SPSouth India Paper Mills516108Open offer announcement

Open offer for 26% of voting capital at Rs.120 per share; 48.75 lakh shares on the block

Cash open offer for 26% of South India Paper Mills' voting capital.

By ScoutQuest · Wed 21 Oct 2026, 2:20 PM IST · 2 min read

Offer Price

Rs.120 per share

Offer Size

Up to 48.75 lakh shares of face value Rs.10 each, 26% of voting capital

Bidding Window

Oct 22, 2026 to Nov 4, 2026

What has been announced

• Nandini Modi and Kirit Modi are the acquirers.
• Together with seven persons and entities acting in concert, they have announced a cash open offer for The South India Paper Mills Limited.
• The offer is for up to 48.75 lakh fully paid-up equity shares of face value of Rs.10/- each.
• That works out to 26% of the total equity and voting share capital of the company, on a fully diluted basis.
• The shares are to be bought from the public shareholders of the company, for cash, at Rs.120/- per equity share.

Who is behind the offer

• Acquirers: Nandini Modi and Kirit Modi.
• Persons acting in concert: Sachin Kirit Modi, Swapnil Kirit Modi, Riddhi Sachin Modi, Bhuvi Swapnil Modi, Rihaan Sachin Modi, Rigid Containers Private Limited and Fortune Packaging LLP.
• Indcap Advisors Private Limited, a SEBI registered Merchant Banker, has been appointed as the Manager to the Open Offer.

The bidding window

• The tendering period opens on Thursday, October 22, 2026.
• It closes on Wednesday, November 04, 2026.
• The pre-offer advertisements were published on October 20, 2026 in Financial Express (English) and Janasatta (Hindi), the Bangalore edition of Udaykala (Kannada), and the Mumbai edition of Mumbai Lakshadeep (Marathi).
• A corrigendum to the Detailed Public Statement was enclosed with the advertisement.

Price and money set aside

• Offer price: Rs.120/- per equity share, payable in cash.
• Face value of each share: Rs.10/-.
• A cash escrow of Rs. 10,71,07,120 has been created with ICICI Bank Limited under a Cash Escrow Agreement dated August 14, 2026.

Shareholding pattern given in the advertisement

• Promoter and Promoter Group: 58,18,750 shares (31.03%).
• Acquirers and five PACs: 32,84,776 shares (17.52%).
• Public: 96,14,974 shares (51.28%).

What this document is

• It is the Manager to the Offer's letter to the exchange enclosing the Pre-Offer Advertisement, issued under Regulation 18(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• The offer itself is being made under Regulation 3(1) and 4 of those regulations.
• The letter is signed by Ravi Prakash Mundhra, Compliance Officer, Indcap Advisors Private Limited.

How a retail holder can read it

• The price, the number of shares sought and the tendering dates are stated up front: 48.75 lakh shares at Rs.120/- each, with a window from October 22, 2026 to November 04, 2026.
• The advertisement also shows how the three groups of shareholders — promoters, acquirers with PACs, and the public — stand today, which is the base against which the 26% offer is being made.
• The escrow arrangement of Rs. 10,71,07,120 is the cash set aside for the offer.
• Anyone holding shares can use the stated dates and price to plan their response, and the detailed terms sit in the Detailed Public Statement and its corrigendum referred to in the letter.

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