Fresh Wrap, New Lead—Narbaria Takes Charge at Synthiko Foils

Image Source: Trading View

India: Synthiko Foils Ltd has announced a significant leadership change by appointing the services of Mr. Abhishek Narbaria as its Additional Managing Director, marking the company's new phase of strategic direction and change of ownership.

This appointment follows a recent Share Purchase Agreement (SPA) signed on May 2, 2025, between the company’s promoter group and acquirers Mr. Narbaria and Mr. Umesh Kumar Sahay, who are jointly acquiring a 26% stake in Synthiko Foils Ltd. The move is part of a broader open offer under SEBI’s Substantial Acquisition of Shares and Takeovers (SAST) Regulations, 2011.

What This Means for Synthiko Foils:

Mr. Narbaria's joining is the beginning of a new era of ownership, where acquirers are keen on injecting new leadership and operating direction
Open offer includes the acquisition of 4,52,400 equity shares at ₹134.12 each, aggregating approximately ₹60.7 million
Company to be strategically reshaped, with potential changes in governance and business expansion

Background

The current promoter group includes Mr. Ramesh Dadhia, Ms. Urmila Dadhia, and other relatives
The open offer is being managed by Bonanza Portfolio Ltd, which is the merchant banker appointed to manage the open offer
Synthiko Foils operates in the non-paper containers and packaging segment with business operations of aluminum foil products

Sources: SEBI Public Announcement, MarketScreener, BSE Filing