Company’s total voting share capital as determined by the timeline.

Share Capital and Offering Details​

The details regarding Mitshi India Ltd.'s authorized and paid-up share capital are provided below:


The open offer is being made in compliance with the terms derived from a Share Purchase Agreement dated July 23, 2026. The company's existing promoters are Mr. Kumar V Shah and Mrs. Deepa Kumar Shah, who hold shares constituting 15.57% of the Total Voting Share Capital, as detailed below:

Acquirer’s Background and Commitment​

The Acquirer, Mr. Karronn Naresh Bajaj, has confirmed that he does not belong to any group and is not part of the present promoter or promoter group of the Target Company. His net worth as of July 30, 2026, was certified at 3638.17 Lakhs.

The Acquirer holds various interests in other entities, including Bajaj Tubular Products Private (35.34%), Bala Intasteels Limited (25.00%), and Magnus Steel and Infra Limited (12.19%), which is listed on BSE Limited.

Timeline of Activities​

Key dates pertaining to the open offer have been set out as follows:


The open offer is designed as a mandatory exercise. The Manager to the Open Offer has also confirmed that adequate financial resources are in place to meet the obligations for the open offer across the designated timeline period.

Stock Price Movement​

Mitshi India Ltd settled at ₹12.48 in post-market trading today, climbing 5.41%. The shares moved throughout the session, reaching an intraday high of ₹12.87 but finding support down to ₹11.83 during trade.