Description

Delisting offer by Mr. Karan Mehta and Mr. Krish Ajmera to public shareholders of Manphool Exports Limited at a floor price of Rs. 6/- per equity share through reverse book building process.

Summary

Mr. Karan Mehta and Mr. Krish Ajmera (collectively “Acquirers”) have initiated a delisting offer for Manphool Exports Limited (CIN: L51900WB1984PLC052338) to public shareholders. The offer is made pursuant to Regulation 5A of SEBI (SAST) Regulations read with SEBI (Delisting of Equity Shares) Regulations, 2021. Public shareholders are invited to tender their fully paid-up equity shares of Rs. 10/- face value through a Reverse Book Building Process at a floor price of Rs. 6/- per share.

Key Points

  • Floor Price: Rs. 6/- (Rupees Six Only) per equity share of face value Rs. 10/- each
  • Delisting mechanism: Reverse Book Building Process through Stock Exchange
  • Manager to the Delisting Offer: VC Corporate Advisors Private Limited (SEBI Regn: INM000011096)
  • Registrar to the Delisting Offer: S.K. Infosolutions Private Limited (SEBI Regn: INR00000388)
  • Buyer Member: Nikunj Stock Brokers Limited (appointed as registered broker for purchases and settlements)
  • Company Registered Office: 29A, Ballygunge Circular Road, Kolkata- 700019
  • Acquirer 1: Mr. Karan Mehta, 11 Ballygunge Park Road, Circus Avenue, Kolkata – 700019
  • Acquirer 2: Mr. Krish Ajmera, 29 Ballygunge Park Road, Circus Avenue, Kolkata – 700019

Regulatory Changes

The delisting offer is governed by:

  • SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • SEBI (Delisting of Equity Shares) Regulations, 2021 (as amended up to September 24, 2024)
  • SEBI Circular No. CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015
  • SEBI Circular No. CFD/DCR2/CIR/P/2016/131 dated December 09, 2016
  • SEBI Circular No. SEBI/HO/CFD/DCR-III/CIR/P/2021/615 dated August 13, 2021

Compliance Requirements

  • Public shareholders must complete and sign the accompanying Bid Form in accordance with instructions provided
  • Shareholders who recently sold their equity shares should hand over this Offer Letter and accompanying documents to the stock exchange member through whom the sale was effected
  • Bid submission and settlement must follow procedures outlined in paragraph 18 of the Letter of Offer
  • Implementation will be through Stock Exchange mechanism as per Earlier Delisting Regulations

Important Dates

  • Bid Opening Date: Thursday, October 30, 2025
  • Bid Closing Date: Thursday, November 06, 2025

Impact Assessment

High Impact on Public Shareholders: This delisting offer requires immediate attention from all public shareholders of Manphool Exports Limited. Shareholders must decide whether to tender their shares during the 8-day bidding window (October 30 - November 06, 2025). If the delisting is successful, the company’s equity shares will cease to be listed on BSE, resulting in complete loss of liquidity for shareholders who do not participate in the offer. The floor price of Rs. 6/- per share serves as the minimum price, with final discovered price determined through reverse book building process. Shareholders should carefully review the complete Offer Letter and consult financial advisors before making decisions.

Impact Justification

Delisting offer directly impacts all public shareholders of Manphool Exports Limited, requiring immediate action to tender shares during the bidding window. High impact due to potential loss of liquidity post-delisting.