Aftertrade Broking Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer for the attention of the Public Shareholders of Mahan Industries Ltd ("Target Company").

The General Manager BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001 Dear Sir /Madam, SUB: DRAFT LETTER OF OFFER TO THE SHAREHOLDERS OF MAHAN INDUSTRIES LIMITED (“TARGET COMPANY”) IN TERMS OF REGULATION 3(1) OF SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011 We, Aftertrade Broking Private Limited (hereafter referred to as “Manager to the Offer”), are hereby submitting the Draft Letter of Offer made by us on behalf of Mr. Nishil Sanjaykumar Shah (“Acquirer-1”) and Mr. Niranjan Navratanmal Jain (“Acquirer - 2”) are collectively referred to as the “Acquirers”), to acquire 20,02,000 equity shares representing 26% of total Expanded voting equity shares Capital of Target Company at a price of Rs. 12/- for each equity shares of Target Company, pursuant to and in compliance with Regulation 3(1) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereto. Kindly take the same on your record. Yours Faithfully, For, Aftertrade Broking Private Limited Vanesh Pramod Digitally signed by Vanesh Pramod Panchal Panchal Date: 2026.07.27 12:47:20 +05'30' Vanesh Panchal Director DIN:06944544 SEBI Regd Number: INM000013110 Place: Ahmedabad Date: July 27, 2026 Encl: 1. Draft Letter of Offer DRAFT LETTER OF OFFER (“DLOF”) THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION This Draft Letter of Offer is being sent to you as a Public Shareholder (as defined below) of Mahan Industries Limited (“Target Company”). If you require any clarifications about the action to be taken, you may consult your stockbroker or an investment consultant or the Manager to the Offer or the Registrar to the Offer (as defined below). In the event you have recently sold your Equity Shares (as defined below) in the Target Company, please hand over the Letter of Offer and the accompanying Form of Acceptance-cum-Acknowledgement to the purchaser of the Equity Shares or the member of the stock exchange through whom the said sale was effected. OPEN OFFER (“OPEN OFFER”/ “OFFER”) BY MR. NISHIL SANJAYKUMAR SHAH (“ACQUIRER 1”) Residing: 61, Prerna Tirth Vibhag-1, Satellite, Ahmedabad — 380015, Gujarat, India Tel. No.: +91-9737871333, Email: nishilshah?37@gmail.com MR. NIRANJAN NAVRATANMAL JAIN (“ACQUIRER 2”) Residing: 9, Vraj Villa Bunglow, Opp Vanshree Bunglow Behind Iscon Mall, Bodakdev, Ahmedabad — 380054, Gujarat, India Tel. No.: +91-9909943335, Email: niranjanjain79@gmail.com (Hereinafter Acquirer 1 and Acquirer 2 are Collectively Referred to as “Acquirers”) to acquire up to 20,02,000 (Twenty Lakhs Two Thousand) fully paid Equity Shares of face value of I 10/-(Rupees Ten Only) each (“Offer Shares”) representing 26% (Twenty-Six percent) of the Total Expanded Voting Equity Share Capital of the Target Company on a fully diluted basis, as of the 10 (tenth) working day from the closure of the Tendering Period of the open offer, for cash at a price of 312/~ (Rupees Twelve Only) per equity share (“Offer Price”) in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares And Takeovers) Regulations, 2011, as amended from time to time. MAHAN INDUSTRIES LIMITED (‘TARGET COMPANY’) Registered Office: B-107, Sankalp Iconic Tower, Opp. Vikram Nagar Iscon Temple Cross Road, S.G Highway, Bodakdev, Ahmedabad-380054, Gujarat, India Tel. No. +91-6355895061; E-mail: cs@mahan.co.in ‘Website: www.mahan.co.in, CIN: L91110GJ1995PLC024053 Please Note: 1. This Offer is being made by Acquirers pursuant to the Regulation 3(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeover) Regulations, 2011 and subsequent amendments thereof (“SEBI (SAST) Regulations, 2011”) for substantial acquisition of shares / voting rights accompanied with change in control and management of the Target Company. 2. This Open Offer is not conditional upon any minimum level of acceptance in terms of Regulation 19(1) of SEBI (SAST) Regulations, 2011. 