India Cements Capital on Wednesday said it has received the letter of offer for the proposed acquisition of a controlling stake by Sandeep Jain, Vikas Garg and Rahul Nagar, along with Neha Agarwal, who is acting in concert with the acquirers.
The acquirers are represented by Fintellectual Corporate Advisors Private Ltd, the Manager to the Open Offer.
The acquirers have launched an open offer to acquire up to 26 per cent, or 56.44 lakh shares, from public shareholders at ₹12 per share for a total consideration of about ₹6.7 crore.
This transaction is part of a broader acquisition where the acquirers agreed to buy 1,08,58,186 shares (50.02 per cent) from the existing promoter, Sri Saradha Logistics Private Ltd, for around ₹13 crore.
The open offer will open on October 28 and close on November 11, 2026.
The acquirers have stated that the objective is to revive the company’s business performance, strengthen its capabilities and continue its existing business, with scope for diversification subject to shareholder approval. The acquirers are individuals with backgrounds in finance and technology.
Upon completion of the transaction, the acquirers intend to replace the existing promoter group and take control of the company, subject to applicable regulatory approvals, the offer noted.
The Reserve Bank of India’s approval has been received, the filing notes. The proposed change in control and management of its subsidiary, India Cements Investment Services Ltd, remains subject to the requisite SEBI approval, it added.
Published on October 21, 2026
