An open offer has been launched for the shareholders of Jai Mata Glass Limited (JMGL). The offer, made by Mr. Ashwani Gulati, Ms. Kiran Gulati, and M/s Veerasha Trust, aims to acquire up to 2,60,00,000 equity shares, representing 26.00% of the paid-up equity share capital. The offer price is set at INR 1.85 per share, valuing the total acquisition at approximately INR 4.81 crore.
Open Offer for Jai Mata Glass Shareholders
An open offer has been formally initiated for the shareholders of Jai Mata Glass Limited (JMGL). The offer is being made by Mr. Ashwani Gulati, Ms. Kiran Gulati, and M/s Veerasha Trust, collectively referred to as the ‘Acquirers’. This move is pursuant to regulations concerning substantial acquisition of shares and takeovers.
Offer Details
The Acquirers intend to acquire up to 2,60,00,000 fully paid-up equity shares of the Target Company. This quantity represents 26.00% of the total paid-up equity share capital of Jai Mata Glass Limited. The offer price has been fixed at INR 1.85 (Indian Rupee One and Eight Five Paisa Only) per equity share, payable in cash. The total maximum consideration for this open offer amounts to approximately INR 4,81,00,000 (Indian Rupees Four Crore and Eighty One Lakh Only).
Offer Rationale and Dates
This open offer is triggered by a prior Share Purchase Agreement (SPA) dated July 13, 2026, where the Acquirers agreed to acquire 4,45,65,460 equity shares (44.57% of paid-up capital) from the existing sellers. The offer is scheduled to open on August 21, 2026, and will close on September 04, 2026. The Letter of Offer will be dispatched to shareholders by August 14, 2026.
Acquirers and Target Company Background
The Acquirers consist of Mr. Ashwani Gulati, Ms. Kiran Gulati, and M/s Veerasha Trust. The Target Company, Jai Mata Glass Limited, is engaged in the business of trading in glass and procuring orders as a sales agent. The objective behind this acquisition is to gain majority stake and control over the management of Jai Mata Glass Limited, with an intent to revive and strengthen its business operations.
Financial Snapshot
Financial statements for Jai Mata Glass Limited reveal a mixed performance. For the year ended March 31, 2026, the company reported a net loss after tax of INR 21.52 Lacs, with a negative Return on Net Worth of (11.10)%. The Net Worth stood at INR 193.94 Lacs.
Source: BSE
