Kkalpana Plastick open offer: 26% at ₹28 in 2026

What has been announced

Kkalpana Plastick Limited (KPL) has disclosed that a mandatory open offer by acquirer Ashish Begwani to buy a 26.00% stake in the company opened on August 20, 2026. The offer is for up to 14,37,420 fully paid-up equity shares, representing 26.00% of KPL’s total paid-up equity and voting share capital. The offer price is fixed at ₹28 per share, payable in cash. If fully accepted, the maximum consideration payable is stated as ₹4,02,47,760 (about ₹4.02 crore). The company is listed on BSE under code 523652 and is categorised under the plastic products sector in the provided details.

Offer opening announcement and SEBI process

The offer opening public announcement cum corrigendum to the detailed public statement was published by VC Corporate Advisors Private Limited, the manager to the offer. The disclosure cites compliance with Regulation 18(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The open offer materials in the provided text indicate that the offer is directed towards public shareholders as of the Identified Date, August 13, 2026. The acquisition is stated to be conditional upon receipt of statutory approvals required for the open offer. These steps are part of the standard takeover framework under the SEBI takeover regulations for acquisitions that cross control or threshold triggers.

Price, size, and what shareholders are being offered

The offer seeks to acquire up to 14,37,420 equity shares from public shareholders. Each share has a face value of ₹10, as stated in the disclosures. The price of ₹28 per share is payable in cash to shareholders who tender and whose shares are accepted. KPL’s exchange update also states that the consideration would be paid within ten working days from the expiry of the tendering period. Based on the disclosed size and price, the maximum payout for the open offer is presented as about ₹4.02 crore.

Why the open offer was triggered

The disclosures state that the open offer is a result of a prior acquisition that triggered a change in control. Specifically, the exchange update references an SPA dated July 7, 2026, for the purchase of a 72.58% stake. The disclosed value of this 72.58% stake transaction is ₹11.23 crore. Under the SEBI takeover rules, such a change in control typically requires an open offer to public shareholders. The open offer is positioned as the mandatory step following that trigger event.

Independent directors’ committee review

Kkalpana Plastick informed stock exchanges that its Committee of Independent Directors has completed its review of the open offer made by Ashish Begwani. The disclosure confirms the committee review as part of the governance process around takeovers and open offers. The company’s communication reiterates key offer terms including offer size, percentage of share capital, and offer price. The same set of disclosures also notes that no competitive bids had been received as of the date of the Letter of Offer.

Key dates mentioned in the disclosures

While the offer is described as having opened on August 20, 2026, another schedule table included in the provided text states that the tendering period opens on August 28, 2026 and closes on September 10, 2026. The same schedule table also lists payment of consideration on September 25, 2026. The Identified Date for determining eligible public shareholders is stated as August 13, 2026. Readers tracking open offers typically look at the tendering window and payment date, because these drive operational timelines for brokers and tendering mechanisms.

Snapshot table: terms and participants

Timeline table: trigger and tendering schedule

Market context from available data

The provided text shows a bid/ask snapshot of 54.40 / 0.00, but it does not specify the date or the exchange screen context for that quote. The disclosed open offer price is ₹28 per share, which is the price at which tendering shareholders would receive consideration if their shares are accepted. The maximum consideration figure of about ₹4.02 crore is based on full acceptance of the 26% offer size. Because the disclosures also state that no competitive bids have been received as of the Letter of Offer date, the offer appears to be proceeding without an announced counter-offer at that point.

Company and contact details included in the notice bundle

The provided text includes Kkalpana Plastick’s registered address at 12, Dr. U.N. Bhramachari Street, Maruti Building, 5th Floor, Flat No. 5F, Kolkata, West Bengal 700017, along with telephone and website details. It also lists Link Intime as the registrar-related contact in Kolkata, with an address at Rasoi Court, 5th Floor, 20, Sir R N Mukherjee Road, Kolkata 700001. Such information is typically part of open offer documentation shared with exchanges and shareholders. These details help investors locate official communication channels during the tendering process.

Conclusion

Kkalpana Plastick’s disclosures outline a mandatory open offer by Ashish Begwani for 26.00% of the company, seeking 14,37,420 shares at ₹28 per share in cash, with a stated maximum payout of about ₹4.02 crore. The open offer follows an SPA dated July 7, 2026 for a 72.58% stake valued at ₹11.23 crore, which the company says triggered a change in control. The independent directors’ committee has completed its review, and the company has disclosed that no competitive bids were received as of the Letter of Offer date. The schedule information provided also lists the tendering window from August 28 to September 10, 2026, with payment of consideration on September 25, 2026.