Ghanshyam Hansrajani launches $370K open offer for Mayur Leather stake
What's the deal? Ghanshyam Hansrajani has launched a mandatory open offer to buy up to 1,257,048 shares of Mayur Leather ProductsDealroom has a profile for this one. Try Dealroom → — a 26% stake — at US$0.38 per share. The bid, targeting public shareholders, totals US$476.7K and will be paid entirely in cash.
Why now? The offer follows a share purchase agreement signed on September 15, 2026, in which Hansrajani agreed to buy a 26.50% promoter stake for US$0.2 per share, or US$260.7K. That block deal triggered control-transfer obligations under India's SEBI (SAST) takeover rules.
What changes? Five promoter group entities are selling their shares and will be declassified from the promoter category once the deal completes. Two other former promoters, Rajendra Kumar Poddar and Amita Poddar, already exited via open market trades in March 2026 and were reclassified as public shareholders.
The details: The US$0.38 offer price was set under Regulation 8(2), reflecting the 60-day volume-weighted average market price rather than the negotiated deal value. Bonanza Portfolio LimitedDealroom has a profile for this one. Try Dealroom → is managing the offer, which carries no minimum acceptance condition.
One wrinkle: A pricing gap sits at the centre of the deal. Hansrajani secured the controlling promoter stake at US$0.2 per share, while public shareholders are offered US$0.38 — a premium driven by regulatory pricing rules, not the private transaction.
Umesh Hansrajani, the acquirer's son, holds a 24.14% public stake. He is deemed a person acting in concert due to family ties but is excluded for the purposes of this specific offer under Regulation 2(1)(q)(1).
The signal: The move points to a full change of control at Mayur Leather, with Hansrajani set to consolidate ownership as legacy promoters step back. Acceptance levels — and any further open market buying — will show how public shareholders weigh the price premium against the incoming owner's plans.
Image credit: cattan2011
