Description

Delisting offer by promoters of Chandi Steel Industries Limited at Rs. 65 per share through reverse book building process scheduled from November 18-24, 2025.

Summary

Chandi Steel Industries Limited (CSIL) promoters Mr. Rajiv Jajodia, Mr. Aditya Jajodia, Mr. Vedang Jajodia, and Mr. Varun Jajodia are launching a delisting offer to public shareholders through a reverse book building process. The offer price is set at Rs. 65 per equity share of face value Rs. 10 each, in accordance with SEBI (Delisting of Equity Shares) Regulations, 2021.

Key Points

  • Company: Chandi Steel Industries Limited (CIN: L13100WB1978PLC031670)
  • Acquirers: Four promoters - Rajiv Jajodia, Aditya Jajodia, Vedang Jajodia, and Varun Jajodia
  • Offer Price: Rs. 65 per equity share (Face Value: Rs. 10)
  • Mechanism: Reverse Book Building Process through Stock Exchange Mechanism
  • Buying Broker: Nikunj Stock Brokers Limited
  • Manager to Offer: VC Corporate Advisors Private Limited (SEBI Regn: INM000011096)
  • Registrar: Maheshwari Datamatics Pvt. Ltd. (SEBI Regn: INR000000353)

Regulatory Changes

This delisting offer is conducted under:

  • SEBI (Delisting of Equity Shares) Regulations, 2021 (as amended)
  • 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

For Public Shareholders:

  • Read the Letter of Offer carefully along with instructions
  • Complete and sign the accompanying Bid Form as per instructions
  • Submit bids through the designated Stock Exchange Mechanism
  • Follow detailed procedures outlined in paragraph 18 of the Letter of Offer

For Acquirers:

  • Implement offer through Stock Exchange Mechanism
  • Ensure purchases and settlements through appointed Buying Broker (Nikunj Stock Brokers Limited)
  • Comply with all SEBI Delisting Regulations requirements

Important Dates

  • Bid Opening Date: Tuesday, November 18, 2025
  • Bid Closing Date: Monday, November 24, 2025
  • Schedule of Activities Date: August 13, 2025 (referenced)

Impact Assessment

Market Impact:

  • High impact on CSIL public shareholders who must decide whether to participate in the delisting offer
  • Reverse book building process will determine final price discovery and success of delisting
  • Potential exit opportunity for minority shareholders at minimum Rs. 65 per share

Operational Impact:

  • If successful, CSIL will be delisted from BSE, ending public trading of its shares
  • Shareholders not tendering will remain locked in with limited liquidity post-delisting
  • Six trading days allocated for bid submission period

Investor Considerations:

  • Shareholders should evaluate offer price against intrinsic value and market conditions
  • Recent share sales should result in offer documents being forwarded to new holders through stock exchange members
  • Implementation through registered broker ensures regulated settlement mechanism

Impact Justification

High importance due to delisting offer affecting all public shareholders with specific bidding window and significant price discovery mechanism through reverse book building