Kuber Udyog539408Open offer announcement

IDC: open offer at Rs. 23.35 per share is fair and reasonable, recommends acceptance

Kuber Udyog's Committee of Independent Directors (IDC) has called the open offer fair and reasonable and recommends acceptance.

By ScoutQuest · Mon 19 Oct 2026, 4:50 PM IST · 2 min read

26%Offer size as % of fully diluted share and voting capital

Offer size as % of fully diluted share and voting capital: 26.00%.

Offer Price: Rs. 23.35 per share
Shares Sought: up to ~3.2 crore equity shares of Rs. 10 each — 26.00% of fully diluted share and voting capital
Preferential Issue Price: Rs. 23.10 per share

What the committee has said

The Committee of Independent Directors (IDC) of Kuber Udyog met on October 19, 2026 and issued its recommendation on the open offer being made by Mr. Manav Bahri, Mr. Dinesh Popli and Mr. Ajay Dutta (the Acquirers), together with Trimudra Trade & Holdings Private Limited and Ms. Shraddha Gohil (the PACs). The IDC's view is that the offer is fair and reasonable, and it recommends acceptance of the open offer.

Offer terms

The offer is for acquisition of up to ~3.2 crore fully paid-up equity shares of face value Rs. 10 each.
That works out to 26.00% of the fully diluted share and voting capital of the company.
The offer price is Rs. 23.35 per equity share.
Systematix Corporate Services Limited is the Manager to the Offer.

Why the IDC says the price is fair

The shares were frequently traded on the stock exchange as on the date of the Public Announcement.
The offer price is in line with the regulation prescribed by SEBI under the SAST Regulations and prima facie appears justified.
The preferential issue price, calculated as per SEBI (ICDR) Regulations, 2018 for equity shares and convertible warrants to be issued to the Acquirers, PACs and others (public shareholders), is Rs. 23.10.
The offer price of Rs. 23.35 is higher than that issue cum allotment price of Rs. 23.10 per equity share and warrant.

Point the IDC flags for shareholders

The IDC draws attention to the fact that, after the Public Announcement dated August 07, 2026, the share price of the company has increased and the current share price is higher than the offer price. It advises shareholders to independently evaluate the open offer vis-à-vis the current share price and take an informed decision before participating.

How the committee decided

The IDC members are Mrs. Purvi Patel (Chairperson) and Mr. Akshay Girish Poriya, both Independent and Non-Executive Directors.
The members have no contractual relationship with the company and no relationship with the Acquirers and PACs.
None of the members have traded in the equity shares or other securities of the company.
The recommendations were unanimously approved by the members present.
The IDC considered the Public Announcement, Detailed Public Statement, Draft Letter of Offer and Letter of Offer prepared by the Manager to the Offer, along with the valuation report prepared by an independent Chartered Accountant and Registered Valuer.

What it means for a retail holder

An open offer is an exit opportunity: the Acquirers and PACs are offering to buy your shares at Rs. 23.35 each. The IDC's recommendation is an input, not a directive — it has itself asked shareholders to compare the offer price with the prevailing market price before deciding whether to tender.

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