ECS Biztech open offer ₹10.50 after 2026 stake buy

What has been disclosed

ECS Biztech Limited has seen a change-of-control transaction following a Share Purchase Agreement (SPA) signed on July 29, 2026. Disclosures indicate that Mr. Rakesh Ramanlal Shah and Komal Infotech Private Limited (person acting in concert, or PAC) acquired a large equity stake through an off-market purchase. The filings were made under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

A disclosure was filed with BSE Limited on September 28, 2026, under Regulation 29(1) of the SEBI (SAST) Regulations, 2011, relating to the acquisition. Separately, BSE also referenced disclosures under Regulation 29(2) in relation to promoter-side reporting.

Stake acquisition: two sets of figures in disclosures

The information shared includes two stake figures in circulation.

One disclosure states that Komal Infotech Private Limited and Mr. Rakesh Ramanlal Shah together acquired a combined 59.50% equity stake in ECS Biztech Limited, involving 1,22,30,916 equity shares, via an off-market transaction under the SPA dated July 29, 2026. The same set of details also states that Mr. Rakesh Ramanlal Shah individually acquired 1,15,00,000 shares, representing 55.95% of the company’s equity.

In the open offer related documents, the acquisition under the SPA is described as an agreement to acquire 1,34,46,936 equity shares, representing 65.42% of the total paid-up/voting share capital, from the existing promoters and promoter group. The seller group is named as Vijay Mansinhbhai Mandora, Seema Vijay Mandora, Achal Vijaysinh Mandora, and Mandora Finserve Private Limited.

Open offer announced for 26% at ₹10.50

Following the SPA, Mr. Rakesh Ramanlal Shah (Acquirer) and Komal Infotech Private Limited (PAC) launched a mandatory open offer to acquire up to 26.00% of ECS Biztech Limited.

The open offer is for up to 53,44,313 fully paid-up equity shares, representing 26.00% of the total paid-up/voting share capital. The offer price is ₹10.50 per share, payable in cash.

The documentation notes that the offer price is higher than the ₹2.26 per share negotiated in the SPA with the promoter sellers.

Dates that matter for shareholders

A public announcement is shown as dated July 29, 2026. The tendering period is scheduled to open on September 22, 2026 and close on October 06, 2026. The payment of consideration is expected by October 21, 2026, as per the timeline provided.

The disclosure referenced by BSE about the acquisition was filed on September 28, 2026.

Consideration, escrow, and other financial details

The open offer documentation provides the maximum open offer consideration and the funding security created for it.

• Maximum open offer consideration is stated as ₹5,61,15,286.50 (₹5.61 crore).
• The negotiated SPA consideration is stated as ₹3,03,90,076 (₹3.04 crore) for the promoter stake described in the open offer announcement.
• The acquirer has deposited ₹5,62,00,000 (₹5.62 crore) in an escrow account with Axis Bank, described as more than 100% of the maximum open offer consideration.

Acquirer profile included in the offer document

The open offer material describes Mr. Rakesh Ramanlal Shah as aged 73 years, a commerce graduate from Gujarat University, and an industrialist with over 30 years of experience. It also states that he is promoter and director of Diamond Power Infrastructure Limited and IMP Powers Limited, and that these entities were acquired through the Insolvency and Bankruptcy Code (IBC) resolution process.

His net worth as of June 30, 2026 is stated as ₹10,29,78,01,551 (₹1,029.78 crore), certified by CA Dhaval Prajapati via a certificate dated July 29, 2026.

The document also notes that Mr. Shah is the promoter and director of the PAC and holds 5,67,900 shares representing 97.41% of Komal Infotech Private Limited’s share capital.

Other subsequent-event information mentioned

The material also mentions that on July 3, 2026, fixed assets and stock amounting to ₹1,06,29,314 (₹1.06 crore) (including GST) were sold or transferred to a group company. The company described this as a non-adjusting event for the quarter ended June 30, 2026.

Market reference: where the share price was cited

The provided information includes a market reference stating that the current share price of ECS Biztech is ₹13.2.

Key facts at a glance

Why this transaction matters

Under SEBI’s takeover regulations, a change in control or a large acquisition of voting rights typically triggers an obligation to make an open offer to public shareholders. In this case, the open offer is positioned as mandatory and follows the SPA that transfers a controlling block from the promoter group.

The disclosed pricing gap is also notable: the SPA price is cited at ₹2.26 per share while the open offer is fixed at ₹10.50 per share. For shareholders evaluating whether to tender, the relevant reference points in the material are the open offer price, the tendering period, and the timelines for payment.

Conclusion

ECS Biztech’s disclosures outline a promoter stake sale under an SPA dated July 29, 2026 and a subsequent mandatory open offer for 26% at ₹10.50 per share. With the tendering window scheduled from September 22 to October 06, 2026 and payment expected by October 21, 2026, investors will track the open offer process and related regulatory filings for further updates.