Promoter Group Sells 44.57% Stake in Jai Mata Glass Ltd, Triggering Mandatory Open Offer
A Share Purchase Agreement (SPA) has been executed for the sale of a significant stake in Jai Mata Glass Limited (JMGL). The SPA involves members of the promoter and promoter group acquiring a controlling interest while simultaneously triggering mandatory open offer obligations to the public shareholders.Ms. Anu Marwah, Mr. Inesh Marwah, and M/s. J P Overseas Private Limited, identified as the "Sellers," entered into the agreement on July 13, 2026. The sellers agreed to transfer 4,45,65,460 equity shares, representing 44.57% of JMGL's paid-up equity share capital.
The acquiring parties, referred to as the "Acquirers," are Mr. Ashwani Gulati, Ms. Kiran Gulati, and M/s Veerasha Trust. The terms of the SPA stipulated that the Acquirers would acquire these shares at a price of INR 1.85 per equity share. This transaction amounts to a total consideration of INR 8,24,46,101 for the acquired stake.
The execution of the SPA mandated the sellers and acquirers to make an open offer to the company's public shareholders. The Open Offer is set to acquire up to 2,60,00,000 equity shares, representing 26.00% of the paid-up equity share capital.
The terms and financial details related to the acquisition are summarized below:
| Transaction Metric | Detail |
|---|---|
| Shares Acquired | 4,45,65,460 Equity Shares |
| Percentage of Capital Acquired | 44.57% |
| Acquisition Price per Share | INR 1.85 |
| Total Consideration for Stake | INR 8,24,46,101 |
Key Details of the Open Offer
The mandatory open offer is being conducted by Corporate Professionals Capital Private Limited, acting as the Manager to the Open Offer on behalf of the Acquirers. The terms for the public offering are as follows:| Aspect | Detail |
|---|---|
| Offer Size | 2,60,00,000 Equity Shares |
| Offer Percentage | 26.00% of Paid-up Equity Share Capital |
| Open Offer Price | INR 1.85 per Equity Share |
| Potential Open Offer Consideration | INR 4,81,00,000 (based on full acceptance) |
Seller and Acquirer Snapshot
The transaction involves key members of the promoter group selling their shares to a new consortium of individuals and a trust.Details regarding the shareholders involved in the acquisition process are presented below:
| Party Category | Names / Entities | Pre-Transaction Holding (Shares) | Post-Transaction Holding (%) |
|---|---|---|---|
| Sellers | Ms. Anu Marwah, Mr. Inesh Marwah, M/s J P Overseas Private Limited | 4,45,65,460 (Total) | N/A |
| Acquirers | Mr. Ashwani Gulati, Ms. Kiran Gulati, M/s Veerasha Trust | Nil | 44.57% Total for the group |
The SPA specifies that, upon completion of the open offer, the Acquirers will be classified into the promoter and promoter group of Jai Mata Glass Limited.
Stock Price Movement
Jai Mata Glass Ltd. settled at ₹1.61 on Monday, registering a 4.73% decline in after-market trading. The shares experienced significant intraday movement, moving between a low of ₹1.55 and an intraday high of ₹1.69.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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