Noble Polymers open offer at ₹5: July 2026 dates, warrants

What has been announced

Noble Polymers Ltd has announced a mandatory open offer to acquire up to 22,76,406 fully paid-up equity shares at an offer price of ₹5 per share. The offer size represents 26.00% of the company’s emerging voting share capital. The transaction is linked to a preferential allotment and proposed issuance of convertible warrants, which together are positioned as part of a broader business pivot into the agro-commodity sector.

The open offer has been disclosed through a pre-offer advertisement and a corrigendum. Separately, a Detailed Public Statement (DPS) has also been issued in connection with the offer. Across these disclosures, the core commercial terms remain consistent on price and quantity, while some timelines differ.

Acquirers and the change in control trigger

The acquirers named in the disclosures are Mr. Mahesh Alabhai Odedra and Mr. Hiren Rambhai Odedra. They plan to acquire up to 22,76,406 shares from public shareholders at ₹5 per share, payable in cash. The open offer is stated to be in compliance with SEBI (SAST) Regulations, 2011.

The open offer has been described as being triggered by the company’s plan to issue shares and warrants on a preferential basis, which is expected to result in a change in control and management. The Committee of Independent Directors has deemed the offer price “fair and reasonable,” as stated in the company’s disclosure.

Offer schedule: dates mentioned across filings

The tendering period is disclosed with two different sets of dates in the provided material:

• One schedule states the offer opens on July 10, 2026 and closes on July 23, 2026, with consideration payment by August 06, 2026.
• Another schedule in the DPS states the tendering period runs from July 08, 2026 to July 21, 2026, with payments expected by August 04, 2026.

Given these differences, investors typically rely on the final, updated timetable in the Letter of Offer and stock exchange filings for the definitive schedule.

Key financial terms of the open offer

The offer price is ₹5 per equity share and is payable in cash. The maximum aggregate consideration, assuming full acceptance, is stated as ₹1,13,82,030, which is ₹1.1382 crore. This amount aligns with the offer size of 22,76,406 shares at ₹5 per share.

Some text in the provided material also describes the open offer consideration as “₹11.38 crore,” which does not match the DPS figure of ₹1.1382 crore. The DPS figure and the arithmetic based on share count and offer price indicate a maximum consideration of about ₹1.14 crore.

Preferential allotment and convertible warrants plan

The open offer is linked to a board-approved plan dated May 14, 2026, where Noble Polymers’ board approved issuance and allotment of 22,76,400 equity shares and 2,34,75,735 convertible warrants on a preferential basis. The stated objective in the DPS is to meet the working capital requirements of the company.

The disclosures also indicate that the acquirers propose to subscribe to the entire 22,76,400 equity shares, and Acquirer-1 proposes to subscribe to 60,00,000 convertible warrants. The warrants do not form part of the emerging voting share capital because they are exercisable after six months from the completion of the offer and before eighteen months from the date of allotment. Each warrant is convertible into one equity share.

EGM approvals and governance resolutions

Shareholders approved a set of capital-raising and governance-related resolutions at an Extra-Ordinary General Meeting (EGM) held on June 13, 2026. The approvals included an increase in authorised share capital, issuance of equity shares on a preferential basis, issuance of fully convertible share warrants on a preferential basis, and amendments to the company’s Memorandum of Association (MOA).

The EGM was positioned as a key shareholder vote for a larger fundraising plan described as raising around ₹12.88 crore, through preferential allotment instruments. In another disclosure, the equity portion is described as ₹1.14 crore for 22.76 lakh shares at ₹5 each, and the warrants portion as ₹11.74 crore for up to 2.34 crore warrants at ₹5 each, aggregating to approximately ₹12.86 crore to ₹12.88 crore.

Private placement structure: issue price and exercise price details

Noble Polymers has also disclosed a private placement structure where:

• 2,276,400 fully paid-up equity shares were proposed at ₹5 per share for proceeds of ₹1.1382 crore.
• 23,475,735 convertible warrants carried an issue price of ₹1.25 per warrant for proceeds of ₹2.9345 crore.

The warrants were stated to be exercisable at ₹3.75 within 18 months from the date of allotment. These details add granularity on how the warrant funding is structured between upfront consideration and later conversion payments.

Business pivot into agro-commodities: what is stated

The company has described a pivot into the agro-commodity sector, supported by the preferential issue of convertible warrants to acquirers and non-promoters. The disclosures connect the change in control and the capital raise with a revised business focus.

While the documents refer to strengthening presence in agro-commodities, the provided material does not specify operational milestones, assets, or revenue targets for the new segment. As a result, the immediate market relevance is tied mainly to the capital structure changes and the takeover-regulation-driven open offer.

Financial snapshot from FY26 audited numbers

The DPS notes updated FY26 audited financials with:

• Total income of ₹0.3368 crore (₹33.68 lakh)
• Net loss of ₹1.6075 crore (₹160.75 lakh)
• Net worth of ₹4.7230 crore (₹472.30 lakh)

These figures provide context on the company’s scale and profitability profile at the time the offer documents were issued.

Key facts at a glance

Timeline and offer process milestones

Market impact and what investors typically track

For public shareholders, an open offer at a fixed price provides a defined exit route, subject to acceptance levels and regulatory process. The key event drivers here are the preferential allotment, the proposed warrant issuance, and the resulting change in control, which together have triggered the SEBI (SAST) open offer requirement.

Investors also tend to monitor the final offer timetable, the final Letter of Offer terms, and post-allotment shareholding changes. Another practical factor is that warrants, while not part of the emerging voting share capital at the offer stage, can later convert into equity and affect shareholding and dilution.

Manager to the offer and disclosures

Kunvarji Finstock Private Limited is named as the Manager to the Offer in the provided material, and a Detailed Public Statement has been issued on behalf of the acquirers. Noble Polymers has also disclosed a pre-offer advertisement and corrigendum for the open offer.

Conclusion

Noble Polymers’ open offer seeks to acquire 26% of the emerging voting share capital at ₹5 per share, alongside a preferential allotment and a large convertible warrant issuance that supports a stated shift toward agro-commodities. The immediate next step for investors is to track the final tendering timetable and settlement dates as confirmed in the final offer documents and filings.