Comrade Appliances Open Offer Sets ₹35 Share Price, 2026

Open offer follows control transaction

Comrade Appliances Ltd has received a mandatory open offer from Omnia Appliances Pvt Ltd and three associated acquirers. The offer is for up to 26,46,487 equity shares at ₹35 per share. It represents 26.00% of the company’s expanded share capital. Corporate Professionals Capital Pvt Ltd, the manager to the offer, submitted the detailed public statement to BSE on October 21, 2026. The transaction follows a share purchase agreement with existing promoter Mehboob Alam and a proposed preferential issue. The disclosures indicate that the transaction will result in joint control by the acquirers.

Acquirers named in the detailed statement

The acquirers are Omnia Appliances Pvt Ltd, Graphic Promoters and Developers Pvt Ltd, Amaira Estate Advisors LLP and MLJ Aeternum LLP. Omnia Appliances is identified as the entity subscribing to shares through the preferential issue. The four entities are acting together for the acquisition. Their open offer has been made under Regulation 3(1) and Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These provisions apply when an acquisition crosses prescribed ownership thresholds or leads to a change in control. The offer is therefore a regulatory requirement linked to the wider transaction.

Share purchase agreement triggers the offer

Under the share purchase agreement, Mehboob Alam agreed to sell 18,90,000 shares to the acquirers. The stake represents 24.30% of Comrade Appliances’ pre-issue paid-up share capital. The disclosed transaction value is about ₹6.43 crore, based on a price of ₹34 per share. This transfer is taking place alongside the preferential issue to Omnia Appliances. Together, the two steps trigger the mandatory offer and the proposed change in management control. The acquirers are expected to be reclassified as promoters following the transaction.

Preferential allotment expands share capital

Omnia Appliances has agreed to subscribe to 20,00,000 equity shares through a preferential issue at ₹34 per share. The subscription is valued at ₹6.80 crore. Based on the detailed public statement, the company’s expanded paid-up share capital would rise to 1,01,78,795 shares. The preferential issue requires the relevant shareholder and regulatory approvals. Investors should track the postal ballot process and subsequent exchange disclosures for confirmation of the allotment. The expanded capital base is also the basis for calculating the 26% open-offer size.

Key transaction figures

Offer price and funding arrangement

The open offer price is ₹35 per equity share, which is ₹1 above the ₹34 per share price disclosed for the share purchase agreement and preferential subscription. If fully accepted, the offer will require a maximum consideration of ₹9,26,27,045, or about ₹9.26 crore. The acquirers have deposited ₹2.31 crore in an escrow account with Kotak Mahindra Bank. The disclosure states that this amount is more than 25% of the maximum offer consideration. Nikunj Stock Brokers Ltd has been appointed as the buying broker. BSE is the designated stock exchange for the tendering process.

Open-offer schedule for shareholders

The detailed public statement sets out a tentative timetable for the transaction. The draft offer document is scheduled to be filed on October 28, 2026. The identified date is November 23, 2026, while November 12, 2026 is the last date for a competing offer. The letter of offer is scheduled to be dispatched on December 1, 2026. The tendering period is expected to open on December 8 and close on December 21, 2026. Payment of consideration is scheduled by January 5, 2027, subject to the offer process and applicable approvals.

What the transaction means for shareholders

The offer gives eligible public shareholders an opportunity to tender shares at ₹35 per share during the specified window. It is not conditional on a minimum level of acceptance, according to the available disclosure. The acquirers have stated an intention to maintain the minimum 25% public shareholding requirement under SEBI rules after the offer. The transaction also marks a shift from promoter Mehboob Alam to a group led by the incoming acquirers. Shareholders should rely on the letter of offer and BSE filings for final terms, eligibility details and tendering instructions.

Market and governance relevance

The transaction combines a promoter stake sale with fresh equity issuance, making it relevant for both ownership and capital-structure tracking. The share purchase agreement transfers an existing stake, while the preferential issue adds new shares and changes the expanded share capital. The acquirers’ disclosed holding after the share purchase agreement and preferential issue is 38.22% of the expanded share capital, before the outcome of the open offer. The open offer could increase their holding depending on shareholder participation. The key near-term milestones are the filing of the draft offer document, the letter of offer and the December tendering period.

Next steps in the open-offer process

Comrade Appliances’ open offer is a regulated consequence of the proposed acquisition and joint-control arrangement. The disclosed price is ₹35 per share for up to 26% of the expanded equity capital. The acquirers’ preferential subscription and share purchase agreement remain central to the ownership transition. Investors can monitor BSE disclosures for approval updates, the letter of offer and any changes to the stated schedule. The next listed event is the filing of the draft offer document on October 28, 2026.