Description

Four acquirers have launched an open offer to purchase up to 14,41,414 equity shares (26% of voting capital) of Pankaj Polymers Limited at ₹40 per share under SEBI Takeover Regulations.

Summary

Four acquirers — Mr. Sandeep Jain, Mr. Vikas Garg, Mr. Rahul Nagar, and Mr. Himanshu Arora — have jointly launched an open offer to acquire up to 14,41,414 fully paid-up equity shares of Pankaj Polymers Limited (PPL), representing 26% of the company’s total voting share capital, at an offer price of ₹40 per share payable in cash. The offer is made under Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Key Points

  • Offer size: Up to 14,41,414 equity shares (26% of voting share capital) at ₹40 per share (face value ₹10)
  • Four acquirers: Sandeep Jain (Delhi), Vikas Garg (Noida), Rahul Nagar (Faridabad), and Himanshu Arora (Gwalior)
  • Offer is not conditional upon any minimum level of acceptance under Regulation 19 of SEBI (SAST) Regulations
  • Offer is not a competing offer under Regulation 20 of SEBI (SAST) Regulations
  • No statutory approvals are currently required to implement the offer
  • Manager to the Offer: Fintellectual Corporate Advisors Private Limited (SEBI Reg. No. INM000012944)
  • Registrar to the Offer: Skyline Financial Services Private Limited
  • Target Company registered office: 5th Floor, E Block, 105, Surya Towers, Sardar Patel Road, Kurnool, Secunderabad, Telangana-500003

Regulatory Changes

No new regulatory changes introduced. The offer is governed by existing SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, specifically Regulations 3(1) and 4, which mandate a public open offer upon crossing threshold acquisition limits.

Compliance Requirements

  • Public shareholders of Pankaj Polymers Limited must review this Letter of Offer and decide whether to tender their shares during the Tendering Period
  • Shareholders who have recently sold shares must hand over the Letter of Offer, Form of Acceptance cum Acknowledgement, and Transfer Deed to the relevant Stock Exchange member
  • Any upward revision to Offer Price or Offer Size by acquirers must be made at least 1 working day before commencement of the Tendering Period (i.e., by Monday, February 23, 2026)
  • Any revision or withdrawal of offer must be announced in the same newspapers where the original Detailed Public Statement appeared

Important Dates

  • Offer Price revision deadline: Monday, February 23, 2026 (1 working day prior to Tendering Period commencement)
  • Tendering Period: Commences after February 23, 2026 (exact start date not specified in excerpt)

Impact Assessment

This open offer is significant for existing public shareholders of Pankaj Polymers Limited, who have the opportunity to exit at ₹40 per share — a price set by the acquirers in accordance with SEBI valuation norms. The acquisition of a 26% stake by the four acquirers, combined with any prior holdings, could result in a change of control or substantial influence over the company. Shareholders should evaluate the offer price relative to the current market price before deciding to tender. The unconditional nature of the offer (no minimum acceptance threshold) reduces uncertainty for tendering shareholders.

Impact Justification

This is a formal open offer under SEBI Takeover Regulations for acquisition of 26% voting stake in a listed company, directly affecting existing public shareholders who must decide whether to tender their shares.