ACI Infocom Limited Open Offer Seeks 26% at ₹1.53 Per Share

ACI Infocom Limited received a mandatory open offer from Sanjay Natvarlal Mandavia and Rupal Sanjay Mandavia for up to 26% of its emerging voting share capital at ₹1.53 per share, with total consideration of about ₹5.67 crore. The offer is linked to a proposed preferential issue that is expected to result in a change in control and management.

What are the terms of the ACI Infocom open offer?

ACI Infocom Limited, an IT solutions, services and telecom products company, is the target of an open offer for up to 3,70,47,634 equity shares. The offer represents 26.00% of the company’s emerging voting share capital and is priced at ₹1.53 per share, payable in cash.

The total consideration for the proposed acquisition is approximately ₹5.67 crore. Credora Partners Private Limited is acting as manager to the open offer and submitted the Draft Letter of Offer, or DLOF, to BSE for the attention of ACI Infocom’s public shareholders. The DLOF is dated August 24, 2026.

Why was the mandatory open offer triggered?

The open offer was triggered by a proposed preferential issue of equity shares and warrants that is expected to lead to a change in ACI Infocom’s control and management. The offer has been made under the Securities and Exchange Board of India’s Substantial Acquisition of Shares and Takeovers regulations.

ACI Infocom informed BSE on August 10, 2026 that it had received a public announcement letter from Credora Partners. A detailed public statement related to the offer was subsequently disclosed on August 17, 2026. These disclosures set out the proposed acquisition process and the acquirers’ intention to purchase shares from public shareholders.

The company had also scheduled an Extra-Ordinary General Meeting, or EGM, for September 9, 2026. The stated purpose included approval for the preferential allotment and amendments connected with proposed new business areas. Shareholder approval for the underlying preferential issue was a key step in the transaction described in the offer documents.

The disclosures identify Sanjay Natvarlal Mandavia and Rupal Sanjay Mandavia as the acquirers, with the Mandavias expected to become promoters following the transaction. The proposed shift is therefore not limited to a financial investment, as it involves an intended change in the company’s promoter and management classification.

When did ACI Infocom shareholders have to tender shares?

The DLOF stated that the tendering period would run from October 5, 2026 to October 16, 2026. As of November 12, 2026, that stated tendering window has passed.

The timeline began with the public announcement on August 10 and the detailed public statement on August 17. The DLOF followed on August 24, while the EGM was scheduled for September 9. The tendering dates were described as tentative and were linked to shareholder approval and in-principle approval from BSE.

The available information does not state the final number of shares tendered, the acceptance ratio, or the completion status of the offer. It also does not disclose a final shareholding outcome for the acquirers. Those details would depend on subsequent exchange and regulatory filings.

How does the offer affect ACI Infocom investors and operations?

For public shareholders, the offer provided an option to tender shares at ₹1.53 each during the stated offer period. The source data noted that the offer price was below a cited market price of ₹1.70, although market prices can change and the disclosed open-offer price remains the relevant transaction figure.

The transaction is significant because it is connected to a proposed control transition. The available report described ACI Infocom as having zero trailing-twelve-month revenue and zero promoter holding at the time of the offer coverage. These reported figures frame the transaction as a proposed reorganisation of ownership and management rather than an acquisition of an operating business with reported current revenue.

The company’s prior disclosures also point to planned fundraising. ACI Infocom had scheduled a board meeting on August 10, 2026 to consider and approve a fundraising proposal. The preferential issue and warrants referred to in the open-offer disclosures are central to understanding why the emerging voting capital, rather than only the existing share capital, was used to calculate the 26% offer size.

A promoter entity, Pujya Guruwar Textile India Pvt Ltd, was reported to have sold 13,41,458 ACI Infocom shares through open-market transactions on March 25, 2026. That earlier sale and the reported zero promoter holding provide background to the proposed promoter classification change involving the Mandavias.

Conclusion

The ACI Infocom open offer sought up to 3,70,47,634 shares, equal to 26% of emerging voting capital, at ₹1.53 per share for a total consideration of about ₹5.67 crore. Its importance lies in its connection with a preferential issue, proposed fundraising and an intended transfer of control and management to Sanjay Natvarlal Mandavia and Rupal Sanjay Mandavia.

The stated tendering period ended on October 16, 2026. Investors will need to monitor subsequent BSE, SEBI and company disclosures for the outcome of the tender process, final shareholding changes, the status of the preferential issue and confirmation of any promoter or management reclassification.