ISInani Securities531672Open offer announcement

Open offer for 26.00% of equity at ₹ 60.00 per share; tendering from December 07 to December 18, 2026

Aikyam Financial Services Private Limited has made an open offer for up to 11,85,002 equity shares of Inani Securities Ltd, equal to 26.00% of its equity and voting share capital, at ₹ 60.00 per share, payable in cash.

By ScoutQuest · Tue 27 Oct 2026, 12:59 PM IST · 3 min read

Offer Price

₹ 60.00 per share, payable in cash

Offer Size

up to 11,85,002 equity shares, equal to 26.00% of its equity and voting share capital

Offer Period

opens on Monday, December 07, 2026 and closes on Friday, December 18, 2026

What is being offered

• The acquirer is Aikyam Financial Services Private Limited. The offer follows a Share Purchase Agreement dated Monday, October 12, 2026 for acquisition of control and 82.92% of the equity share capital and voting rights of Inani Securities Limited.
• Offer size: up to 11,85,002 fully paid-up equity shares of face value ₹ 10/- each, representing 26.00% of the fully paid-up equity and voting share capital.
• Offer price: ₹ 60.00 per equity share, payable in cash. There is no differential pricing.
• The marketable lot for the offer is 1, so a shareholder can tender the holding in whole or in part.
• The offer is not subject to a minimum level of acceptance and is not a conditional offer.

Key dates to note

• Offer opening date (start of tendering period): Monday, December 07, 2026.
• Offer closing date: Friday, December 18, 2026.
• Last date for any upward revision of the offer price and/or offer size: Friday, December 04, 2026.
• Identified date for determining shareholders to whom the letter of offer is sent: Friday, November 20, 2026.
• Last date for communicating acceptance or rejection and completing payment of consideration or refund of shares: Monday, January 04, 2027.
• The schedule is described in the document as tentative and subject to regulatory approvals.

Things to keep in mind if you consider tendering

• If the shares tendered exceed the offer size, acceptances will be on a proportionate basis, so not every tendered share may be accepted.
• Shares once tendered cannot be withdrawn during the tendering period; a lien is marked and the shares cannot be traded until settlement formalities are completed.
• The change in control needs prior approvals and no-objection certificates from BSE Limited and National Stock Exchange of India Limited (applications dated October 16, 2026), NSE Clearing Limited (application dated October 22, 2026) and Central Depository Services (India) Limited, in view of the target company's broker, clearing and depository participant registrations.
• If payment to accepting shareholders is delayed, the acquirer is liable to pay interest at 10% per annum for the period of delay.
• Shares held in physical form can be tendered, subject to verification by the Registrar. Shares lying with the Investor Education and Protection Fund are not directly available for tendering.

What the document flags about the target company

• Revenue from operations declined from ₹145.67 lakh in FY 2024–25 to ₹108.22 lakh in FY 2025–26, while total income declined from ₹290.44 lakh to ₹183.61 lakh.
• Profit after tax declined from ₹57.10 lakh to ₹7.57 lakh over the same period.
• Contingent liabilities in respect of bank guarantees and financial letter of credit facilities were ₹225 lakh as at March 31, 2026, compared with ₹75 lakh as at March 31, 2025.
• The shares have been placed under Stage IV of the GSM by BSE Limited with effect from October 14, 2026, which brings restrictions such as trading once a week on a trade-to-trade basis, a price band of 5% or lower, an Additional Surveillance Deposit equivalent to 100% of the trade value payable by buyers, and no upward price movement.
• Penalties were levied by BSE Limited and National Stock Exchange of India Limited for certain historical non-compliances; some have been paid, some waived or reversed, and certain amounts remain outstanding or await confirmation of final status.

Who is managing the offer

• Bonanza Portfolio Limited is the Manager to the Offer and Purva Sharegistry (India) Private Limited is the Registrar to the Offer. The acquirer has stated that there has been no competing offer as on the date of this document.

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