Kuber Udyog539408Open offer update

IDC: open offer for 26.00% at Rs. 23.35 per share fair and reasonable, recommends acceptance

Committee of Independent Directors of Kuber Udyog met on October 19, 2026 and called the open offer for up to ~3.2 crore shares (26.00%) at Rs. 23.35/- per share fair and reasonable, recommending acceptance.

By ScoutQuest · Wed 21 Oct 2026, 1:01 PM IST · 2 min read

26%Share of Expanded Voting Share Capital represented

Share of Expanded Voting Share Capital represented: 26.00%.

Offer Price: Rs. 23.35/- per equity share
Offer Size: up to ~3.2 crore equity shares (26.00% of the Expanded Voting Share Capital)
Preferential Allotment Price: Rs. 23.10/- per equity share and warrant

Offer snapshot

Acquirers: Mr. Manav Bahri, Mr. Dinesh Popli and Mr. Ajay Dutta, together with Trimudra Trade & Holdings Private Limited and Ms. Shraddha Gohil as persons acting in concert.
Up to ~3.2 crore fully paid-up equity shares of face value Rs. 10/- each, being 26.00% of the Expanded Voting Share Capital.
Price: Rs. 23.35/- per equity share, payable in cash.

What the committee said

The Committee of Independent Directors met on October 19, 2026 and is of the opinion that the Offer is fair and reasonable. It recommends acceptance of the Open Offer. The recommendations were unanimously approved by the members present.

Why the committee called it fair

The Offer Price of Rs. 23.35/- per share is in accordance with Regulation 8(2) of the SEBI (SAST) Regulations as on the date of the Public Announcement.
The shares were frequently traded on the stock exchange as on that date.
The Offer Price is higher than the Rs. 23.10/- per equity share and warrant price worked out for the preferential allotment to the Acquirers, PACs and other public shareholders under the SEBI (ICDR) Regulations, 2018.

Point the committee flagged

The committee drew shareholders' 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 advised shareholders to independently evaluate the open offer against the current share price and take a decision in their own best interest.

Committee and disclosures

Members: Mrs. Purvi Patel (Chairperson) and Mr. Akshay Girish Poriya, both Independent and Non-Executive Directors.
They have no contractual relationship with the target company and no relationship with the Acquirers and PACs.
None of the members traded in the equity shares or other securities of the target company.

What this means for retail shareholders

A committee of independent directors giving its view on an open offer is an input for the shareholder, not an instruction. Here the committee says the price is fair and reasonable and recommends acceptance, while also pointing out that the market price is now above the Offer Price. So the choice of whether to tender shares at Rs. 23.35/- rests on each shareholder's own comparison of that price with the current market price.

The recommendations were published on October 21, 2026 in The Financial Express (English, all editions), Jansatta (Hindi, all editions) and Mumbai Lakhdeep (Marathi, Mumbai edition).

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