South India Paper Mills open offer: ₹120 in 2026 details

What South India Paper Mills disclosed

South India Paper Mills Ltd has disclosed that it received a Draft Letter of Offer linked to a mandatory open offer process. The filing follows takeover-related disclosures by Nandini Modi and Kirit Modi. The company also referenced that a Detailed Public Statement (DPS) was made with BSE Limited in connection with the same open offer. The disclosure has been made under the listed-company compliance framework, referencing LODR Regulation 30 read with Schedule III Part A.

Who the acquirers are and what they are offering

The open offer has been announced by Nandini Modi and Kirit Modi, along with seven persons acting in concert (PACs). The offer price disclosed is ₹120 per fully paid-up equity share. The offer is directed at public shareholders and is described as a mandatory open offer under India’s takeover rules.

Offer size, stake and maximum consideration

As per the filing details, the open offer is for up to 48,75,000 equity shares. This represents 26% of South India Paper Mills’ voting share capital. The maximum consideration stated for the open offer is ₹58.50 crore, assuming full acceptance. The disclosure positions 26% as the open offer size, which is commonly used in mandatory open offers.

Key trigger events: SPA and DPS dates

The mandatory open offer was triggered by a Share Purchase Agreement (SPA) signed on August 18, 2026. The filing also references the DPS dated August 25, 2026, which formalises the open offer process with the exchange. In the same context, the open offer is stated to be compliant with Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Tendering window and identified date

The tendering period for the open offer has been scheduled to start on October 13, 2026 and close on October 27, 2026. The material also notes that the tendering period spans 10 working days. Separately, the filing mentions an identified date of September 28, 2026.

Merchant banker and document flow

Indcap Advisors Pvt. Ltd. is named as the manager to the offer. The company’s filing states that Indcap Advisors submitted a copy of the Draft Letter of Offer to BSE for the public shareholders of South India Paper Mills Ltd. The disclosure dates also indicate an “Open Offer Update” communication on September 2, 2026, covering receipt of the Draft Letter of Offer from the merchant bankers.

Shareholding and acquisition details disclosed

The open offer disclosure includes underlying acquisition details. The referenced underlying acquisition is 37,90,240 shares, representing 20.21%, from sellers. The filing also states a pre-offer holding of 19.17% and a post-offer holding of 65.59% assuming full acceptance. Separately, the material cites that the August 18, 2026 SPA for 20.21% was valued at ₹45.48 crore.

Listings, identifiers and business snapshot

South India Paper Mills is listed on BSE as 516108. The material also references the company’s NSE listing as SIPAPER, and separately shows NSE as STHINPA, along with ISIN INE088G01014 and Group X status. The company is described as a manufacturer of paper, paperboards, cartons, and it also has power generation operations.

Other scheduled corporate events mentioned

The material also mentions that South India Paper Mills’ annual general meeting is scheduled for September 17, 2026. In addition, it references a remote e-voting window from September 14, 2026 at 9:00 am to September 16, 2026 at 5:00 pm. These dates appear in the same broader set of corporate disclosures referenced alongside the open offer.

Key numbers and dates at a glance

Why the disclosure matters for shareholders

A Draft Letter of Offer receipt signals that the mandatory open offer process is moving through formal steps and documentation. For public shareholders, the key actionable point is the tendering window, since acceptances typically need to be made during the specified dates. The offer price, maximum offer size, and the stated maximum consideration frame the economic terms of the proposal as disclosed in the filings.

Conclusion

South India Paper Mills’ filings outline a mandatory open offer by Nandini Modi and Kirit Modi, along with PACs, to acquire up to 26% at ₹120 per share, with a maximum consideration of ₹58.50 crore. The tendering period is scheduled for October 13 to October 27, 2026, following the August 18, 2026 SPA and the August 25, 2026 DPS. The next procedural details will be tracked through the Letter of Offer and related exchange disclosures.