Description

Four acquirers have launched an open offer to purchase up to 14,41,414 equity shares (26% voting capital) of Pankaj Polymers Limited at ₹40 per share under SEBI (SAST) Regulations 2011.

Summary

Four acquirers — Mr. Sandeep Jain, Mr. Vikas Garg, Mr. Rahul Nagar, and Mr. Himanshu Arora — have jointly launched an Open Offer (Letter of 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. The offer is priced at ₹40 per share, payable entirely in cash, and is made in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Key Points

  • Acquirers: (1) Mr. Sandeep Jain, Delhi; (2) Mr. Vikas Garg, Noida UP; (3) Mr. Rahul Nagar, Faridabad Haryana; (4) Mr. Himanshu Arora, Gwalior MP
  • Target Company: Pankaj Polymers Limited (PPL), registered in Secunderabad, Telangana
  • Offer Size: Up to 14,41,414 equity shares of face value ₹10 each
  • Stake: 26% of total voting share capital
  • Offer Price: ₹40 per fully paid-up equity share, payable in cash
  • Regulatory Basis: SEBI (SAST) Regulations 2011, Regulations 3(1) and 4
  • Manager to the Offer: Fintellectual Corporate Advisors Private Limited (SEBI Reg. No. INM000012944), Noida
  • Registrar to the Offer: Skyline Financial Services Private Limited
  • No minimum acceptance condition under Regulation 19 of SEBI (SAST) Regulations
  • No competing offer exists as on the date of this Letter of Offer

Regulatory Changes

No new regulatory changes are introduced. This offer is made pursuant to existing SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 — specifically Regulation 3(1) (acquisition of shares/voting rights) and Regulation 4 (indirect acquisition). No statutory approvals are currently required; if any become applicable prior to completion, the offer will be subject to those approvals.

Compliance Requirements

  • Public Shareholders of PPL must review this Letter of Offer and decide whether to tender their shares during the Tendering Period via the Acquisition Window.
  • Shareholders who have recently sold their PPL shares should forward this Letter of Offer and accompanying Form of Acceptance cum Acknowledgement and Transfer Deed to the relevant Stock Exchange member through whom the sale was effected.
  • Shareholders requiring clarifications should consult their Stock Broker, Investment Consultant, or the Manager/Registrar to the Offer.
  • The Letter of Offer, Draft Letter of Offer, Public Announcement, and Detailed Public Statement are available on SEBI’s website (www.sebi.gov.in).

Important Dates

  • Price Revision / Offer Withdrawal Deadline: Monday, February 23, 2026 (1 working day prior to commencement of Tendering Period)
  • Tendering Period: Commences on or after February 24, 2026 (exact schedule to be announced)
  • Any upward revision in Offer Price or Offer Size will be announced in the same newspapers as the original Detailed Public Statement; revised price applies to all shares validly tendered during the Tendering Period.

Impact Assessment

For PPL Shareholders: This is a significant event requiring immediate attention. Shareholders have the opportunity to exit at ₹40 per share during the Tendering Period. The offer is unconditional with respect to minimum acceptance, meaning all validly tendered shares (up to the offer size) will be purchased.

Market Impact: The open offer at ₹40/share sets a floor reference price for PPL equity. Shareholders should compare this price against the prevailing market price and historical trading range to evaluate the attractiveness of tendering.

Acquirer Profile: Two of the four acquirers (Vikas Garg and Rahul Nagar) are associated with Kredmint, suggesting a strategic financial/fintech interest in PPL. The combined acquisition of 26% alongside any prior holdings could result in a significant change in PPL’s ownership structure.

No Regulatory Hurdles: No statutory approvals are currently required, reducing execution risk for this offer.

Impact Justification

Directly affects public shareholders of Pankaj Polymers Limited who must decide whether to tender shares; involves a 26% stake acquisition at a fixed offer price with a near-term deadline for price revision (February 23, 2026).