3. This Open Offer is not a competing offer in terms of Regulation 20 of the SEBI (SAST) Regulations, 2011. 4. Asper the Information available with the Acquirers and the Target Company, there has been no competing offer as on date of this Draft Letter of Offer. If there is a competing offer, the public offer under all subsisting bids shall open and close on the same date. 5. Asondate of this Draft Letter of Offer, there are no statutory approvals which are required by the Acquirers to complete the underlying transaction and this Open Offer except for prior approval from the Reserve Bank of India (“RBI”) and In-Principle approval from BSE Ltd (“Stock Exchange”) in accordance with Regulation 28(1) of SEBI (LODR) Regulations, 2015 in respect of Proposed Preferential Issue. 6. Where any statutory or other approval extends to some but not all of the Public Shareholders, the Acquirers shall have the option to make payment to such Public Shareholders in respect of whom no statutory or other approvals are required in order to complete this Open Offer. 7. In the event that the number of Equity Shares validly tendered by the Shareholders under this Offer is more than the number of Offer Shares, the Acquirers shall accept those Equity Shares validly tendered by the Shareholders on a proportionate basis in consultation with the Manager to the Offer. 8. The Acquirers reserves the right to revise the Offer Price and/or the Offer Size upwards at any time prior to the commencement of the last 1 (one) Working Day before the commencement of the Tendering Period (as defined below) in accordance with Regulation 18(4) of the SEBI SAST Regulations, 2011. In the event of acquisition of the Equity Shares by the Acquirers during the Offer Period, whether by subscription or purchase, at a price higher than the Offer Price, then the Offer Price will be revised upwards to be equal to or more than the highest price paid for such acquisition in terms of Regulation 8(8) of the SEBI SAST Regulations, 2011. In the event of any revision of the Offer Price and/or the Offer Size, the Acquirers shall: (i) make a corresponding increase to the escrow amount, (ii) make an announcement in the same newspapers in which the Detailed Public Statement was published, and (iii) simultaneously notify the Stock Exchanges (as defined below), SEBI (as defined below) and the Target Company at its registered office. Such revision ek N would be done in compliance with the requirements prescribed under the SEBI (SAST) Regulations, 2011. 9. A copy of Public Announcement (as defined below) and Detailed Public Statement (as defined below), this DLOF, corrigendum, if any and LOF (including Form of Acceptance) shall be available on the website of Securities and Exchange Board of India (“SEBI”) ie. www.sebi.gov.in and on the website of Manager to the Offer i.e. https://www aftertrade.in/takeover/ All future correspondence, if any, should be addressed to the Manager to the Offer/ Registrar to the Offer at the address mentioned below: MANAGER TO THE OFFER REGISTRAR TO THE OFFER Purva AFTERTRADE Sharegistry Aftertrade Broking Private Limited PURVA SHAREGISTRY (INDIA) PRIVATE 206, 2™ Floor, Time Square, Besides Pariseema Building, | LIMITED C.G.Road, Navrangpura, Ahmedabad - 380009, Gujarat, Unit No. 9, Ground Floor, Shiv Shakti Industrial Estate, J. India R. Boricha Marg, Lower Parel East, Mumbai — 400011, Tel. No.: +91 7801918080; Mabharashtra, India. Email id: mb@aftertrade.in; Tel. No.: +91 022-49614132; ‘Website: https://www.aftertrade.in; Email support@purvashare.com SEBI Registration Number: INM000013110 ‘Website: https://www.purvashare.com Validity: Permanent SEBI Registration No.: INR000001112 Contact Person: Mr. Vanesh Panchal ‘Validity: Permanent Contact Person: Ms. Deepali Goankar OFFER OPEN ON: Tuesday, September 08, 2026 OFFER CLOSES ON: Tuesday, September 22, 2026 -2 MAHAN INDUSTRIES LIMITED - OPEN OFFER | DRAFT [Showing first 8,000 characters — download PDF for full document]