ACI Infocom open offer 2026: ₹1.53 bid, aviation pivot

What ACI Infocom has disclosed

ACI Infocom Ltd (BSE: 517356) has disclosed a control-linked transaction that includes a mandatory open offer and a proposed change in business direction. The company has proposed expanding its business objects into aviation and allied sectors, alongside aerospace, defence, and explosives. These moves have been disclosed through exchange filings and related newspaper publications under Regulation 30 of the LODR framework. The transaction is still subject to shareholder approvals, regulatory permissions, and other applicable requirements. ACI Infocom is currently classified on BSE under IT - Software and is in the small-cap segment. As of 24 Aug 2026, the company’s share price is stated at ₹2.5.

Who the proposed acquirers are

The proposed acquirers are Sanjay Natvarlal Mandavia and Rupal Sanjay Mandavia. The disclosures describe them as spouses and as directors within the aviation sector. The stated plan involves them assuming control and management of ACI Infocom after completion of open offer formalities and other regulatory processes. The open offer is described as regulation-driven, following a change in shareholding structure linked to a preferential allotment. The acquirers have stated they do not intend to delist the company.

Open offer terms: size, price, and cash payout

ACI Infocom has received a Detailed Public Statement (DPS) dated August 17, 2026 for the mandatory open offer. The offer is for up to 3,70,47,634 equity shares, representing 26.00% of the emerging voting share capital. The offer price is fixed at ₹1.53 per equity share and payment is to be made in cash. If fully accepted, the maximum consideration is ₹5,66,82,881, which is about ₹5.67 crore. The disclosures state that the offer price is justified under SEBI regulations and aligns with the highest negotiated price for the underlying preferential allotment. The open offer is being made in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Key dates: tender window and payment timeline

The tendering period for the open offer is scheduled to open on October 5, 2026 and close on October 16, 2026. The disclosures state that payment to shareholders whose shares are accepted will be made within ten working days from the tender closure. Another timeline reference indicates that requirements are expected to be completed by November 2, 2026. The public announcement and letter of offer are referenced around August 10, 2026, aligned with the board approval of the preferential allotment. Investors tracking the event will likely focus on the tender dates, acceptance outcomes, and the completion milestones disclosed.

Preferential issue and fully convertible warrants

To support the proposed transition, shareholders are being asked to consider a preferential issue of up to 3.20 crore equity shares to the proposed promoter group, aggregating up to ₹4.90 crore. In addition, the company has proposed issuing up to 29.48 crore fully convertible warrants (FCWs), aggregating up to ₹45.10 crore, subject to approvals and the terms of the issue. Another disclosure provides the same quantities and breaks the warrant pricing into an issue price of ₹0.3825 per warrant and an exercise price of ₹1.1475 per warrant, totalling ₹1.53 per warrant upon full conversion. The company also disclosed a plan to hike capital from ₹13.5 crore to ₹50 crore through the preferential issue of equity shares and FCWs priced at ₹1.53 each. The issue price is stated to be determined using the volume-weighted average price over the preceding 10 trading days before the relevant date of August 10, 2026, plus a control premium.

EGM on September 9, 2026: expanding objects into aviation, defence

ACI Infocom has scheduled an Extra-Ordinary General Meeting (EGM) on September 9, 2026. The agenda includes approving the strategic pivot into aviation, aerospace, defence, and explosives. The stated intent is to expand the company’s business objects to include aviation and allied sectors. Alongside this pivot, shareholders are also being asked to consider the preferential allotment and related capital raising structure. The proposed change in control and the expansion of business objects are positioned as linked steps in the broader transition.

Use of proceeds and timeline up to FY28

The company has outlined intended utilisation of proceeds from the preferential issue for strategic acquisitions and corporate purposes. Disclosed line items include acquisition of aircraft (Hawker) of ₹30 crore, investment in Wardwizard Aviation Private Limited of ₹7.52 crore, and general corporate purposes of ₹12.48 crore. The stated utilisation timeline extends until March 31, 2028. These planned uses provide a framework for what the company says it intends to do with the capital if approvals and issuances proceed as proposed.

Offer process: intermediaries and escrow funding

Credora Partners Private Limited has been appointed as the Manager to the Offer. MUFG Intime India Private Limited has been appointed as the Registrar to the Offer. To support open offer obligations, the acquirers have deposited ₹1.42 crore into an escrow account with HDFC Bank Limited. The disclosures state this represents more than 25% of the maximum offer consideration. These process details are relevant for shareholders tracking procedural compliance and settlement timelines.

Snapshot of disclosed numbers and dates

Market context and what investors typically track next

The disclosures point to a transaction anchored in a preferential allotment, with the resulting 25% plus holding triggering a mandatory open offer under SEBI SAST rules. The stated post-issue holding disclosed is 3,56,89,004 shares (25.05%). Investors typically monitor whether shareholder approvals are obtained at the EGM, and whether regulatory processes proceed within the timelines laid out in the offer documents. Separately, the strategy shift from IT services into aviation and defence-linked segments increases the importance of execution updates, especially because the company has also reported a widened net loss of ₹1.8541 crore (₹185.41 lakh) in FY26, as stated in the disclosures. For public shareholders, the near-term actionable event remains the October 2026 tender window and the cash settlement timeline disclosed by the company.

Conclusion

ACI Infocom’s disclosures combine a mandatory open offer at ₹1.53 per share with a proposed business expansion into aviation and allied sectors, subject to approvals. The next scheduled milestones are the September 9, 2026 EGM and the October 5-16, 2026 tender period, followed by payment within ten working days after tender closure, as disclosed.