Ghanshyam Hansrajani has signed a Share Purchase Agreement to acquire a 26.5% stake in Mayur Leather Products Ltd at Rs 15 per share. This trigger requires an open offer for 26% of the company at Rs 27.92 per share. Investors should note the significant premium offered to public shareholders compared to the promoter exit price.
Mayur Leather Products: Open Offer Triggered Following Promoter Exit
SPA Price: Rs 15.00 per share | Open Offer Price: Rs 27.92 per share
Reader Takeaway: Public shareholders receive a premium exit opportunity; the acquirer plans to retain existing BSE listing status.
What just happened
Mr. Ghanshyam Hansrajani has entered into a definitive Share Purchase Agreement (SPA) to acquire 12,81,257 shares (26.50% stake) of Mayur Leather Products Ltd from existing promoters. The acquisition, valued at approximately Rs 1.92 crore, has triggered a mandatory open offer under SEBI (SAST) regulations to acquire up to 26% of the company from public shareholders.
Why this matters
The open offer is priced at Rs 27.92 per share, significantly higher than the Rs 15.00 negotiated price for the promoter block. This creates a distinct exit opportunity for public investors. The total consideration for the open offer, if fully subscribed, stands at approximately Rs 3.51 crore.
The backstory
Key promoter entities including Ms. Seema Gupta, Ms. Sarita Gupta, Mr. Akhilesh Poddar, Rajesh V Gupta (HUF), and Mayur Global Private Limited are exiting their positions. These entities will be declassified from the 'Promoter and Promoter Group' category upon the successful closure of the transaction.
Risks to watch
While the offer is not conditional on a minimum acceptance level, investors should closely track the Detailed Public Statement (DPS) due by September 22, 2026. This document will outline the specific tender period, procedural requirements, and financial security deposits provided by the acquirer.
What to track next
The next critical milestone is the publication of the Detailed Public Statement, which will clarify the final timeline for the tendering process. Shareholders should monitor BSE filings for the official letter of offer and updated schedules.