PIPrabhhans Industries530361Open offer announcement

Draft Letter of Offer shared for open offer to Prabhhans Industries public shareholders at Rs. 41.30 per share

Novus Capital Advisors Pvt Ltd, manager to the offer, has shared the Draft Letter of Offer with BSE for an open offer to the public shareholders of Prabhhans Industries Ltd.

By ScoutQuest · Thu 15 Oct 2026, 7:35 PM IST · 3 min read

Offer Price

₹41.30 per equity share, payable in cash

Offer Size

up to 54,82,248 equity shares, representing 15.84% of the expanded voting equity share capital

Tendering Period

opens November 26, 2026 and closes December 09, 2026

The Offer in brief

• Novus Capital Advisors Private Limited is the manager to the offer; Venture Capital and Corporate Investments Private Limited is the registrar to the offer.
• The open offer is made by the acquirers and persons acting in concert (PACs) for control over the target company.
• The acquirers are Exigo Recycling Private Limited, Mr. Raman Sharma, Mr. Anagh Ojha and Mr. Pankaj Chopra. The PACs are Ms. Kanika Gurjar and Mr. Ashok Sharma.
• The offer is not a competing offer, and it is not conditional upon any minimum level of acceptance.
• The offer has been triggered pursuant to a proposed preferential issue, which is subject to the approval of the shareholders of the target company and other applicable regulatory requirements.

What public shareholders are being offered

• Up to 54,82,248 equity shares of face value INR 10/- each, representing 15.84% of the expanded voting equity share capital of the target company.
• Offer price: ₹41.30 per equity share, payable in cash.
• Maximum consideration, assuming full acceptance: INR 22,64,16,843.

Share capital arithmetic

• Pre-issue paid-up equity share capital: ₹6,24,82,400 divided into 62,48,240 fully paid-up equity shares.
• Expanded voting equity share capital: 3,46,16,990 equity shares, being the capital after allotment of 2,83,68,750 equity shares to the acquirers, PAC-2 and other shareholders of the transferor companies on a preferential basis.
• Warrants issued pursuant to the board resolution passed on September 30, 2026 have not been considered for calculating the expanded voting equity share capital.

Key dates

• Offer opens on November 26, 2026 and closes on December 09, 2026.
• Last date for an upward revision in the offer price or offer size is November 23, 2026.
• Last date for communicating acceptance or rejection and completing payment of consideration or refund of shares is December 23, 2026.
• The schedule is tentative and subject to receipt of statutory and regulatory approvals.

Points shareholders should note

• If the number of shares validly tendered is more than the offer size, acceptance will be on a proportionate basis, subject to a maximum of 54,82,248 equity shares. There is no assurance that all shares tendered will be accepted.
• Once shares are tendered, they cannot be withdrawn from the offer and cannot be traded while they are held for the offer, including in the event of any delay in acceptance or dispatch of consideration.
• A lien will be marked against the shares of public shareholders participating in the tender offer; only the accepted quantity is debited from the demat account and the lien on unaccepted shares is released.
• The acquirers and the manager make no assurance with respect to the market price of the shares before, during or after the offer.
• The target company is required to maintain at least 25% public shareholding; if it falls below this after the transaction, the acquirers have agreed to take necessary steps to bring down their shareholding within the time prescribed under applicable law.
• The offer may be withdrawn under the circumstances set out in the update, and any such withdrawal would be announced in the newspapers in which the Detailed Public Statement was published.
• The risk factors set out in the update relate to the offer and not to the present or future business operations of the target company, and shareholders are advised to consult their own advisers.

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