FCFrontier Capital508980Open offer announcement

Detailed Public Statement: open offer for up to 43,58,163 shares at Rs. 10.20 per share

Detailed Public Statement issued for a mandatory open offer by Mr. Prafful Agarwal and Mrs. Anupam Gupta.

By ScoutQuest · Wed 21 Oct 2026, 12:23 PM IST · 2 min read

Offer Size

up to 43,58,163 equity shares (26.00% of total voting share capital)

Offer Price

Rs. 10.20/- per share

Total Consideration (full acceptance)

Rs. 4,44,53,263/-

What has been announced

A Detailed Public Statement has been issued for a mandatory open offer by Mr. Prafful Agarwal and Mrs. Anupam Gupta to the public shareholders of Frontier Capital Ltd.

• The offer is for up to 43,58,163 equity shares, representing 26.00% of the total voting share capital.
• The offer price is Rs. 10.20/- per fully paid-up equity share.
• Assuming full acceptance, the total consideration payable is Rs. 4,44,53,263/-.

Why the offer is being made

The open offer follows a Share Purchase Agreement under which the acquirers have agreed to acquire 93,98,455 equity shares, or 56.07% of the total voting share capital, from the promoters.

• The SPA consideration is Rs. 9,39,84,550/-.
• On completion, the sellers will relinquish control and management, and the acquirers will become promoters of the target company.

Shareholding after the offer

Assuming full acceptance of the open offer, the acquirers would collectively hold 82.07% of the total voting share capital.

• The update notes that public shareholding may fall below the minimum level required for listing.
• The acquirers have undertaken to take steps to restore the required public shareholding within the prescribed time.

How the offer will run

The offer will be implemented through the stock exchange mechanism on BSE.

• The tendering period is scheduled from December 08, 2026 to December 21, 2026.
• If shares tendered exceed the offer size, acceptance will be on a proportionate basis.
• The offer is not conditional on any minimum level of acceptance.
• The offer price will be paid in cash through banking channels.

Approvals and conditions

A prior approval from the Reserve Bank of India is required for the acquisition, as the target company is a non-deposit taking NBFC. The schedule is indicative and subject to receipt of statutory approvals.

Other points in the update

The target company's shares are under Graded Surveillance Measures. The open offer is mandatory and is not a competitive bid. The acquirers propose to continue the existing business and expand its limited lending business into loans against listed shares, supported by loans against property.

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