Shaival offer at Rs 30 trails sole recent Rs 33 trade

Shaival’s Rs 30-per-share open offer is Rs 3 below the Rs 33 price of the only reported trade during the 60 trading days before the October 23, 2026 public announcement. The offer document classifies Shaival shares as infrequently traded, while an independent registered valuer assessed their value at Rs 29.89 per share.

Why is Shaival’s offer price Rs 30?

Shaival’s offer price is Rs 30 per share because that was both the highest negotiated price in the share purchase agreement and the rounded value derived from the October 23, 2026 valuation report. The offer document says the price was determined under Regulations 8(1) and 8(2) of the Securities and Exchange Board of India (SEBI) Takeover Regulations, 2011.

The valuation report by Procurve Valux Private Limited placed Shaival’s equity-share value at Rs 29.89 per share, which was rounded to Rs 30. The valuer considered book value, comparable trading multiples and other customary valuation parameters, according to the document. The acquirers had not acquired Shaival shares in the 52 weeks or 26 weeks preceding the public announcement, leaving both acquisition-price measures not applicable.

Shaival’s 60-trading-day volume-weighted average price, or VWAP, was not used as a formal pricing parameter because its shares were classified as infrequently traded. The filing therefore treats Rs 30 as the highest applicable regulatory price, even though the sole reported trade in the stated 60-session period was completed at Rs 33.

How limited was trading in Shaival shares?

Shaival recorded only one reported trade in the 60 trading days immediately preceding October 23, 2026, the date of the public announcement. The September 17, 2026 transaction involved 7,200 shares and turnover of Rs 2.38 lakh, producing a VWAP of Rs 33 per share, or Rs 3 above the offer price.

The document also reports a Rs 33 closing price on October 22, 2026, immediately before the public announcement, on October 23, 2026, and on October 26, 2026, the following trading day. These three disclosed closing-price observations did not change around the announcement, while the detailed 60-session trading table identifies only the September 17 transaction.

Shaival’s annualised trading turnover was 0.96% for the 12 calendar months from October 1, 2025 to September 30, 2026. During that period, 1,11,600 shares were traded against 1,15,74,000 equity shares in the relevant period. Shaival is listed only on NSE Emerge, the National Stock Exchange’s SME platform, under the code SHAIVAL, with a marketable lot of 3,600 shares.

Can Shaival’s Rs 30 offer price be revised?

Shaival’s Rs 30 offer price had not been revised as of the draft letter of offer, but the acquirers may raise it until one working day before the tendering period begins. The document does not describe a mechanism to reduce the price, and any upward revision must comply with Regulations 18(4) and 18(5) of the SEBI Takeover Regulations.

If the acquirers purchase Shaival shares during the offer period at a price above Rs 30, they must revise the offer price upward to at least the higher acquisition price under Regulation 8(8). The filing also states that the acquirers cannot acquire shares from the third working day before the tendering period begins until the tendering period ends.

The document sets out a separate 26-week post-tendering obligation. If the acquirers buy Shaival shares at more than Rs 30 during the 26 weeks after the tendering period, they must pay the difference to shareholders whose shares were accepted within 60 days of that acquisition. The offer price or size may also require adjustment if a bonus issue, rights issue or share split has a record date before the stated deadline of three working days before tendering starts.

How is Shaival’s open offer funded and when will it run?

Shaival’s open offer covers up to 30,09,240 fully paid equity shares, representing 26% of voting share capital, at Rs 30 each. Full acceptance would result in consideration of Rs 9.03 crore, and the acquirers deposited the full Rs 9.03 crore into an escrow cash account with ICICI Bank on October 27, 2026.

The escrow deposit equals 100% of the consideration payable under the offer, according to the filing, and was confirmed by the escrow agent on October 27, 2026. The manager to the open offer said it was satisfied that the acquirers had put in place firm financial arrangements through verifiable means.

As of September 30, 2026, certified net worth was Rs 46.68 crore for Acquirer 1, Rs 51.03 crore for Acquirer 2 and Rs 55.21 crore for Acquirer 3. Their corresponding certified liquid assets were Rs 38.68 crore, Rs 41.42 crore and Rs 47.98 crore. The filing states that the acquirers confirmed adequate financial resources to meet their obligations.

Shaival’s tendering period is scheduled to start on December 16, 2026 and close on December 30, 2026, while the identified date is December 2, 2026. The offer is not conditional and has no minimum acceptance threshold. Shareholders may tender all or part of their holdings, but a tender must be unconditional and cannot be withdrawn during or after the tendering period.

Conclusion

Shaival’s Rs 30 offer is based on the Rs 30 negotiated share-purchase price and the Rs 29.89 independent valuation rounded to Rs 30. It remains Rs 3 below the Rs 33 price of the only trade disclosed in the preceding 60 sessions, but the filing excludes the standard market-price test because annualised trading turnover was 0.96% and the shares were infrequently traded.

The next scheduled event is the December 16 to December 30, 2026 tendering period. The disclosed matters to watch are any upward revision to the Rs 30 price, any higher-priced acquisition by the acquirers during the offer period or following 26 weeks, and any corporate action requiring a price or offer-size adjustment before tendering begins.