Camlin Fine Sciences Limited (CFSL) has announced a delay in filing its simplified cash tender offer (OPAS) for the remaining shares of France-based Vinpai, citing administrative constraints related to Indian foreign exchange regulations and the proximity of Vinpai’s FY25 results announcement.

The company had earlier completed the acquisition of a majority stake in Vinpai on November 27, 2025, acquiring 78.68% of the share capital and 84.89% of voting rights at a price of Euro 3.60 per share. Following the conversion of convertible bonds, CFSL’s total holding increased to 83.82% of share capital and 80.86% of voting rights.

CFSL had initially planned to file the open offer by end-February 2026. However, it now expects to complete the filing by early May 2026, with the offer price remaining unchanged at Euro 3.60 per share. The delay will allow incorporation of Vinpai’s annual financial statements, scheduled for release on April 16, 2026, into the offer documents and independent valuation report.

Additionally, CFSL is evaluating restructuring options for its European operations to enhance synergies and strengthen its regional presence. As part of this strategy, the company has decided to retain Vinpai’s listing on Euronext Growth Paris and will not proceed with a squeeze-out.

Maintaining the listing is expected to support Vinpai’s market visibility, facilitate access to capital markets, and aid in debt restructuring and future growth initiatives in Europe.