Mitshi India open offer: ₹3.432 crore at ₹15 in 2026

What has been announced

Mitshi India Limited has moved into a formal change-of-control process after an open offer announcement linked to a promoter stake sale. Karronn Naresh Bajaj has filed a Letter of Offer with SEBI on August 24, 2026, to acquire shares from public shareholders. The open offer is for up to 22,88,000 fully paid-up equity shares, which equals 26.00% of Mitshi India’s total voting share capital. The offer price has been fixed at ₹15 per share. If fully accepted, the maximum cash payout under the open offer works out to ₹3.432 crore.

The open offer is described as mandatory under Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The process follows an underlying Share Purchase Agreement (SPA) dated July 23, 2026. Company disclosures also indicate that the Draft Letter of Offer (DLOF) was dated August 06, 2026 and was received from the manager to the offer.

Why the open offer was triggered

The trigger event cited is a Share Purchase Agreement dated July 23, 2026. Under this SPA, Karronn Naresh Bajaj has agreed to acquire 13,70,070 shares from the existing promoters. This block represents 15.57% of Mitshi India’s voting share capital, based on the supplied announcement details.

Because the acquisition is associated with a change in control, it results in a mandatory open offer to public shareholders under the SEBI SAST framework. The stated purpose, as reflected in the disclosures, is to consolidate control following the promoter sale. The open offer itself is separate from the SPA purchase but is linked to it as the regulatory consequence of the transaction.

The disclosures also state the open offer is not conditional on any minimum acceptance level. That means the acquirer’s SPA transaction and the open offer process are not presented as dependent on achieving a specific tender threshold.

Key open offer terms at a glance

The offer is to buy up to 22.88 lakh shares from public shareholders at a fixed cash price. At the stated price, the maximum open offer consideration is ₹3.432 crore (assuming full acceptance). The offer price is ₹15 per equity share.

Separately, the SPA consideration for the promoter shares is stated at ₹2.055 crore (₹15 per share for 13,70,070 shares). Based on the same set of announcement details, the acquirer’s total holding post-offer is proposed to rise to 36,58,070 shares, representing 41.57% of the total voting share capital, assuming full acceptance of the open offer.

Summary table: transaction and open offer facts

Draft Letter of Offer and regulatory process

Mitshi India has disclosed receipt of the Draft Letter of Offer (DLOF) dated August 06, 2026, from Srujan Alpha Capital Advisors LLP, identified as the manager to the open offer. Separately, the acquirer’s Letter of Offer filing with SEBI is stated to have occurred on August 24, 2026.

The disclosures also reference a Detailed Public Statement (DPS) that is scheduled to be published on or before July 30, 2026. The reporting indicates that the open offer process has been communicated through multiple formal steps, including the DLOF filing to the stock exchange for public shareholders’ attention.

Dates that matter for shareholders

The supplied information contains multiple timelines referenced across announcements and market reports. One set of details states that the tendering period for public shareholders is scheduled to open on September 3, 2026, and close on September 17, 2026. Another report states the offer will run from September 10 to September 23, 2026.

However, the procedural schedule repeated in the disclosures tied to the Draft Letter of Offer and the BSE mechanism specifies that public shareholders can tender shares via the BSE’s Acquisition Window mechanism between September 16, 2026, and September 29, 2026. The Letter of Offer is stated to be dispatched to shareholders registered as of September 01, 2026, with dispatch concluding by September 08, 2026.

Given the variation in dates quoted in different places, shareholders typically rely on the final Letter of Offer and exchange notices for the definitive tendering window.

Timeline table: key milestones mentioned

Escrow, funding and settlement terms

The open offer disclosures state that an escrow amount of ₹0.90 crore has been deposited. This is described as exceeding 25% of the total open offer consideration. Payment under the offer is stated to be made in cash.

From a process standpoint, the escrow and cash settlement terms are important because they are used to demonstrate financial arrangements for the offer. The disclosures also explicitly state that there is no competitive bid mentioned.

Price context and market references

The offer price is set at ₹15 per share. The supplied text also cites a last traded price of ₹12.69 on August 5, 2026, and notes that ₹15 represents a premium to that level. Additionally, a bid-ask snapshot is provided as 13.42 / 13.73, indicating the prevailing market quotes referenced in the feed.

Such comparisons are commonly used by investors to assess whether the open offer price is above or below recent trading levels. Here, the data points provided indicate the offer price is higher than the cited last traded price of ₹12.69 and also above the quoted bid-ask range shown.

How tendering works on BSE and for physical shareholders

The disclosures state that public shareholders can tender shares through the BSE’s Acquisition Window mechanism during the stated tendering window. This indicates that tendering is expected to be routed through the exchange mechanism rather than through off-market transfers.

The text also states that physical shareholders may tender shares, subject to verification by Adroit Corporate Services Private Limited. This is relevant for investors who still hold shares in physical form or who need additional verification steps as part of the tender process.

Why this matters for control and minority shareholders

The combination of a promoter stake purchase (15.57%) and an open offer for an additional 26% can materially change the ownership structure. The supplied disclosures state that the acquirer’s post-offer holding is proposed at 41.57% if the open offer is fully accepted. That level of ownership can position the acquirer as a controlling shareholder depending on the broader shareholding pattern and governance decisions.

For minority shareholders, the key practical outcome is the ability to exit part or all of their holdings at the stated open offer price during the tender window, subject to acceptance rules and allotment mechanics. Since the offer is stated to be not conditional upon a minimum acceptance, the process is presented as proceeding regardless of the final tender response.

Conclusion

Mitshi India’s mandatory open offer process has advanced with the DLOF dated August 06, 2026, and the Letter of Offer filing with SEBI on August 24, 2026. The open offer is for 22,88,000 shares (26%) at ₹15 per share, with a maximum cash consideration of ₹3.432 crore, and it is tied to a July 23, 2026 SPA for 15.57% from promoters. Shareholders should track the final exchange notices and the dispatched Letter of Offer for the definitive tendering dates, including the window referenced via BSE’s Acquisition Window between September 16 and September 29, 2026.