Navigant Corporate Advisors Revises Open Offer Schedule for Asgard Alcobev Limited

Navigant Corporate Advisors Limited has issued a corrigendum to the detailed public statement regarding the open offer for Asgard Alcobev Limited, formerly known as Banganga Paper Industries Limited. The revision addresses significant changes to the timeline of the acquisition process, reflecting delays in regulatory approvals and review procedures.

Open Offer Details

The open offer involves the acquisition of up to 9,17,41,759 equity shares of Re. 1/- each at a price of Rs. 1.45 per fully paid-up equity share. This represents 26.00% of the expanded equity and voting share capital of Asgard Alcobev Limited. The acquirers include Ronak Jain, Sarita Jain, Priyanka Jain, and K K Impex & Trading Private Limited, along with persons acting in concert Karan Jain, Karishma Rohit Jain, and Radhika Karan Jain.

Revised Timeline Schedule

The most significant changes in the corrigendum relate to the schedule of activities, with key dates being extended by approximately two months:

Activity Original Date Revised Date Receipt of SEBI comments on draft letter of offer 20.01.2026 13.03.2026 Identified date 22.01.2026 17.03.2026 Letter of offer dispatch date 30.01.2026 25.03.2026 Offer opening date 06.02.2026 06.04.2026 Offer closure date 20.02.2026 20.04.2026 Post offer advertisement 27.02.2026 27.04.2026 Payment of consideration 09.03.2026 05.05.2026

The delays appear to stem from the extended SEBI review process, with the receipt of comments from SEBI being pushed back by nearly two months from the original timeline.

Regulatory Compliance

The corrigendum has been issued in compliance with Regulations 3(1) and 4 read with Regulation 15 of the SEBI (SAST) Regulations, 2011. The document references SEBI Observation Letter No. I/6981/2026 dated March 13, 2026, which appears to have influenced the timeline revisions. The original detailed public statement was published on December 22, 2025, in multiple newspapers including Business Standard English and Hindi editions, along with Marathi dailies Pratakhai and Prahaar.

Target Company Information

Asgard Alcobev Limited, formerly Banganga Paper Industries Limited, is incorporated under CIN L11010MH1984PLC033082. The company's registered office is located at Sr. No. 186, Gavalwadi Road, Ashewadi, Ramshej, Nashik, Maharashtra. The identified date, crucial for determining eligible shareholders who will receive the letter of offer, has been revised to March 17, 2026. However, all equity share owners except the acquirers, PACs, selling company, promoters, and preferential allottees remain eligible to participate in the offer until its closure.

Asgard Alcobev Limited has announced strategic leadership appointments following its board meeting conducted on March 19, 2026. The company, formerly known as banganga paper industries, made key decisions to strengthen its management structure through the appointment of three new directors as part of its ongoing transformation in the alcoholic beverages sector.

Key Board Appointments

The board meeting, held at the company's registered office from 4:00 PM to 5:00 PM, resulted in several significant appointments under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

Position Name Role Type Appointment Date Managing Director Mr. Ronak Jain Executive, Non-Independent March 19, 2026 Additional Director Ms. Priyanka Jain Non-Executive, Non-Independent March 19, 2026 Finance Director & CFO Mr. Binit Singhania Executive, Non-Independent March 19, 2026

Leadership Profiles and Strategic Vision

Mr. Ronak Jain brings substantial industry expertise to his role as Managing Director. With over 15 years of experience in manufacturing, packaging, and distribution within the liquor and beer industry, he holds a Master's degree in International Business from Monash University. Currently serving as Director & CEO of CMJ Breweries Private Limited, his expertise spans corporate strategy, business expansion, operational efficiency, and financial management. Commenting on his appointment, Mr. Jain stated his immediate focus is on executing a forward-looking strategy that leverages strengths in operations, people, and finance to revitalize the company and create long-term value for shareholders, partners, and customers.

Ms. Priyanka Jain joins as Additional Director with more than 10 years of experience in human resource management and organizational development. She holds a B.Sc. degree from the University of Calcutta and specializes in talent management, culture initiatives, and aligning HR strategy with business objectives to build high-performing teams.

Mr. Binit Singhania assumes the dual role of Finance Director and Chief Financial Officer. As a Chartered Accountant with over 15 years of experience, he qualified as an ICAI member in November 2010. His expertise encompasses accounting, taxation, audit, financial management, compliance, fund management, project finance, and regulatory compliance.

Corporate Governance and Strategic Transformation

The appointments were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. All three appointees have disclosed no relationships with existing directors and confirmed no debarment under SEBI regulations.

Governance Aspect Details Regulatory Compliance SEBI LODR Regulation 30 Director Independence All appointed as Non-Independent Relationship Disclosure No relationships with existing directors SEBI Debarment Status None reported Scrip Code 512025

These appointments underscore Asgard Alcobev's ongoing strategic realignment from its legacy paper manufacturing business to the alcoholic beverages sector. The company has recently acquired a majority stake in CMJ Breweries in Northeast India, and the revitalized leadership team will capitalize on emerging opportunities to steer the company toward sustainable growth.

Company Background and Future Outlook

Asgard Alcobev Limited operates under CIN L11010MH1984PLC033082 with its registered office located at Sr. No. 186, Gavalwadi Road, Ashewadi, Ramshej, Nashik, Maharashtra, and corporate office at Ferndale Complex, CMJ House, Block III, Keating Road, Shillong, Meghalaya. The company has undergone a transformation from its previous identity as Banganga Paper Industries Limited, reflecting its evolution as an emerging player in India's alcoholic beverages industry with a strong Northeast India presence through its subsidiary CMJ Breweries.

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