MIMapro Industries509762Open offer announcement

Draft Letter of Offer shared: open offer for up to 21,81,121 shares at ₹60.13 each

A Draft Letter of Offer has been shared for a mandatory open offer to the public shareholders of the target company.

By ScoutQuest · Wed 14 Oct 2026, 2:21 PM IST · 3 min read

Offer size

Up to 21,81,121 equity shares of face value ₹10/- each, that is 26.00% of the voting share capital

Offer price

₹ 60.13/- per share, payable in cash

Offer window

Opens Nov 19, 2026; closes Dec 3, 2026

What this update is

Arambhveer Limited, together with three persons acting in concert, has made a mandatory open offer to the public shareholders of the target company under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Wealth Mine Networks Limited is the manager to the offer and Purva Sharegistry (India) Private Limited is the registrar. The document shared is the Draft Letter of Offer.

Offer size, price and key dates

• Up to 21,81,121 fully paid-up equity shares of face value ₹10/- each
• That is 26.00% of the voting share capital of the target company
• Price: ₹ 60.13/- per equity share, payable in cash
• Identified date: Wednesday, November 04, 2026
• Last date for upward revision of the offer price: Tuesday, November 17, 2026
• Offer opens: Thursday, November 19, 2026
• Offer closes: Thursday, December 03, 2026
• Last date for communicating acceptance or rejection and for payment of consideration or return of shares: Thursday, December 17, 2026

Points a shareholder would weigh

• The offer is not conditional on any minimum level of acceptance
• If the shares tendered are more than the offer size, acceptance will be determined on a proportionate basis, and unaccepted shares will be returned
• Shares once tendered cannot be withdrawn, even if acceptance or payment is delayed; a lien is marked against them until the formalities of the offer are completed, and they cannot be traded during that period
• The acquirer has deposited ₹ 3,50,00,000/- in cash in the escrow account, being 26.69% of the offer consideration
• The acquisition of the sale shares under the share purchase agreement will not be completed until the offer period ends, and no person representing the acquirer or the PACs will be appointed on the board of the target company during the offer period unless the full offer consideration is deposited in the escrow account
• If payment to accepting shareholders is delayed, the acquirer is liable to pay interest at 10% per annum for the period of delay
• The equity shares are under BSE's Enhanced Surveillance Measure (ESM) Stage 2 and Graded Surveillance Measure (GSM) Stage 0 frameworks, which may affect liquidity of, and price discovery in, the shares
• The acquirer was incorporated on March 05, 2026 and has a limited operating history

Ownership structure after the offer

• The acquirer and the PACs are proposed to be classified as the promoter and promoter group of the target company
• The seller and the non-selling promoters are proposed to be reclassified from the promoter and promoter group category to the public category
• If the public shareholding falls below the minimum required for continuous listing, the acquirer has undertaken to take the necessary steps to restore compliance within the time period prescribed

How to read this

This is a mandatory offer that follows a substantial acquisition of shares. Whether to tender is each shareholder's own decision, based on the offer price, the terms set out above and personal circumstances, with advice from their own advisers where needed. If the offer is oversubscribed, acceptance is not assured for every share tendered.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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