BSE has announced the opening of an Offer to Buy (Acquisition Window) for Shah Foods Limited (SFL) under the takeover mechanism. The open offer is made by Acquirers Mr. Ankit Jalan and Mr. Anuj Jalan, along with seven Persons Acting in Concert (PACs), to acquire up to 60,61,900 equity shares representing 26% of the voting share capital at Rs. 62.50 per share in cash.

Key Points

• Acquirers: Mr. Ankit Jalan and Mr. Anuj Jalan
• Persons Acting in Concert (PACs): Jalan Sarees Private Limited, Mrs. Ritu Jalan, Mr. Daivik Jalan, Mrs. Prachi Jalan, Ankit Jalan HUF, Anuj Jalan HUF, and Mrs. Radhika Jalan
• Target Company: Shah Foods Limited (SFL)
• Offer Price: Rs. 62.50 per share (payable in cash)
• Offer Size: Up to 60,61,900 fully paid-up equity shares (face value Rs. 10 each), representing 26% of voting share capital
• Offer period: Wednesday, 13th May 2026 to Tuesday, 26th May 2026
• Record date for eligible shareholders: 28th April 2026
• Governed by SEBI (SAST) Regulations 2011, Regulation 3(1) and Regulation 4

Regulatory Changes

No new regulatory changes introduced. The offer is conducted under the existing framework:

• SEBI circular CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015
• SEBI circular CFD/DCR2/CIR/P/2016/131 dated December 9, 2016
• BSE notice 20170210-16 dated February 10, 2017
• BSE notice 20190424-35 dated April 24, 2019
• BSE notices 20200528-32, 20201102-43, and 20210825-62 (revised guidelines)

Compliance Requirements

• Trading Members and Custodians must note the open offer and facilitate eligible shareholder participation through the BSE acquisition window mechanism.
• The offer is available to all public shareholders (excluding Acquirers, PACs, Selling Company, Promoter of Target Company, and public category preferential allottees) whose names appeared in the register on 28th April 2026, as well as those who own shares any time prior to the closure of the offer but are not yet registered shareholders.
• Participants must follow the Revised Guidelines per SEBI circular CFD/DCR2/CIR/P/2016/131 and Exchange notice 20170210-16.
• Letter of Offer is attached and available on the BSE website.

Important Dates

• Record Date: 28th April 2026
• Offer Opens: Wednesday, 13th May 2026
• Offer Closes: Tuesday, 26th May 2026
• Circular Date: 8th May 2026

Impact Assessment

This open offer involves a substantial acquisition of shares accompanied by a change in control of Shah Foods Limited, making it a high-impact event for existing public shareholders. Shareholders on record as of April 28, 2026 are eligible to tender their shares at a defined price of Rs. 62.50 per share. The acquisition of 26% of voting capital by the Acquirers and PACs signals a significant ownership and control transition. Trading members and custodians must ensure timely processing of client instructions within the offer window. Details and the Letter of Offer are available on the BSE website.