Open offer for 64,99,889 shares (26%) withdrawn after RBI declines change in shareholding

The company has told BSE that it received a communication from the Reserve Bank of India dated October 8, 2026, whereby RBI has not approved / not acceded the request for the proposed change in shareholding of the Target Company.

Mon 12 Oct 2026

Open Offer Size

64,99,889 equity shares representing 26 % of the emerging voting share capital

Offer Price

₹ 10.05/- per equity share of Rs. 10/- each

Aggregate Consideration

aggregating up to ₹ 6.53 crore

What the company informed the exchange

• The company has told BSE that it received a communication from the Reserve Bank of India dated October 8, 2026, whereby RBI has not approved / not acceded the request for the proposed change in shareholding of the Target Company.
• The application to RBI was made in connection with the proposed acquisition of the company by the Acquirers, pursuant to which an open offer had been made to the public shareholders.
• In view of that communication and the consequent non-approval of the proposed change in shareholding, the company states that the proposed open offer cannot be proceeded with.

What stood to be bought

An open offer is a public offer made to existing shareholders, usually when a new set of buyers is taking a large stake. Here the Acquirers were Jaykishor Chaitanyakishor Chaturvedi (Acquirer 1), Siddharth Jaykishor Chaturvedi (Acquirer 2), Ankur J Chaturvedi (Acquirer 3) and Brijlaxmi Infotech Limited (Acquirer 4).

They were to acquire up to 64,99,889 equity shares of Rs. 10/- each, representing 26 % of the emerging voting share capital, for cash at ₹ 10.05/- per equity share, aggregating up to ₹ 6.53 crore.

What has now happened

• The open offer by the Acquirers to acquire 64,99,889 equity shares representing 26 % of the emerging voting share capital of the company stands withdrawn in terms of Regulation 23 of the SEBI SAST Regulations, 2011.
• The withdrawal announcement has been issued by Saffron Capital Advisors Private Limited, the Manager to the Offer, dated October 10, 2026 and published on October 12, 2026 in Financial Express (English, all editions), Jansatta (Hindi, all editions), Navshakti (Marathi, Mumbai edition) and Ahmedabad Express (Gujarati, Baroda edition).

How a shareholder may read this

• The open offer was the route through which public shareholders could have tendered their shares to the Acquirers at ₹ 10.05/- per share. With the open offer withdrawn, that proposed purchase does not go ahead.
• The reason given is the RBI communication on the proposed change in shareholding, and the company states the offer cannot be proceeded with because of it.
• The intimation is shared under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as an update on the open offer.

Before and after, in numbers

• Proposed acquisition size: 64,99,889 equity shares, being 26 % of the emerging voting share capital.
• Offer price: ₹ 10.05/- per equity share, against a face value of Rs. 10/- each.
• Maximum aggregate consideration: ₹ 6.53 crore.

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