Gulati group launches INR 4.81 crore open offer for Jai Mata Glass
What's the deal? Ashwani Gulati, Kiran Gulati, and Veerasha Trust have launched a mandatory open offer to acquire 26% of Jai Mata Glass at INR 1.85 per share. The bid covers 26,000,000 equity shares, for a total of about INR 4,81,00,000 in cash.
Why now? The offer is triggered by a Share Purchase Agreement signed on July 13, 2026, under which the acquirers will buy a 44.57% stake from existing promoters. That deal — 4,45,65,460 shares at INR 1.85 each, worth INR 8,24,46,101 — hands the buyers control of the company.
Who's selling? The sellers are promoter group members Anu Marwah, Inesh Marwah, and J P Overseas Private Limited. Between them they are offloading their entire holdings; their stake will fall to nil after the sale.
What's the endgame? None of the acquirers held shares before this transaction. Ashwani Gulati is managing trustee of Veerasha Trust and Kiran Gulati is co-trustee. The open offer is not conditional on a minimum level of acceptance.
What's next? The acquirers say they have firm financial arrangements to fund the purchase. Corporate Professionals Capital is acting as manager to the offer, with the detailed public statement due on or before July 20, 2026.
The signal: The transaction, made under India's takeover regulations, marks a full change of control at Jai Mata Glass — from the Marwah promoter group to the Gulati-led buyers.
Read more: ScanX
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