FCFrontier Capital508980Open offer announcement

Open offer for 26.00% of voting capital at ₹10.20 per share by two acquirers

Mr. Prafful Agarwal and Mrs. Anupam Gupta are making a mandatory open offer for up to 43,58,163 shares (26.00% of voting capital) at ₹10.20 per share.

By ScoutQuest · Wed 21 Oct 2026, 7:57 AM IST · 2 min read

Offer Size

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

Offer Price

₹10.20 per share

Total Payout

₹4,44,53,263

The offer in short

• Mr. Prafful Agarwal and Mrs. Anupam Gupta are together making a mandatory open offer to the public shareholders of Frontier Capital Ltd, a BSE-listed non-deposit taking NBFC.
• They offer to buy up to 43,58,163 equity shares, equal to 26.00% of the company's voting share capital.
• The offer price is ₹10.20 per equity share, payable in cash through banking channels.
• If every offer share is tendered and accepted, the total payout would be ₹4,44,53,263.

Why the offer is being made

• The acquirers have signed a Share Purchase Agreement to buy 93,98,455 shares, or 56.07% of the voting share capital, from the promoters Mr. Anirudh Bhuwalka and Ms. Inimitable Capital Finance Private Limited.
• After that transaction the sellers will hold no shares and will hand over control and management to the acquirers.
• Because that purchase brings a change of control, takeover rules require the acquirers to give public shareholders an exit opportunity through this open offer.

Where the money sits

• The acquirers have placed ₹1,12,00,000 in cash in an escrow account with Kotak Mahindra Bank, opened for this offer.
• A chartered accountant has certified that the acquirers have adequate financial resources for the offer.

What happens to shareholding

• Assuming full acceptance, the acquirers would together hold 82.07% of the company after the offer.
• Public shareholding would then fall below the minimum level required for a listed company. The acquirers have undertaken to take the steps needed to bring it back to the required level within the prescribed time.

Points to note

• The offer is not conditional on any minimum level of acceptance.
• If more shares are tendered than the offer size, acceptances will be cut back proportionately.
• A prior approval from the Reserve Bank of India is to be obtained by the acquirers and the target company, since the target is an RBI-registered NBFC.
• Trading in the shares is not suspended, but BSE has placed the scrip under Graded Surveillance Measures, Stage 3.

Timeline

• Identified date: November 23, 2026.
• Tendering period: December 8, 2026 to December 21, 2026.
• Last date for payment of consideration or return of shares: January 5, 2027.

How to tender

• Shares are tendered through the BSE acquisition window through your selling broker during the tendering period; shares held in physical form are also eligible.
• Nikunj Stock Brokers Limited has been appointed as the buying broker for the offer.

What the acquirers plan

• They intend to continue the existing lending business in the ordinary course and propose to expand into loans against listed shares, supported by loans against property.

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