Jai Mata Glass open offer: ₹1.85 price, 2026 dates

Open offer announced after control change trigger

Jai Mata Glass Limited is set for a change in control after three acquirers announced a mandatory open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The acquirers are Mr. Ashwani Gulati, Ms. Kiran Gulati, and M/s Veerasha Trust. They are offering public shareholders an exit opportunity at an offer price of ₹1.85 per fully paid-up equity share. The open offer is for up to 2,60,00,000 equity shares, representing 26.00% of the company’s paid-up equity share capital. The offer is payable in cash and is stated to be not conditional upon a minimum level of acceptance. Corporate Professionals Capital Private Limited has been appointed as the Manager to the Offer.

What triggered the mandatory open offer

The open offer was triggered by a Share Purchase Agreement (SPA) dated July 13, 2026. Under the SPA, the acquirers agreed to purchase 4,45,65,460 equity shares, representing 44.57% of the paid-up equity share capital, from existing promoter sellers. The sellers named in the disclosure are Ms. Anu Marwah, Mr. Inesh Marwah, and M/s J P Overseas Private Limited. The SPA price is also ₹1.85 per share, with the aggregate transaction value disclosed as ₹8.2446101 crore. The transaction is described as involving the acquisition of a controlling promoter stake and a resulting change in the control structure. The disclosure also notes that the transaction is subject to satisfaction of conditions precedent and applicable statutory and regulatory approvals. Following completion, the sellers are stated to no longer hold any stake in Jai Mata Glass Limited.

Offer size, price, and maximum consideration

The open offer seeks to acquire up to 2.60 crore equity shares (26.00%) at ₹1.85 per share. Assuming full acceptance, the maximum consideration payable by the acquirers is ₹4.81 crore. The mode of payment is cash. The equity shares referenced carry a face value of ₹1.00 each. The data provided also states the company’s total paid-up equity share capital is ₹10.00 crore, which corresponds with the disclosed open offer size as a 26% slice. The offer is positioned as a mandatory offer linked to the control acquisition rather than a discretionary buyback or tender. For investors, the key number is the fixed offer price of ₹1.85 per share.

Key dates: SPA, disclosures, and offer period

The sequence of events is anchored around the SPA and subsequent takeover-process disclosures. The SPA was executed on July 13, 2026, and the Letter of Offer referenced is dated July 14, 2026 under the “Takeovers” category. A Detailed Public Statement is scheduled to be published on or before July 20, 2026. The Letter of Offer dispatch date is disclosed as August 27, 2026 (Thursday). The offer opens on September 03, 2026 and closes on September 17, 2026. Payment obligations for the offer are scheduled to be completed by October 01, 2026. These dates matter because tendering and settlement timelines determine when shareholders may receive cash for accepted shares.

Post-offer shareholding if fully accepted

If the open offer is fully accepted, the acquirers’ combined holding will rise meaningfully. The disclosure states that upon full acceptance, the acquirers will hold 7,05,65,460 equity shares, representing 70.57% of the paid-up equity share capital. This figure reflects the 44.57% stake being acquired under the SPA plus the additional 26.00% sought through the open offer. As a result, the public shareholding would reduce by the extent of shares tendered and accepted in the offer. The open offer being “not conditional upon a minimum level of acceptance” means it is intended to proceed irrespective of how many shares are tendered, subject to regulatory process and completion mechanics described in the offer documents. The change in control is the central regulatory trigger for the open offer.

Company context and recent management update

Jai Mata Glass Limited is described as being engaged in the trading of glass in India. The company was formerly known as Jai Mata Rolled Glass Ltd., was incorporated in 1981, and is headquartered in New Delhi, India. Separately, the disclosure notes a senior management change, with Jai Mata Glass Limited appointing Mr. Aashish Gupta as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective June 1, 2026, succeeding Mr. Rajesh Arya. While the CFO appointment is not presented as linked to the takeover transaction, it is part of the reported corporate developments around the same period. The target company is referenced with BSE code 523467 in the provided data. The same material also includes a market snapshot showing a quoted price and market cap, but the open offer price remains fixed at ₹1.85 as disclosed.

Summary table of disclosed offer terms

Market impact: what shareholders should track

For public shareholders, the practical decision is whether to tender shares at ₹1.85 during the offer window. The disclosed structure indicates a takeover-driven change in control, where the SPA transfers a large promoter stake and the open offer extends a mandated exit option to public investors. The cash outlay is defined by the maximum open offer consideration of ₹4.81 crore and the SPA value of ₹8.2446101 crore, both at the same per-share price of ₹1.85. The non-conditional nature of the offer on minimum acceptance reduces uncertainty about whether the acquirers intend to proceed with the open offer process itself, though completion still hinges on conditions precedent and statutory and regulatory approvals as stated. Investors typically track the Detailed Public Statement and the Letter of Offer for operational instructions, tender process steps, and settlement details. They also monitor the post-transaction shareholding concentration, since full acceptance would place 70.57% with the acquirers.

Conclusion

Jai Mata Glass Limited’s mandatory open offer at ₹1.85 per share follows an SPA to acquire 44.57% from the existing promoter group, marking a clear change in control. The offer runs from September 03 to September 17, 2026, with payment obligations scheduled to be completed by October 01, 2026. Near-term milestones in the process include the Detailed Public Statement due on or before July 20, 2026 and the Letter of Offer dispatch on August 27, 2026. Shareholders evaluating the offer will focus on the fixed price, the timelines, and the stated post-offer holding of 70.57% if fully accepted.