Shilp Gravures Limited, a prominent company listed on the Bombay Stock Exchange (BSE) with the Script Code: 513709, has announced an Open Offer for the acquisition of 15,98,948 fully paid-up equity shares, constituting 26% of the equity share capital of the company. The offer has been made at an Offer Price of ₹213 per share by Aikyam Sampati Management LLP (Acquirer No. 1) and Mr. Pranav Chandrakant Bhalara (Acquirer No. 2), in compliance with Regulation 3(1) & 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI SAST Regulations).

Details of the Open Offer

The Open Offer aims to acquire 26% of the equity share capital of Shilp Gravures at a price of ₹213 per share, as mandated by the SEBI SAST Regulations. The offer is part of a substantial acquisition, allowing the acquirers to gain a significant stake in the company.

The Independent Directors Committee (IDC) of Shilp Gravures Limited has provided its recommendations regarding the Open Offer. The IDC has thoroughly evaluated the offer, its implications, and its impact on shareholders.

IDC Recommendations Published in Leading Newspapers

The IDC Recommendations were published on March 28, 2025, in prominent newspapers, ensuring that the information reaches all stakeholders effectively. The newspapers where the recommendations were published include:

• Financial Express (English Daily – All Editions)

• Financial Express (Gujarati Daily – Gujarat Editions)

• Jansatta (Hindi Daily – All Editions)

• Mumbai Lakshadweep (Marathi Daily – Mumbai Edition)

These publications ensure that investors, regulatory authorities, and stakeholders are informed about the Open Offer and the IDC’s evaluation of the offer’s terms and conditions.

Regulatory Compliance with SEBI (SAST) Regulations

The Open Offer complies with Regulation 3(1) & 4 of the SEBI SAST Regulations, which govern the acquisition of shares and control of listed companies. Under these regulations, any person acquiring a substantial stake of 25% or more in a company is required to make an Open Offer to the shareholders.

Details of the Acquirers

The Open Offer is being made by:

1. Aikyam Sampati Management LLP – Acquirer No. 1

2. Mr. Pranav Chandrakant Bhalara – Acquirer No. 2

Both acquirers have complied with all the necessary regulatory requirements and have taken steps to ensure that the offer is conducted in a fair and transparent manner.

Impact on Shareholders

The IDC has analyzed the Offer Price of ₹213 per share and concluded that it is in line with the market price and regulatory guidelines. Shareholders have been given the option to tender their shares in response to the Open Offer, allowing them to liquidate their holdings at the specified offer price.

Publication and Disclosure of Information

As per regulatory requirements, the IDC Recommendations and other relevant information regarding the Open Offer were published in leading newspapers to ensure maximum transparency. This disclosure aligns with the guidelines prescribed under the SEBI (SAST) Regulations, allowing shareholders to make an informed decision.

Key Points Highlighted in the IDC Recommendations

The IDC has highlighted the following points in its recommendations:

• The offer is compliant with SEBI regulations and ensures that shareholders are provided a fair exit option.

• The offer price of ₹213 per share is deemed reasonable and in line with prevailing market conditions.

• The acquisition of 26% of the equity capital will allow the acquirers to gain significant control over Shilp Gravures Limited.

Timeline and Next Steps

Shareholders are advised to carefully review the IDC Recommendations and consider the Open Offer before making any decisions regarding their shareholding. The Open Offer process will proceed as per the timeline prescribed under the SEBI (SAST) Regulations, ensuring a fair and transparent acquisition process.

Conclusion

The Open Offer by Aikyam Sampati Management LLP and Mr. Pranav Chandrakant Bhalara to acquire 26% of the equity share capital of Shilp Gravures Limited at ₹213 per share is in compliance with SEBI (SAST) Regulations. The IDC Recommendations, published in leading newspapers on March 28, 2025, provide valuable insights for shareholders, enabling them to make informed decisions. This Open Offer marks a significant development in the company’s journey and is expected to positively impact its future growth and stability.

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