Frontier Capital508980Open offer update

Revised public announcement: open offer for 43,58,163 shares (26%) at ₹10.20 per share

Revised public announcement for a mandatory open offer by Mr. Prafful Agarwal and Mrs. Anupam Gupta for up to 43,58,163 shares (26%) of Frontier Capital Ltd at ₹10.20 per share.

By ScoutQuest · Tue 13 Oct 2026, 6:20 PM IST · 3 min read

26%Open offer as % of total voting share capital

Open offer as % of total voting share capital: 26.00%.

Offer Size: up to 43,58,163 equity shares representing 26.00% of total voting share capital
Offer Price: ₹10.20 per share, payable in cash
Aggregate Consideration: ₹4,44,53,263 assuming full subscription

Mandatory open offer for 26% of Frontier Capital

Mr. Prafful Agarwal and Mrs. Anupam Gupta are the Acquirers in this mandatory open offer. They have issued a revised public announcement to the public shareholders of Frontier Capital Ltd, a Non-Banking Finance Company registered with the Reserve Bank of India, after correcting a typographical error in the definition of Equity Shares.

The offer at a glance

Offer size: up to 43,58,163 fully paid-up equity shares of face value ₹10 each
That works out to 26.00% of the total voting share capital
Offer price: ₹10.20 per equity share
Payment mode: in cash
Aggregate consideration assuming full subscription: ₹4,44,53,263
The offer is not conditional upon any minimum level of acceptance and is not a competitive bid
Tendering period: 10 working days, to be disclosed in the Letter of Offer

What triggered the offer (the underlying transaction)

The obligation arose from a Share Purchase Agreement dated October 13, 2026 between the Acquirers and the Sellers, Mr. Anirudh Bhuwalka and M/s. Inimitable Capital Finance Private Limited, who are promoters of the Target Company.

Equity shares the Acquirers have agreed to acquire: 93,98,455
That is 56.07% of the total voting share capital
Price: ₹10 per equity share
Total consideration: ₹9,39,84,550
Mode of payment: cash

Who holds what

Before the transaction, both Acquirers held Nil equity shares.

After the acquisition that triggered the open offer

Acquirer I, Mr. Prafful Agarwal: 84,58,610 equity shares, being 50.46% of the total share capital and voting capital
Acquirer II, Mrs. Anupam Gupta: 9,39,845 equity shares, being 5.61%

Selling shareholders

Mr. Anirudh Bhuwalka: 9,26,900 equity shares, being 5.53%; post-transaction holding Nil
M/s. Inimitable Capital Finance Private Limited: 84,71,555 equity shares, being 50.54%; post-transaction holding Nil
Total: 93,98,455 equity shares, being 56.07%

On completion of the underlying transaction, the Sellers will not hold any equity shares of the Target Company, will relinquish control and management in favour of the Acquirers, and will be declassified from the promoter category.

Points for shareholders to note

As the Target Company is an NBFC, the acquisition of shares and control is subject to the prior approval of the Reserve Bank of India.
The Acquirers state they have no intention to delist the equity shares pursuant to this open offer.
If the Acquirers' shareholding after the open offer and the underlying transaction exceeds 75%, they will undertake actions to meet the minimum public shareholding requirements.
The Detailed Public Statement is to be published in newspapers within 5 working days of this announcement, on or before Wednesday, October 21, 2026.
The Acquirers state they have adequate financial resources and have made firm financial arrangements for acquiring the offer shares.

What the revision changed

The published definition of Equity Shares earlier read “1,67,62,163 (One Crore Sixty Seven Lakh Sixty Two Thousand One Hundred and Sixty Three Lakh)” and has been corrected to “1,67,62,163 (One Crore Sixty Seven Lakh Sixty Two Thousand One Hundred and Sixty Three Only)”. The figure for the total equity share capital stays the same, at 1,67,62,163 fully paid-up equity shares of face value ₹10 each.

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