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.

NSE has announced the activation of its web-based bidding platform for a takeover offer of Stylam Industries Limited by acquirer Aica Kogyo Company, Limited. The offer follows the Tender Offer Scheme as per NSE circular NSE/CMTR/52776 dated June 29, 2022. The issue is a fixed-price offer at Rs. 2,250/- per share for up to 44,06,496 equity shares, open from April 22 to May 6, 2026.

Key Points

• Acquirer: Aica Kogyo Company, Limited
• Target company: Stylam Industries Limited (Symbol: STYLAMIND, Series: TO)
• Offer price: Rs. 2,250/- per share (fixed price)
• Issue size: Up to 44,06,496 equity shares
• Face value: Rs. 5/- per share; Lot size: 1 equity share
• ISIN: INE239C01020
• Merchant Banker: ICICI Securities Limited
• Registrar: MUFG Intime India Private Limited
• Bidding platform live URL: https://eipo.nseindia.com
• Order modification (quantity) or cancellation is NOT permitted for takeover offers
• All Capital Market segment trading members are eligible to participate
• Members already using the IPO bidding platform can use existing credentials; new members must use admin terminal (Adminxxxxx format)

Regulatory Changes

No new regulatory changes introduced. The offer is governed by the existing Tender Offer Scheme per NSE circular NSE/CMTR/52776 dated June 29, 2022.

Compliance Requirements

• Trading members must use the NSE web-based bidding platform (https://eipo.nseindia.com) to participate
• Members without existing access must log into the admin terminal and create branches/users before bidding
• Admin login format: Adminxxxxx (where xxxxx is the Member Code)
• Order modification or cancellation of quantity is strictly not permitted once submitted
• Custodial confirmations must be completed within specified time windows

Important Dates

• Issue Period: April 22, 2026 to May 6, 2026
• Bidding Time (daily): 9:15 a.m. to 3:30 p.m.
• Custodial Confirmation Time (daily): 9:15 a.m. to 3:30 p.m.
• Custodial Confirmation on Issue Closure Day: 9:15 a.m. to 4:00 p.m.

Impact Assessment

This circular directly affects shareholders of Stylam Industries Limited who may tender their shares, and trading members of NSE’s Capital Market segment who will facilitate bids. The offer at Rs. 2,250/- per share at a fixed price may represent a premium, making it material for retail and institutional investors (FII, MF, IC, FI, Other QIBs, Bodies Corporate, Individuals, and Other Non-Institutional Investors). Trading members not yet onboarded to the IPO bidding system must take immediate action to register via the admin terminal before the issue opens on April 22, 2026.