Small-cap stock under ₹100 announces open offer at ₹1.45 per share following preferential allotment, promoter exit

Key Highlights

• Assuming full acceptance, the total consideration payable under the open offer would be ₹5.04 crore, to be paid entirely in cash.
• The open offer has been triggered after the board approved a preferential allotment of 10,06,29,680 equity shares, representing 30.42% of the emerging equity capital, to the acquirers, largely in exchange for equity shares of CMJ Breweries Private Limited at ₹1.45 per share.
• In a separate exchange filing dated December 17, Banganga Paper Industries said its board approved a series of strategic and corporate actions linked to the proposed change in control.
• The company cleared an increase in authorised share capital to ₹36 crore from ₹12 crore, subject to shareholder approval, and approved the acquisition of 78.90% equity stake in CMJ Breweries Private Limited through a share swap arrangement.
• The board also approved multiple preferential issuances, including up to 15,10,64,917 equity shares at ₹1.45 per share for consideration other than cash, 6,00,00,000 equity shares for cash at the same price, and 2,20,00,000 convertible warrants.