Mayur Leather Open Offer 2026: Price, Dates, SEBI

What has been announced

Mayur Leather Products Ltd has disclosed an open offer in which acquirer Ghanshyam Hansrajani proposes to buy up to 12,57,048 equity shares, representing 26% of the company, from public shareholders. The offer price is ₹27.92 per share and the consideration is payable entirely in cash. The detailed public statement (DPS) for this open offer was published on September 22, 2026.

The open offer follows a Share Purchase Agreement (SPA) executed on September 15, 2026. Under this SPA, the acquirer agreed to purchase 12,81,257 shares, equivalent to a 26.50% stake, from five promoter group entities. The SPA price is ₹15.00 per share and the stated transaction value of this block deal is ₹1.92 crore.

Why the open offer is being triggered

The disclosures link the open offer to control transfer obligations under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. In simple terms, the SPA to acquire a 26.50% promoter stake triggers the mandatory bid requirement, leading to an open offer to public shareholders.

The open offer is stated to be unconditional with respect to any minimum acceptance level, as per Regulation 19(1) of the takeover code. That means the offer is not dependent on a minimum number of shares being tendered by public shareholders.

Offer size, price and cash consideration

The open offer is for up to 12,57,048 shares (26%). If fully accepted, the total consideration is stated at ₹3.51 crore. The acquirer will pay in cash for shares validly tendered and accepted.

The disclosed offer price is ₹27.92 per share. The announcement states that the offer price was determined under Regulation 8(2) of SEBI (SAST) Regulations. It is described as being based on the volume-weighted average market price (VWAP) over the preceding 60 trading days for frequently traded shares.

Key dates: tendering window and settlement timeline

The tendering period is scheduled to open on Monday, November 9, 2026 and close on Monday, November 23, 2026. The regulatory timeline also includes dates for filing the draft letter of offer with SEBI, the last date for competing offers, and the final payment or refund date.

For shareholders, the tendering window is the operational period during which shares can be offered into the open offer through the stock exchange mechanism. The timeline also indicates that payment or refunds are to be completed by Tuesday, December 8, 2026.

Timeline table from the Detailed Public Statement

Parties involved and appointed intermediaries

Bonanza Portfolio Limited has been appointed as the manager to the offer, according to the disclosure. The open offer is being made by Mr. Ghanshyam Hansrajani.

The dataset also notes that the acquirer’s son, Umesh Hansrajani, already held 24.14% of Mayur Leather Products as a public shareholder at the time of the referenced takeover note. Separately, the promoter sellers under the SPA were stated to be set to exit fully.

Mayur Leather Products: trading details and company profile

Mayur Leather Products trades on BSE and NSE as BSE: 531680 and NSE: MAYUR. The ISIN shown is INE799E01011. The stock is stated to be trading at ₹43.95 per share in the provided information (another value, 42.90, also appears in the dataset).

The company is described as specialising in manufacturing and exporting leather shoes, shoe uppers, and polyurethane shoes. The dataset lists the registered address as “50 KA 1 Jyoti Nagar, Legislative Assembly, Jaipur, Rajasthan, 302005” and provides email IDs including daamayurleather@gmail.com and mlp@mayurleather.com.

Key facts snapshot

Market impact: how the numbers compare

Based on the provided trading price of ₹43.95, the open offer price of ₹27.92 is lower than the prevailing market level cited in the dataset. This difference is relevant for public shareholders assessing whether to tender into the offer versus selling in the market.

At the same time, the open offer price is higher than the SPA price of ₹15.00 per share paid to promoters for the 26.50% stake. The disclosures state the open offer pricing methodology is linked to SEBI’s norms for frequently traded shares, using a 60-trading-day VWAP.

Analysis: why this open offer matters

From a regulatory standpoint, the sequence is straightforward. A promoter stake sale of 26.50% through an SPA triggers takeover obligations, and the open offer gives public shareholders an exit opportunity at a price determined under SEBI (SAST) pricing regulations.

Operationally, the key dates for investors are the start and end of the tendering period in November 2026 and the payment or refund completion date in December 2026. The appointment of Bonanza Portfolio Limited as manager is also central because it coordinates the process and related disclosures.

Conclusion

The open offer in Mayur Leather Products is anchored to the September 15, 2026 SPA for 26.50% from promoters and the September 22, 2026 DPS publication. Public shareholders can tender shares between November 9 and November 23, 2026 at ₹27.92 per share, with payment or refunds scheduled to be completed by December 8, 2026.