Kuber Udyog539408Open offer update

Corrigendum to Detailed Public Statement for open offer: up to 3,19,71,680 shares at Rs. 23.35/-

Corrigendum to the Detailed Public Statement for the Kuber Udyog open offer.

By ScoutQuest · Mon 19 Oct 2026, 1:00 PM IST · 2 min read

26%Share of expanded voting share capital

Share of expanded voting share capital: 26.00%.

Offer size: Up to 3,19,71,680 equity shares (26.00% of expanded voting share capital)
Offer price: Rs. 23.35/- per share, cash
Tendering period: November 11 to November 26, 2026

Corrigendum to the offer documents

The Manager to the Offer, Systematix Corporate Services Limited, has issued a corrigendum to the Detailed Public Statement (DPS) for the open offer to the public shareholders of Kuber Udyog Limited. It should be read together with the Public Announcement of August 7, 2026, the DPS of August 14, 2026 and the Draft Letter of Offer of August 21, 2026.

Offer terms

Up to 3,19,71,680 fully paid-up equity shares of face value Rs. 10/- each, representing 26.00% of the expanded voting share capital of the target company.
Offer price Rs. 23.35/- per equity share, payable in cash.
Made by Mr. Manav Bahri (Acquirer 1), Mr. Dinesh Popli (Acquirer 2) and Mr. Ajay Dutta (Acquirer 3), along with Trimudra Trade & Holdings Private Limited (PAC 1) and Ms. Shraddha Gohil (PAC 2).
The corrigendum states there is no competing offer.

Revised schedule

Offer Opening Date (start of the tendering period): November 11, 2026.
Offer Closing Date: November 26, 2026.
Identified Date: October 21, 2026.
Last date for upward revision of the offer price or any increase in the offer size: October 27, 2026.
The timelines are indicative, prepared on the basis of the SEBI (SAST) Regulations, and may be revised subject to approvals.

Who is new in the offer group

Ms. Shraddha Gohil is the ultimate beneficial owner of PAC 1 and has been identified as a person acting in concert, PAC 2. Her net worth is 5.68 crore as on October 15, 2026. She does not hold any equity shares of the target company as on the date of the Letter of Offer.

Statutory approvals and corporate actions

Shareholders at the AGM held September 5, 2026 approved issuance of 3,95,50,000 equity shares and 25,00,000 convertible warrants to investors under the non-promoter public category, and 12,00,000 convertible warrants to the acquirers and PAC 1, subject to applicable approvals.
BSE in-principle approval for the allotment of securities under the preferential issue was received on October 15, 2026.
Shareholders also approved changing the company's name to Golden Ikon Mobility Limited; the Ministry of Corporate Affairs has made the name available and the company is applying to the Registrar of Companies.
The application for voluntary surrender of the NBFC Certificate of Registration is pending with the RBI.
Additional disclosures have been added for Golden Ikon Fleet Management Private Limited, a company in fleet management and passenger transport services on a pan-India basis.

What shareholders should note

All holders of equity shares, other than the acquirers, PACs and persons acting in concert with them, are eligible to participate at any time during the tendering period.
The Letter of Offer is to be sent to shareholders whose names appear on the register on the Identified Date.
Documents can be inspected electronically during the tendering period through a QR code.
Except for these changes, all other terms of the DPS and the Draft Letter of Offer remain unchanged.

Also from Kuber Udyog