IIIshaan Infrastructures and Shelters540134Open offer announcement

Letter of Offer shared for open offer of up to 63,48,500 shares at ₹14 apiece

Open offer to public shareholders for up to 63,48,500 shares (10.30% of expanded capital) at ₹14 each in cash.

By ScoutQuest · Mon 26 Oct 2026, 4:52 PM IST · 3 min read

Offer Size

up to 63,48,500 shares (10.30% of expanded capital)

Offer Price

₹14 each in cash

Maximum Consideration

₹8,88,79,000

Novus Capital Advisors Private Limited, the manager to the offer, has submitted the Letter of Offer for the open offer to the public shareholders of Ishaan Infrastructures and Shelters Limited.

The offer in brief

• The offer is made by five acquirers — Misun Pure Lights Private Limited, Ravi Prakash Bothra, Vaaibhav Bothrra, Rajesh Arora and Ashish Arora — together with eight persons acting in concert (PACs).
• It covers up to 63,48,500 equity shares of face value INR 10 each, representing 10.30% of the expanded voting equity share capital on a fully diluted basis.
• The offer price is ₹14 per equity share, payable in cash.
• Assuming full acceptance, the maximum consideration payable is ₹8,88,79,000.

The offer size and the 26% rule

• Under Regulation 7(1) of the SEBI (SAST) Regulations, an open offer is required to be made for at least 26% of the expanded voting share capital of the target company.
• The update states that the public shareholding of the target company comprises 10.30% of the expanded voting share capital as on the tenth working day from closure of the tendering period, after excluding the other shareholders of the transferor companies who are proposed allottees in the preferential issue and are treated as deemed persons acting in concert with the acquirers.
• Accordingly, the offer is being made to eligible public shareholders holding that 10.30%.

What is driving the offer

• The offer is made for control over the target company pursuant to regulations 3(1) and 4 of the Takeover Regulations, and has been triggered by the proposed preferential issue.
• The update notes the preferential issue is subject to other regulatory requirements, and there can be no assurance that it will be completed as proposed or within expected timelines. A delay or failure may affect the proposed change in shareholding and voting rights of the acquirers and PACs, and the consummation of the offer.
• The offer is not conditional upon any minimum level of acceptance.

Share capital numbers

• Existing share capital before the preferential issue: ₹6,47,46,000, divided into 64,74,600 equity shares of face value Rs. 10 each.
• After allotment of 5,51,78,892 equity shares on a preferential basis, the expanded voting equity share capital becomes 6,16,53,492 equity shares.

Key dates

• The offer opens on November 02, 2026 (Monday) and closes on November 16, 2026 (Monday).
• The last date for an upward revision in offer price or offer size is October 29, 2026 (Thursday).
• The Identified Date is October 16, 2026 (Friday); shareholders who acquire shares after that date can still participate at any time during the tendering period.
• The last date for communicating acceptance or rejection and completing payment of consideration or refund of shares is December 01, 2026 (Tuesday).

What a shareholder should know about tendering

• If the shares validly tendered exceed the offer size, acceptance will be on a proportionate basis, and there is no assurance that all shares tendered will be accepted.
• Shares tendered cannot be withdrawn from the offer and are held in the pool account until the applicable offer formalities are completed, so they cannot be traded during that period.
• Equity shares to be allotted in the proposed preferential issue to persons other than the promoters and promoter group are locked in for six months from the date of trading approval, and are not permitted to be tendered in the open offer.
• The offer may be withdrawn in the circumstances set out in the update, including refusal of requisite statutory approvals or if SEBI determines that circumstances merit withdrawal.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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