Description

AICA KOGYO COMPANY LIMITED has made an open offer to acquire up to 44,06,496 equity shares (26% voting capital) of STYLAM INDUSTRIES LIMITED at Rs. 2,250 per share via BSE acquisition window, open from April 22 to May 6, 2026.

Summary

AICA KOGYO COMPANY LIMITED (Acquirer) has launched an open offer to acquire up to 44,06,496 fully paid-up equity shares of STYLAM INDUSTRIES LIMITED (Target Company), representing 26% of its voting share capital, at an offer price of Rs. 2,250 per share payable in cash. The offer is conducted through the BSE acquisition window mechanism under SEBI’s Takeover Regulations.

Key Points

  • Acquirer: AICA KOGYO COMPANY LIMITED
  • Target Company: STYLAM INDUSTRIES LIMITED
  • Offer Price: Rs. 2,250 per equity share (face value Rs. 5 each)
  • Shares to be acquired: Up to 44,06,496 equity shares (26% of voting share capital)
  • Offer window: April 22, 2026 (Wednesday) to May 6, 2026 (Wednesday)
  • SEBI holiday excluded: May 1, 2026 (Friday)
  • Letter of Offer is attached to this notice
  • Offer details available on BSE website: www.bseindia.com

Regulatory Changes

No new regulatory changes. The offer is governed by existing frameworks:

  • SEBI circular CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015
  • SEBI circular CFD/DCR2/CIR/P/2016/131 dated December 9, 2016
  • BSE notices: 20170210-16, 20190424-35, 20200528-32, 20201102-43, 20210825-62
  • SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 — Regulation 3(1) and Regulation 4

Compliance Requirements

  • Trading Members and Custodians must note the open offer window dates and facilitate client participation through the BSE acquisition window mechanism.
  • Transactions must comply with SEBI (SAST) Regulations 2011 and the Revised Guidelines issued by BSE.
  • Participants should refer to the attached Letter of Offer for detailed procedural requirements.

Important Dates

  • Notice Date: April 17, 2026
  • Offer Opens: April 22, 2026 (Wednesday)
  • Offer Closes: May 6, 2026 (Wednesday)
  • Excluded Holiday: May 1, 2026 (SEBI Holiday — Friday)

Impact Assessment

This open offer has high market impact for STYLAM INDUSTRIES LIMITED shareholders and market participants. The offer price of Rs. 2,250 per share may represent a premium over the prevailing market price, incentivizing public shareholders to tender their shares. Trading members and custodians need to prepare for client order handling through the BSE acquisition window during the offer period. The 26% stake acquisition by a foreign acquirer (AICA KOGYO, a Japanese company) signals a significant strategic investment in STYLAM INDUSTRIES LIMITED.

Impact Justification

This is a significant open offer representing 26% of STYLAM INDUSTRIES LIMITED's voting share capital at a premium price of Rs. 2,250 per share, directly impacting public shareholders and trading members handling the acquisition window.