FCFrontier Capital508980Open offer announcement

Open offer at ₹10.20 per share for 26% stake; promoter sale of 56.07% triggers mandatory offer

Open offer for up to 43,58,163 shares of Frontier Capital (26.00% of voting capital) at ₹10.20 per share in cash.

By ScoutQuest · Tue 13 Oct 2026, 4:26 PM IST · 2 min read

Open Offer Size

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

Open Offer Price

₹10.20 per share in cash

Triggering Share Purchase Agreement

93,98,455 shares (56.07%) at ₹10 each; prior RBI approval needed as target is an NBFC

An open offer has been announced for the public shareholders of Frontier Capital Limited, a company listed on BSE.

What is being offered

• Up to 43,58,163 equity shares of face value ₹10 each are being sought, which is 26.00% of the total voting share capital of the company.
• The offer price is ₹10.20 per share, payable in cash.
• If the offer is fully accepted, the aggregate consideration payable to public shareholders would be ₹4,44,53,263.
• The offer is a mandatory offer under the SEBI (SAST) Regulations, made because the acquirers are acquiring control of the company.

The transaction that triggered the offer

• The acquirers, Mr. Prafful Agarwal and Mrs. Anupam Gupta, have entered into a Share Purchase Agreement dated October 13, 2026 with the promoters — Mr. Anirudh Bhuwalka and M/s. Inimitable Capital Finance Private Limited.
• Under that agreement, the acquirers have agreed to acquire 93,98,455 equity shares of face value ₹10 each, equal to 56.07% of the total voting share capital, at ₹10 per share — a total of ₹9,39,84,550.
• The sellers together held 93,98,455 shares (56.07%) before the transaction and will hold nil after it, and will relinquish control and management.
• Once the underlying transaction is completed, the acquirers will acquire control and become the promoters of the company.

How the acquirers' holding is expected to look

• Both acquirers hold nil shares in the company before the transaction.
• After the acquisition that triggered the open offer, Mr. Prafful Agarwal would hold 84,58,610 shares (50.46%) and Mrs. Anupam Gupta would hold 9,39,845 shares (5.61%).
• The company's total equity share capital is 1,67,62,163 shares of face value ₹10 each.

Points to keep in mind

• The target company is a Non-Banking Finance Company registered with the Reserve Bank of India, so the acquisition of shares and control is subject to the prior approval of RBI.
• The offer is not conditional on any minimum level of acceptance and is not a competitive bid.
• The acquirers have no intention to delist the equity shares pursuant to this open offer.
• The tendering period is 10 working days, and the actual dates will be given in the Letter of Offer.
• If the acquirers' shareholding after the open offer and the underlying transaction goes above 75% of the equity share capital, they will take steps within the timeline under the SCRR to meet the minimum public shareholding requirement.
• The Detailed Public Statement is to be published within 5 working days of this announcement.

The offer is made in cash and is open to public shareholders who are eligible to tender their shares.

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