Open offer for Kuber Udyog: up to 26.00% at Rs. 23.35 per share, tendering October 28 to November 11
Open offer for Kuber Udyog: up to 3,19,71,680 shares (26.00% of Expanded Voting Share Capital) at Rs. 23.35 per share in cash, by three acquirers with two PACs.
By ScoutQuest · · 3 min read
- Offer size
- up to 3,19,71,680 equity shares (26.00% of Expanded Voting Share Capital)
- Offer price
- Rs. 23.35 per share in cash
- Tendering period
- October 28, 2026 to November 11, 2026
What has been shared
Systematix Corporate Services Ltd, the Manager to the Offer, has submitted the Letter of Offer dated October 17, 2026 to BSE for the open offer to the public shareholders of Kuber Udyog Ltd. The letter is scheduled for dispatch to equity shareholders (other than the Acquirers and the PACs) on or before October 21, 2026.
The offer is made under Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Offer terms
- The Acquirers are Mr. Manav Bahri (Acquirer 1), Mr. Dinesh Popli (Acquirer 2) and Mr. Ajay Dutta (Acquirer 3). The persons acting in concert are Trimudra Trade & Holdings Private Limited (PAC 1) and Ms. Shraddha Gohil (PAC 2).
- Offer size: 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.
- Offer price: Rs. 23.35 per equity share, payable in cash.
- The offer is not conditional on any minimum level of acceptance and is not a competing offer.
Key dates
- Identified date: October 13, 2026.
- Letter of Offer dispatch: on or before October 21, 2026.
- Last date for upward revision of the offer price or any increase in the offer size: October 27, 2026.
- Tendering period opens October 28, 2026 (Wednesday) and closes November 11, 2026 (Wednesday), a period of 10 working days.
- Last date for communicating acceptance or rejection and completing payment of consideration or refund: November 26, 2026.
Share capital backdrop
- The Expanded Voting Share Capital is stated as 11,92,68,000 equity shares and 37,00,000 convertible warrants, each warrant convertible into one equity share.
- Under the Share Sale & Subscription Agreement dated August 7, 2026, 7,62,85,000 equity shares are proposed to be issued to the Acquirers as consideration for the acquisition of Golden Ikon Fleet Management Private Limited.
- Shareholders at the Annual General Meeting held on September 5, 2026 approved that issuance, and the Target Company has received BSE in-principle approval dated October 15, 2026; the shares remain subject to listing and trading approvals.
Points for a tendering shareholder to note
- Shares once tendered cannot be withdrawn during the tendering period, and a lien is marked against them until the offer formalities are completed; they cannot be traded during that period, even if acceptance or payment is delayed.
- If the offer is oversubscribed, tendered shares may be accepted on a proportionate basis, so not all tendered shares may be accepted.
- Payment of consideration may take up to 10 working days, or such extended period as permitted, from closure of the tendering period.
- The offer price and size may be revised upward up to one working day before the tendering period begins; any such revision is to be announced in the same newspapers that carried the Detailed Public Statement.
- The post-offer public shareholding may fall below 25%, in which case the Acquirers and PACs would need to restore minimum public shareholding within applicable timelines.
- The offer may be withdrawn or delayed if a required approval is refused, or on a court stay or SEBI direction.
- The Target Company's application to the RBI for voluntary surrender of its Certificate of Registration as a Non-Banking Financial Company is pending with the RBI.
Process
- The Manager to the Offer is Systematix Corporate Services Ltd and the Registrar to the Offer is Satellite Corporate Services Pvt. Ltd.
- Documents are available on the websites of SEBI, BSE, the Target Company and the Manager to the Offer.
Also from Kuber Udyog
IDC: open offer for 26.00% at Rs. 23.35 per share fair and reasonable, recommends acceptance
21 Oct 2026
IDC: open offer at Rs. 23.35 per share is fair and reasonable, recommends acceptance
19 Oct 2026
Corrigendum to Detailed Public Statement for open offer: up to 3,19,71,680 shares at Rs. 23.35/-
19 Oct 2026
More numbers
- Offer price per equity shareRs. 23.35/-
- Offer size in equity shares3,19,71,680
- Offer size as % of Expanded Voting Share Capital26.00%
- Face value per equity shareRs. 10/-
- Equity shares in Expanded Voting Share Capital11,92,68,000
- Convertible warrants in Expanded Voting Share Capital37,00,000
- SSSA consideration shares proposed to Acquirers7,62,85,000
- Tendering period length10 working days
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