AI Champdany Industries Limited open offer expands to 26%

AI Champdany Industries Limited expanded its open offer on November 7, 2026 to 79,95,997 equity shares, representing 26% of equity share capital, after Gunny Dealers Limited cancelled its proposed purchase of 42,66,666 shares from Blancatex AG. The revised offer carries aggregate consideration of Rs 23.59 crore.

Why was AI Champdany’s Blancatex share purchase cancelled?

AI Champdany said the share purchase agreement between Gunny Dealers and Blancatex AG was cancelled through a termination agreement dated November 7, 2026. The agreement, originally signed on November 2, 2026, covered 42,66,666 equity shares, equal to 13.87% of equity share capital and 9.88% of equity and voting share capital.

The corrigendum does not give a reason for the termination of the Blancatex agreement. It states that the proposed acquisition will not proceed, but Gunny Dealers will remain a joint acquirer with G Jerambhai Exports Limited for the open offer of up to 79,95,997 shares.

Gunny Dealers will also remain party to the escrow agreement dated November 2, 2026, according to the filing. Funds deposited by Gunny Dealers for the open-offer obligations will continue to be maintained in escrow, despite the cancellation of the 42,66,666-share private transaction.

The cancellation changes Gunny Dealers’ stated immediate post-transaction position. Its pre-transaction holding is 2,03,706 equity shares, or 0.66% of equity share capital, and its proposed holding after the now-cancelled sale-share acquisition remains 2,03,706 shares rather than increasing through the Blancatex block purchase.

How much larger is AI Champdany’s revised open offer?

AI Champdany’s revised offer seeks 79,95,997 equity shares, compared with 43,00,382 shares in the November 2, 2026 public announcement. The increase is 36,95,615 shares, taking the offer from 13.98% to 24.64% of equity and voting share capital and to 26% of equity share capital.

The aggregate consideration payable jointly and severally by the two acquirers has increased to Rs 23.59 crore from Rs 12.69 crore. The corrigendum identifies the maximum number of shares and total consideration, but it does not separately state an offer price per share.

The two percentage bases differ because AI Champdany includes voting preference shares in its equity and voting share capital. The company has 3,07,53,831 equity shares of face value Rs 5 each and 1,24,14,353 2% non-convertible cumulative preference shares that carry voting rights because dividend arrears exceed two years.

Which AI Champdany share purchase will still proceed?

AI Champdany said the November 2, 2026 agreement between G Jerambhai Exports and Jayshree Wadhwa remains valid in its original form. It covers 40,74,129 equity shares, representing 13.25% of equity share capital and 9.44% of equity and voting share capital.

The filing says the Jayshree Wadhwa acquisition will be executed through on-market transactions at the prevailing market price on the respective trade dates. It does not disclose a trade date, transaction price or expected completion date in the November 7 corrigendum.

G Jerambhai Exports held 5,50,924 equity shares, or 1.79% of AI Champdany’s equity share capital, before the proposed transaction. Its proposed holding after acquiring the Jayshree Wadhwa block is 46,25,053 shares, or 15.04% of equity share capital.

If the entire revised offer is accepted, G Jerambhai Exports’ proposed holding would rise to 86,23,052 shares, or 28.04% of equity share capital. Gunny Dealers’ corresponding projected holding after full acceptance is 42,01,704 shares, or 13.66%, even though its 42,66,666-share Blancatex agreement has been cancelled.

How does AI Champdany calculate the revised voting percentages?

AI Champdany calculates voting-capital percentages using both 3,07,53,831 equity shares and 1,24,14,353 voting 2% non-convertible cumulative preference shares. This produces stated equity and voting share capital of Rs 15.38 crore, compared with the equity-share-capital base used for the 26% offer measure.

The company said the 2% preference shares have voting rights because dividend arrears have continued for more than two years. That voting-rights treatment is why the offer for 79,95,997 equity shares represents 26% of equity share capital but 24.64% of equity and voting share capital.

The corrigendum also defines 1,32,50,000 0.1% non-convertible non-cumulative preference shares of face value Rs 5 each as carrying no voting rights. This clarification replaces the earlier definition of 0.1% cumulative preference share capital throughout the public announcement.

AI Champdany has included the entire promoter and promoter group as persons acting in concert. Nirmal Pujara is identified as the ultimate beneficial owner, while 18,63,138 equity shares, or 6.06% of equity share capital, remain registered in the name of late Damodardas Jerambhai Wadhwa pending transmission under the cited April 20, 2023 will.

Conclusion

The November 7, 2026 corrigendum changes AI Champdany’s acquisition structure in two ways. The proposed Blancatex purchase of 42,66,666 shares has been terminated, while the public offer has increased by 36,95,615 shares to 79,95,997 shares and Rs 23.59 crore of aggregate consideration. G Jerambhai Exports’ proposed 40,74,129-share purchase from Jayshree Wadhwa remains in force.

The next disclosed event to watch is the execution of the Jayshree Wadhwa acquisition through on-market trades at the prevailing market price on the respective trade dates. The corrigendum does not specify those dates or the eventual level of shareholder acceptance in the 26% open offer, leaving both matters unresolved in the November 7 filing.