Mayur Leather Products open offer: 26% bid in 2026

Public announcement and the main transaction

Mayur Leather Products Ltd has disclosed a public announcement dated 15-09-2026 stating that Mr. Ghanshyam Hansrajani will make an open offer to acquire up to 12,57,048 equity shares, representing 26% of the company. The open offer follows the execution of a Share Purchase Agreement (SPA) to buy 12,81,257 shares from the promoters. The announced offer price is ₹27.92 per share.

An open offer at this size is significant for a small listed company because it can change control dynamics and free-float participation. The disclosure indicates two legs to the transaction: a negotiated promoter share purchase under the SPA and a subsequent open offer to public shareholders. Beyond the price and quantities, the data shared does not provide the names of selling shareholders under the SPA table or any post-transaction shareholding breakdown. Investors therefore have to rely on the stated offer size, price, and the financial and market snapshots available.

Key terms of the open offer

The public announcement states that the open offer is for up to 12,57,048 shares, which equals 26% of Mayur Leather Products. The offer price is ₹27.92 per share. Separately, the SPA covers 12,81,257 shares to be acquired from promoters.

The dataset includes a placeholder table header for “Selling Shareholder, Pre-Transaction Stake, Shares Sold, Consideration Price” but does not include the corresponding row-level details. As a result, only the quantities and the offer price can be stated with certainty from the provided information.

Offer price versus market snapshots in the same dataset

The information provided includes multiple market snapshots that do not align to a single date. One line in the dataset states, “The current share price of Mayur LeatherProduct is Rs 32.” Elsewhere, a separate comparison table lists Mayur Leather Prod at ₹17.99 with a market cap of ₹8.70 crore and a “Previous Close” of ₹16.37.

Because these figures appear together without timestamps, they should be treated as different reference points rather than a single coherent market quote. What can be said cleanly is that the open offer price is ₹27.92 per share, and the dataset contains market prices of ₹32, ₹17.99, and a previous close of ₹16.37 at different points in time.

Company profile and operations

Mayur Leather Products Limited is described as an India-based manufacturer and exporter of leather shoes and shoe uppers. The company is also stated to be engaged in the production of polyurethane shoes and operates in the business segment of “Shoes, Uppers, Common.”

The company’s registered address in the dataset is “50 KA 1 Jyoti Nagar, Legislative Assembly, Jaipur, Rajasthan, 302005.” The email addresses shown include daamayurleather@gmail.com and mlp@mayurleather.com, and a website appears as “http://www.mayurgrou” (as truncated in the provided text).

Financial snapshot: revenue and profitability trend

The dataset provides multiple ways of looking at financial performance, including annual Profit & Loss (in ₹ crore) and a separate “Total Revenue” series (also in ₹ crore). In the Profit & Loss table (All Figures in Cr.), net sales are shown as ₹8.23 crore in FY2021, ₹9.27 crore in FY2022, ₹3.98 crore in FY2023, ₹0.24 crore in FY2024, and ₹0 crore in FY2025. Over the same years, operating profit is negative: -₹1.77 crore (FY2021), -₹0.59 crore (FY2022), -₹4.33 crore (FY2023), -₹0.21 crore (FY2024), and -₹1.22 crore (FY2025).

A separate “Total Revenue” table lists ₹8.8066 crore (Y202103), ₹9.6947 crore (Y202203), ₹6.7453 crore (Y202303), ₹0.5337 crore (Y202403), and ₹1.7394 crore (Y202503). Profit After Tax in that series is ₹-1.8388 crore, ₹-0.673 crore, ₹-2.9821 crore, ₹-0.5913 crore, and ₹0.0905 crore respectively.

Quarterly results (₹ crore) from Jun 2025 to Jun 2026 show net sales as 0 across all listed quarters. Total expenditure is shown between ₹0.03 crore and ₹0.13 crore in those quarters, while other income appears as ₹0.50 crore in Sep 2025 and ₹0.47 crore in Mar 2026.

Capital structure, leverage, and valuation metrics shown

The dataset lists “No. of Shares” as 0.48 crore and face value as ₹10. It also shows Enterprise Value of ₹19.65 crore, cash of ₹0.07 crore, and debt of ₹4.25 crore. Valuation ratios shown include P/E of 12.22 and P/B of 8.3, with Book Value (TTM) of ₹3.86 and EPS (TTM) of ₹2.62.

These point-in-time metrics sit alongside a longer quarterly EPS series (₹) from Dec 2018 through Jun 2026, including values such as 0.41 (Dec 2018), -2.96 (Mar 2019), 3.88 (Dec 2019), and -0.18 (Jun 2026), among others. Since the dataset does not explain adjustments across the different EPS disclosures, readers should use these series as directional historical data rather than a single reconciled view.

Shareholding snapshots and what is clearly stated

The dataset contains more than one shareholding snapshot. One line shows “Promoter Holding 26.51%.” Another shareholding block shows “Promoter Holdings 64.018%, Retail 29.546%, Others 5.943%.” It also lists “No of public share holdings 17,39,682” and “% of public share holdings 35.98%.”

Because the dataset does not provide dates for each shareholding snapshot, it is not possible to state which one is the latest from the text alone. What is clear from the open offer disclosure is that the acquirer intends to purchase a substantial block via SPA and then seek up to 26% through the open offer.

Summary table of the most important disclosed facts

Market impact: what changes for investors and liquidity

A 26% open offer is large relative to the size of the company indicated by the market-cap snapshot in the dataset (₹8.70 crore in one table). In small-cap names, open offers can influence liquidity and the shareholder mix, especially when combined with a promoter SPA. The offer price of ₹27.92 provides a clear reference point for shareholders evaluating whether to tender, although the dataset itself shows different market prices at different points.

From an operating perspective, the financial tables show a period where reported net sales fell sharply, and the more recent quarterly table (Jun 2025 to Jun 2026) reports net sales of zero with small expense lines and occasional other income. This context matters because control transactions in such companies are often evaluated alongside cash-debt position, reported earnings stability, and the quality and recurrence of other income.

Analysis: why the open offer matters in this case

The disclosure matters because it combines an SPA purchase from promoters with a sizeable public offer, which can reshape ownership and governance. The offer size of 26% is also the threshold that stands out for control-related implications under takeover regulations, even though the dataset does not include any narrative about intended control, board changes, or future business plans.

Financially, the company data shows mixed and sometimes inconsistent snapshots across sources, including promoter holding percentages and market price points. Still, the recurring theme across the financial tables is weak operating performance in recent years, with operating losses in the FY2021 to FY2025 Profit & Loss table and net sales at or near zero in the latest quarterly snapshot shown. For investors, that makes the offer documentation, the completion of the SPA, and updated filings critical to monitor.

Conclusion

Mayur Leather Products’ public announcement dated 15-09-2026 states that Mr. Ghanshyam Hansrajani will buy 12,81,257 shares via an SPA from promoters and then make an open offer for up to 12,57,048 shares (26%) at ₹27.92 per share. The dataset also provides a small-cap valuation snapshot and financial tables showing a sharp decline in net sales in recent years, with some quarters reporting zero sales. The next concrete updates for shareholders will be the detailed open offer documents and any subsequent disclosures on shareholding changes after the SPA and tendering process.