Open offer announced for Banganga Paper Industries, valuing public shares at ₹50.4m

Navigant Corporate Advisors Limited, acting as manager to the offer, has announced an open offer for the acquisition of up to 34,788,000 equity shares of Banganga Paper Industries Limited (formerly Inertia Steel Limited). This represents 100% of the existing public shareholding of the target company at an offer price of ₹1.45 per share, totaling ₹50,442,600. The offer is triggered by a proposed preferential allotment of shares and convertible warrants, along with a share purchase agreement.

The underlying transaction includes the preferential allotment of 1,006,29,680 equity shares to acquirers and 22,000,000 convertible warrants to acquirers and PACs, as approved by the target company's board on December 17, 2025. Additionally, Acquirer-1 has agreed to acquire 85,000,000 equity shares from current promoters for ₹1,224,000,000. Post-acquisition, the acquirers and PACs will jointly hold 58.84% of the expanded equity & voting share capital.

This open offer is non-conditional on a minimum level of acceptance and is being made in cash, in compliance with SEBI (SAST) Regulations, 2011. A detailed public statement with further information will be published by December 24, 2025.