Ramgopal Polytex open offer 2026: 26% at ₹17.10 per share

What has been announced

Ramgopal Polytex Ltd has announced a mandatory open offer to acquire up to 26.00% of its equity share capital at an offer price of ₹17.10 per share. The offer follows a Share Purchase Agreement (SPA) that triggered takeover regulations and a change in control at the company. The acquirers named in the announcement are Mr. Pravin Kumar Shishodiya and Mr. Punit Shishodiya. The open offer is for up to 37,70,000 equity shares. Assuming full acceptance, the total consideration is stated at about ₹6.45 crore, with payment to be made in cash.

Who the acquirers are and what triggered the offer

The open offer is described as a triggered or mandatory offer under SEBI (SAST) Regulations, pursuant to the execution of the SPA. As per the public announcement details provided, the SPA involves acquisition of 65,91,796 equity shares, representing 45.46% of the company’s equity share capital. The agreed price under the SPA is ₹9 per share. With this transaction, the Shishodiya brothers’ acquisition and the subsequent open offer together mark a formal change in control at Ramgopal Polytex.

Offer terms: price, size, and maximum consideration

The open offer price has been set at ₹17.10 per equity share. The acquirers intend to buy up to 37,70,000 equity shares, which equals 26.00% of the company’s equity share capital. The maximum consideration for full acceptance is stated at ~₹6.4467 crore (also reported as ₹6.45 crore). The announcement also notes that an escrow amount of ₹1.62 crore has been set aside for the offer. The offer is explicitly stated as not being a competitive bid under Regulation 20.

Key dates investors should track

The open offer is scheduled to open on September 18, 2026 and close on October 01, 2026. The public announcement was filed with BSE Limited on July 28, 2026. The Detailed Public Statement (DPS) is expected to be published on or before August 04, 2026. The communication also points investors to the official dispatch of the Letter of Offer (LOF) for the detailed procedure to tender shares.

What the company does and where it is listed

Ramgopal Polytex Limited engages in trading of commodities in India. It has been described as being involved in wholesale trading of commodities such as yarn and polymer. The company was incorporated in 1981 and is based in Mumbai, India. Its shares are listed on BSE Limited and the Calcutta Stock Exchange Limited (CSE), as per the details provided. The scrip details mentioned include BSE: 514223 and NSE symbol: RAMGOPOLY.

Financial and operational context highlighted in the note

The context provided alongside the open offer points to operational and financial stress at the company. It mentions a revenue decline and continuous net losses for the past three financial years (FY2023-24 to FY2025-26). For FY2025-26 specifically, Ramgopal Polytex reported total revenue of ₹1.53 crore and a net loss of ₹0.99 crore. EPS for the year is stated as negative ₹0.68. Separately, it is also stated that trading in the company’s shares has been suspended on the Calcutta Stock Exchange (CSE) for non-compliance with the listing agreement.

Market references: prices shown alongside the offer

The data shared includes snapshots of recent market information from exchanges, alongside the offer price. One snapshot shows BSE live data with a previous close of ₹5.96 and an open price of ₹6.24 (timestamp shown as Sep 05, 16:01). Another snapshot shows NSE live data with a previous close of ₹1.55 (timestamp shown as Jul 17, 15:40). Elsewhere, a “current price” is shown as ₹1.55, and another reference shows “Current Price ₹5.70”. These figures appear as separate exchange or data snapshots in the provided material and sit far below the offer price of ₹17.10.

Open offer snapshot (as stated)

Timeline: filings and schedule

Market Impact

For public shareholders, the open offer provides an exit option at a fixed price of ₹17.10 per share for up to 26% of the equity, subject to acceptance and allocation under the offer rules. The offer consideration of roughly ₹6.45 crore and the escrow of ₹1.62 crore are key financial safeguards disclosed for the process. The gap between the offer price and the exchange price snapshots shown (including ₹5.96 on BSE and ₹1.55 on NSE at the stated timestamps) is likely to draw attention, but investors still need to evaluate tendering in the context of the company’s reported revenue of ₹1.53 crore and net loss of ₹0.99 crore in FY2025-26.

The note also flags that trading has been suspended on CSE for non-compliance with the listing agreement, which is relevant for liquidity and price discovery. Because the offer is triggered by an SPA-backed change in control, the timeline around the DPS and Letter of Offer becomes important for understanding tender mechanics, eligibility, and settlement. Investors are specifically advised to track the official dispatch of the Letter of Offer for detailed procedures on tendering shares.

Analysis: why this open offer matters

This open offer is significant primarily because it formalises a change in control at Ramgopal Polytex through an SPA acquisition of 45.46% and a follow-on mandatory offer for a further 26.00%. The regulatory framing matters too: it is positioned as a mandatory offer under SEBI (SAST) Regulations, and it is stated not to be a competitive bid under Regulation 20. The stated cash payment mode and the escrow amount are standard elements that support the process credibility under takeover rules.

At the same time, the accompanying operational context highlights why shareholder decision-making may not be straightforward. The company has reported continuous losses over three financial years, with FY2025-26 numbers showing ₹1.53 crore revenue and ₹0.99 crore net loss, and a negative EPS of ₹0.68. Investors deciding whether to tender at ₹17.10 will typically weigh the offer terms against the company’s financial position and any updates on trading status, particularly given the mention of trading suspension on CSE.

What to watch next

The next milestones are the publication of the Detailed Public Statement on or before August 04, 2026, followed by the Letter of Offer dispatch that sets out the tendering process in detail. The offer window itself runs from September 18, 2026 to October 01, 2026. Shareholders may also track company disclosures around operations and any updates on trading status, alongside the scheduled AGM on August 06, 2026.