Mitshi India open offer: ₹15 bid for 26% in 2026

What has been announced

Mr. Karronn Naresh Bajaj has announced a mandatory open offer to acquire up to 26% of the total voting share capital of Mitshi India Limited. The offer price is set at ₹15 per fully paid-up equity share. As per the public announcement details provided, the open offer is for up to 22,88,000 equity shares from public shareholders. If fully accepted, the total aggregate consideration works out to ₹3.432 crore, with payment to be made in cash. The offer is explicitly stated to be not conditional upon a minimum level of acceptance. Srujan Alpha Capital Advisors LLP has been appointed as the manager to the open offer.

Trigger event: Share Purchase Agreement dated July 23, 2026

The open offer has been triggered by a Share Purchase Agreement (SPA) dated July 23, 2026. The SPA is between the acquirer and the selling shareholders, identified as outgoing promoters Kumar V Shah and Deepa Kumar Shah. Under this underlying transaction, Mr. Bajaj agreed to acquire 13,70,070 equity shares, representing 15.57% of Mitshi India’s voting capital. The consideration for this promoter stake purchase is stated as ₹2.055105 crore, and the mode of payment is cash. The overall sequence presented ties the SPA and the ensuing open offer to a change in ownership and control. The article material frames the open offer as a SEBI takeover code driven process following this acquisition.

Key terms of the open offer

The open offer proposes to purchase up to 22,88,000 equity shares, which equals 26.00% of Mitshi India Limited’s total voting share capital. The offer price is ₹15 per share, and the total consideration is ₹3.432 crore assuming full subscription. Payment is to be made in cash, and the offer is described as a mandatory offer. The tendering window for public shareholders is expected to be disclosed in the Letter of Offer. The content also notes that the cash payment mechanism aligns with Regulation 9(1)(a) of the SEBI (SAST) Regulations, as referenced in the provided text. Importantly, the offer is described as not being subject to a minimum acceptance condition.

Public disclosures and upcoming milestone

A Detailed Public Statement (DPS) is scheduled to be published on or before July 30, 2026. The DPS is expected to carry fuller operational details of the offer, including terms, conditions, and other procedural timelines. The information presented indicates the open offer is being run as a formal takeover code process with set disclosure steps. The BSE symbol for Mitshi India Limited is stated as 523782. These disclosure steps matter because they define how and when shareholders can evaluate the offer and participate. The references to the public announcement and DPS also indicate the open offer process is in motion following the SPA.

Roles and parties involved

The acquirer is Mr. Karronn Naresh Bajaj, and the target company is Mitshi India Limited. The selling shareholders in the SPA are the existing promoters Kumar V Shah and Deepa Kumar Shah, from whom the 15.57% stake is being acquired. Srujan Alpha Capital Advisors LLP is identified as the manager to the open offer. The materials also include investor contact details linked to Mitshi India, including the investor grievance email ID contact@mitshi.in. Another email address appearing in the provided information is shahkumar23@mitshi.in. The phone number referenced is 98700 20305. The registered office address listed is “2, JUHU ARADHANA CHS Ltd, Gr Floor, Juhu Lane, Andheri West - Mumbai- 400 058.”

Two sets of documents: ₹15 open offer vs earlier draft at ₹10

Alongside the July 2026 public announcement details, the provided text also includes a separate “Draft Letter of Offer” summary that describes a mandatory open offer at a different price and scale. In that draft, the offer price is stated as ₹10 per share and the size is up to 12,87,988 equity shares, still representing 26.00% of the fully paid-up equity and voting share capital. The maximum consideration in that draft is stated as ₹1.2879888 crore, assuming full acceptance. The draft also lists a public announcement date of April 20, 2026, and a DPS publication date of April 27, 2026, along with other activity dates such as an identified date of May 29, 2026. In contrast, the July 2026 public announcement details provided in the same input describe a 22,88,000 share open offer at ₹15 per share and schedule the DPS on or before July 30, 2026. Since both sets of details are present in the supplied material, they should be read as two reported versions of an open offer process, with different dates, price, and share quantities as stated.

Snapshot table: facts stated in the July 2026 announcement

What this means for shareholders and control

For public shareholders, the open offer provides an exit opportunity at the stated offer price of ₹15 per share, subject to the final timetable and process disclosed in the Letter of Offer. The tendering period and settlement mechanics are not detailed in the provided text, but are described as items to be disclosed in the offer documentation. For the company, the chain of events described points to a transition from existing promoters to the acquirer, with the SPA for a 15.57% stake acting as the trigger for a mandatory offer. The materials consistently describe the transaction as involving a change in ownership and control after the SPA and subsequent open offer. The cash consideration values, the defined offer size, and the “not conditional on minimum acceptance” clause together shape how shareholders may assess participation.

Company background stated in the material

The provided text states that Mitshi India Limited was incorporated in 1976 and is based in Mumbai, India. It also states the company engages in the trading of fruits and vegetables in India. The address and contact details shared in the material place the registered office in Andheri West, Mumbai (PIN 400058). Beyond this, no additional financial performance metrics or operating updates are provided in the input. As a result, the key focus remains on the transaction structure and the regulatory steps described.

Conclusion

The supplied announcement details indicate that Karronn Naresh Bajaj’s acquisition of a 15.57% promoter stake under the July 23, 2026 SPA has triggered a mandatory open offer for 26% of Mitshi India at ₹15 per share, with a full-acceptance value of ₹3.432 crore. The next stated milestone is the Detailed Public Statement, scheduled on or before July 30, 2026, which is expected to provide the full offer timeline and terms for shareholders.