Open offer for up to 26,46,487 shares at INR 35.00 each, 26.00% of expanded capital
Four acquirers have made a mandatory open offer for up to 26,46,487 shares (26.00% of expanded capital) at INR 35.00 per share in cash.
By ScoutQuest · · 3 min read
- Offer Size
- up to 26,46,487 shares (26.00% of expanded capital)
- Offer Price
- INR 35.00 per share in cash
- Post-Offer Holding
- 64.22% on full acceptance
The acquirers have set out the full terms of a mandatory open offer to public shareholders of the target company.
The offer in numbers
- Up to 26,46,487 equity shares of face value INR 10.00 each, being 26.00% of the expanded share capital, at INR 35.00 per share in cash.
- Maximum consideration, assuming full acceptance, is INR 9,26,27,045/-.
- The expanded share capital is INR 10,17,87,950 divided into 1,01,78,795 equity shares, after a preferential issue of 24,00,000 shares.
- Annualised trading turnover on BSE for October 2025 to September 2026 was 15.97%, with 12,42,000 shares traded.
Who is buying
The four acquirers are Omnia Appliances Private Limited, Graphic Promoters and Developers Private Limited, Amaira Estate Advisors LLP and MLJ Aeternum LLP. They are promoted and controlled by members of the Murarka family, and none of them held any equity shares of the target company as on the date of the public announcement.
Two linked deals at INR 34.00/- per share
- A share purchase agreement dated October 13, 2026 to acquire 18,90,000 equity shares, being 24.30% of the pre-issue share capital, from Mr. Mehboob Alam, a promoter, for INR 6,42,60,000/-.
- A share subscription agreement under which Acquirer 1 will subscribe to 20,00,000 equity shares at INR 34/- each for INR 6,80,00,000/-, part of a preferential issue of 24,00,000 shares totalling INR 8,16,00,000/-.
Why the offer price is INR 35.00
The offer price is stated to be higher than the highest negotiated price of INR 34.00/- per share (for both the share purchase agreement and the preferential issue) and the 60-trading-day volume-weighted average market price of INR 34.03/-.
Where holdings stand after a fully accepted offer
- All four acquirers together: 65,36,487 equity shares, or 64.22% of the expanded share capital.
- Acquirer 1 alone: 50,46,487 equity shares, or 49.58%.
- The seller, Mr. Mehboob Alam, moves from 22,83,705 shares (29.36% of pre-issue capital) to 3,93,705 shares (3.87% of expanded capital) and continues in the promoter group.
Money set aside
Cash of INR 2,31,56,770.00 has been deposited in an escrow account with Kotak Mahindra Bank, stated to be more than 25% of the maximum consideration.
Key dates
- Last date for a competing offer: November 12, 2026
- Identified date: November 23, 2026
- Offer opens: December 08, 2026
- Offer closes: December 21, 2026
- Payment for accepted shares and return of unaccepted shares: January 05, 2027
Other points to note
- The offer is not conditional on any minimum level of acceptance, and is not a competitive bid.
- It will run through the stock exchange mechanism on BSE, with Nikunj Stock Brokers Limited as the buying broker.
- After the offer the acquirers will be classified in the promoter and promoter group and will be in joint control with the existing promoter and promoter group.
- The acquirers state they have no plans to make major changes to the existing line of business, and no plans to sell or encumber significant assets of the target company for two years, except in the ordinary course of business.
- Public shareholding may fall below the 25% minimum required for listing; the acquirers undertake to take necessary steps to comply within the time allowed.
Target company financials (INR in Lacs, as certified)
- Year ended 31.03.2026: total revenue 2,494.39, net income (945.79).
- Year ended 31.03.2025: total revenue 5,989.47, net income 53.06.
- Period ended 30.09.2026: total revenue 586.71, net income (664.71).
- Net worth: 653.36 as at 30.09.2026, against 1318.07 as at 31.03.2026.
Also from Comrade Appliances
Promoter to sell 18,90,000 shares, 24.30% stake, for Rs. 6.43 crore under share purchase agreement
14 Oct 2026
Promoter enters share purchase agreement to sell 24.30% stake; acquirers to be classified as promoter
14 Oct 2026
Open offer for up to 26,46,487 shares (26.00%) at INR 35 per share
14 Oct 2026
More numbers
- Offer price per equity shareINR 35.00/-
- Maximum shares sought in the open offer26,46,487
- Open offer size as % of expanded share capital26.00%
- Maximum consideration for the open offerINR 9,26,27,045/-
- Cash deposited in escrow accountINR 2,31,56,770.00/-
- Acquirers' post-offer shareholding on full acceptance65,36,487
- Acquirers' post-offer holding as % of expanded capital64.22%
- Shares to be bought from seller under share purchase agreement18,90,000
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.