JMG Corporation Open Offer: Acquirer Seeks 26% Stake at ₹5.30 per Share

JMG Corporation is subject to a mandatory open offer by Mr. Neerav Bairagi to acquire a significant stake in the company. The offer represents a structured acquisition process under SEBI regulations, targeting public shareholders with specific terms and timeline. Open Offer Details The open offer targets the acquisition of substantial equity holdings in JMG Corporation Limited. Mr. Neerav Bairagi, the acquirer, seeks to purchase equity shares from existing public shareholders through a regulated process. Parameter: Details Shares Sought: 60,21,053 fully paid-up equity shares Stake Percentage: 26% of total voting share capital Face Value: ₹2.50 per share Offer Price: ₹5.30 per share Payment Method: Cash Regulatory Compliance and Recommendations The offer follows mandatory requirements under Regulation 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The Committee of Independent Directors of JMG Corporation has evaluated the proposal and provided their assessment to shareholders. The Committee of Independent Directors unanimously recommended that the offer is fair and reasonable, with the recommendation approved on February 12, 2026. The committee determined that the offer price aligns with parameters prescribed in SEBI regulations and serves the interests of public shareholders. Timeline and Process The open offer follows a structured timeline with specific milestones for completion. Key dates have been revised following receipt of SEBI observations, ensuring compliance with regulatory requirements. Activity: Scheduled Date Public Announcement: December 04, 2025 Detailed Public Statement: December 11, 2025 Identified Date: February 03, 2026 Letter of Offer Dispatch: February 10, 2026 Tendering Period Start: February 17, 2026 Tendering Period End: March 04, 2026 Payment Completion: March 18, 2026 Implementation Mechanism The open offer will be implemented through the Stock Exchange Mechanism provided by BSE Limited via a separate Acquisition Window. This mechanism ensures transparent and regulated execution of the share acquisition process. Srujan Alpha Capital Advisors LLP serves as the Manager to the Offer, holding SEBI Registration No: INM000012829. The manager coordinates the offer process and ensures compliance with regulatory requirements throughout the acquisition period. Shareholder Participation Public shareholders holding equity shares as of the Identified Date (February 03, 2026) received the Letter of Offer through electronic and physical modes. However, all public shareholders, including those acquiring shares after the Identified Date, remain eligible to participate during the tendering period. Shareholders can participate through registered selling brokers or buying brokers, depending on their demat account arrangements. The process accommodates both physical and dematerialized share holdings, ensuring broad accessibility for eligible participants. JMG Corporation Limited's Board of Directors approved the company's unaudited financial results for Q3 FY26 ended December 31, 2025, during their meeting held on February 12, 2026. The meeting commenced at 12:30 PM and concluded at 01:40 PM, with the board considering and approving the quarterly results along with the Limited Review Report from statutory auditors. Regulatory Compliance and Public Disclosure Pursuant to Regulation 30 read with Schedule III, Part A, Para A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, JMG Corporation has submitted its Q3 FY26 financial results to BSE Limited under scrip code 523712. The company has published the results in Financial Express (All India Edition in English) and Jansatta (Hindi and Vernacular Language Edition), fulfilling its regulatory disclosure obligations. The detailed financial results are available on the company's website at www.jmg-corp.in and BSE Limited's website at www.bseindia.com . Financial Performance Overview The company reported significant improvement in its financial performance with net loss reducing to ₹8.67 lakhs in Q3 FY26 from ₹18.74 lakhs in the corresponding quarter of the previous fiscal year. This represents a substantial 53.74% reduction in losses, demonstrating the company's progress toward profitability despite continuing operational challenges. Financial Metric Q3 FY26 Q3 FY25 Change (%) Revenue from Operations ₹21.50 lakhs ₹12.00 lakhs +79.17% Net Loss Before Tax ₹8.67 lakhs ₹18.74 lakhs -53.74% Net Loss After Tax ₹8.67 lakhs ₹18.74 lakhs -53.74% Total Comprehensive Income ₹8.67 lakhs ₹18.74 lakhs -53.74% Revenue Growth and Nine-Month Performance JMG Corporation demonstrated strong revenue growth with operations revenue increasing 79.17% to ₹21.50 lakhs in Q3 FY26 from ₹12.00 lakhs in Q3 FY25. For the nine-month period ended December 31, 2025, the company reported revenue from operations of ₹55.00 lakhs compared to ₹20.21 lakhs in the corresponding period of FY25, indicating sustained business momentum throughout the fiscal year. Earnings Per Share and Capital Structure The company's earnings per share improved significantly with both basic and diluted EPS at ₹-0.04 for Q3 FY26, compared to ₹-0.08 in Q3 FY25. The paid-up equity share capital remained stable at ₹578.95 lakhs with a face value of ₹2.50 per share. For the nine-month period, the EPS stood at ₹-0.36, reflecting the cumulative impact of operational performance across the period. Performance Metric Q3 FY26 Q3 FY25 Nine Months FY26 Basic EPS (₹) -0.04 -0.08 -0.36 Diluted EPS (₹) -0.04 -0.08 -0.36 Paid-up Equity Capital ₹578.95 lakhs ₹578.95 lakhs ₹578.95 lakhs We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better. Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians. As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation. We plan to change that - a technology-led platform built for super traders and long term investors.