Open Offer at ₹ 60.13 per share for 26% stake after promoter agrees to sell 26.05% control block

Change of control underway.

Fri 25 Sep 2026

SPA Date

September 24, 2026

Promoter Stake Acquired

21,85,430 shares (26.05%)

SPA Price per Share

₹ 30.00

Open Offer Price per Share

₹ 60.13

Shares Offered to Public

up to 21,81,121 shares (26.00%)

What has happened

Arambhveer Limited (Acquirer), with three persons acting in concert, has executed a Share Purchase Agreement dated September 24, 2026 to acquire 21,85,430 equity shares of Mapro Industries, being 26.05% of voting share capital, from promoter Mr. Sandeep Gupta at ₹ 30.00 per share, a total of ₹ 6,55,62,900/-. Control of the company also passes to the acquirer.

The Open Offer

Under SEBI takeover rules, this triggers a mandatory Open Offer to public shareholders.

• Shares sought: up to 21,81,121 equity shares of face value ₹ 10 each
• That is 26.00% of voting share capital
• Offer price: ₹ 60.13 per share, payable in cash
• Maximum outgo at full acceptance: ₹ 13,11,50,806/-
• The shares are stated to be frequently traded; price set under Regulations 8(1) and 8(2)

Shareholding shift

The acquirer currently holds nil shares; the three PACs together hold 14,795 shares (0.18%).

• If the entire 26.00% is tendered, the acquirer would hold 43,66,551 shares (52.05%), and acquirer plus PACs 43,81,346 shares (52.23%)
• If nothing is tendered, the acquirer would hold 21,81,121 shares (26.00%), and the group 22,00,225 shares (26.23%)

The seller will hold no shares afterwards and will be declassified from the promoter group; the acquirer will be classified as promoter.

Points for shareholders

• The Open Offer price of ₹ 60.13 is above the ₹ 30.00 per share the acquirer is paying the outgoing promoter.
• Tendering is voluntary; the tendering period is 10 Working Days and will be specified in the Letter of Offer.
• The offer is not conditional on any minimum acceptance level, and is not a competing offer.
• The acquirer states it has no intention of delisting the shares.
• If public shareholding falls below the required minimum, the acquirer undertakes to bring non-public holding down to 75% within permitted timelines.
• A Detailed Public Statement with full terms is to be published on or before Thursday, October 01, 2026.

What remains ahead

Completion depends on the SPA and on the Open Offer process moving through the Detailed Public Statement, Draft Letter of Offer and Letter of Offer stages. The acquirer has confirmed firm financial arrangements for the offer obligations.

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