Jai Mata Glass Ltd

Meeting Details

• Date and time: 1 September 2026 at 12:30 pm IST.
• Location: Head Office, Flat No. A-1, Rajpur Road, New Delhi 110074.

Key Agenda Items

• Consider and approve AGM notice and explanatory statement for year ended 31 March 2026.
• Appoint/re-appoint Statutory Auditors and fix remuneration.
• Appoint/re-appoint Secretarial Auditors and fix remuneration.
• Approve the appointment of Scrutinizer for the AGM.
• Close Register of Members and share transfer books per the Companies Act.
• Appoint director in place of Mr. Inesh Marwah (DIN: 11192771) for re-appointment.

Other Notes

• No trading window closure period specified.

Open Offer Overview

• Acquirers: Ashwani Gulati, Kiran Gulati, Veerasha Trust; no PACs disclosed.
• Target: Jai Mata Glass Limited.
• Trigger: SEBI SAST open offer; not a competing offer.

Offer Details

• Offer size: 26,000,000 equity shares to be acquired.
• Offer price: INR 1.85 per share; total ~INR 4.81 crore.
• Mode of payment: cash.
• Type: open offer; not a competing offer.

Transaction Background

• DPS published July 20, 2026 in multiple outlets.
• LOO dispatched to identified shareholders on Aug 7, 2026.
• SEBI-directed revisions updated schedules and disclosures.
• Acquirers appointed Nikunj Stock Brokers Limited as buying broker.
• Offer implemented through stock exchange mechanism.

Post-Offer Impact

• Pre- and post-offer shareholding not disclosed.
• No delisting or major management changes planned.
• LOF clause states no adverse impact on employees or locations.

Timeline and Process

• Identified date: August 7, 2026.
• LOO dispatched: August 14, 2026.
• Offer opening date: August 21, 2026.
• Offer closing date: September 04, 2026.
• Eligibility: all shareholders except acquirers, PACs, promoter group.

Independent Recommendation

• IDC recommends the offer price as fair and reasonable.

Other Material Information

• No statutory approvals required to complete the transaction as of LOF date.
• Offer is subject to applicable statutory approvals.
• Offer implemented via stock-exchange window; tendering through designated broker.
• Manager to the Offer: Corporate Professionals Capital Private Limited.
• SEBI directions mandated document access and inspection procedures.

Open offer overview

• Acquirers to buy up to 2,60,00,000 equity shares, 26% of JMGL, at INR 1.85 per share.
• SPA covers 4,45,65,460 shares (44.57%), at INR 1.85 per share, totaling INR 8.24 crore.
• This is not a competing offer.
• Open Offer is mandatory under SEBI SAST; no minimum acceptance required.
• Identified Date for LOO: Aug 7, 2026.
• Offer opens Aug 21, 2026; closes Sept 4, 2026.

Funding and escrow

• Maximum open offer consideration is INR 4.81 crore; escrow funded INR 1.25 crore.
• Escrow with Kotak Mahindra Bank; escrow account named CPCPL JMGL Open Offer.

Governance and ownership changes

• Acquirers to appoint representatives on JMGL Board post-completion.
• Promoter/promoter group classification shift; Acquirers designated as promoters; existing promoters to public.

AGM details

• 46th AGM: Sep 29, 2026, 12:00 IST, physical at registered office, Himachal Pradesh.
• Notice, Explanatory Statement, Directors' Report, and Secretarial Auditor appointment to be considered later.

Financials

• Q1 FY27 total income 415; PAT -6.25; basic/diluted EPS -0.006.
• Year ended 31 Mar 2026 total income 1508; PAT 152.

Disclosures & corporate actions

• Board approved results and notes on 30 July 2026; unaudited Q1 and limited review.
• Company appointed selling agent for Figured Glass; board exploring business opportunities; going concern.

Financial results approved

• Un-audited standalone quarterly results for quarter ended 30 June 2026 approved; Limited Review Report taken on record.
• Results uploaded on the company website.

Other notable actions

• Company appointed selling agent for sale of Figured Glass.
• Board exploring and evaluating various business opportunities.
• Auditor's limited review: no material misstatement identified.

Open offer overview

• Acquirers: Ashwani Gulati, Kiran Gulati, and Veerasha Trust.
• Open offer to acquire up to 2,60,00,000 equity shares, 26% of JMGL paid-up capital.
• Offer price is ₹1.85 per share, cash.
• Maximum consideration ₹4.81 crore.
• Post-offer ownership would be 70.57% (7,05,65,460 shares) on full acceptance.
• Offer opens Sept 3, 2026 and closes Sept 17, 2026; Identified Date Aug 19, 2026.
• PA issued July 13, 2026; DPS published July 20, 2026.
• Not a competing offer; no minimum acceptance; withdrawal possible if approvals are refused.
• Escrow cash ₹1.25 crore with Kotak Mahindra Bank; 25% of maximum consideration.
• Post-acquisition, acquirers will appoint representatives on the JMGL Board; public shareholding remains above 25%.

Open offer overview

• Open offer to acquire up to 2.60 crore shares (26%) at INR 1.85 each.
• Acquirers are Ashwani Gulati, Kiran Gulati, and Veerasha Trust.
• Maximum consideration INR 4.81 crore for full acceptance.
• SPA value for 44.57% stake: INR 8.24 crore at INR 1.85 per share.
• Post-offer holding expected at 70.57% (7,05,65,460 shares).
• Post-offer public shareholding will remain at or above 25%.
• Escrow cash INR 1.25 crore with Kotak Mahindra Bank; minimum escrow 25% of max.
• Identified date Aug 19, 2026; Offer open Sept 3, 2026; comp offer last date Aug 10, 2026.
• Target JMGL 2026 revenue INR 15.08 Lakh; net loss INR 21.52 Lakh; net worth INR 193.94 Lakh.