Shishir Kumar Bajoria Files SEBI Takeover Disclosure for IFGL Refractories

M&A / JV 19 Jun 2026 · Announced· ✓ Verified

Under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Regulation 31(4) requires disclosure of the acquisition of shares or voting rights that trigger a mandatory open offer threshold. Shishir Kumar Bajoria's filing indicates he has crossed or is approaching the 25% threshold (or such other prescribed threshold) that mandates a public offer to all shareholders on an equal basis. The disclosure triggers a series of statutory approvals and timelines, including board constitution of an independent committee, valuation by independent evaluator, and public offer announcement within the prescribed regulatory window.

Why it mattersThe Regulation 31(4) disclosure is a critical gating compliance step; the acquirer must now follow with a formal open offer announcement within the timeline mandated by SEBI, and the target's board must constitute an independent committee to evaluate the offer-a procedural gateway that determines whether the acquisition proceeds to public phase.
SectorIndustrials
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