Ishaan Infrastructures open offer: ₹14 price in 2026

Open offer announced after a control change trigger

Ishaan Infrastructures & Shelters Ltd (BSE: 540134) has disclosed a mandatory open offer following a transaction that will result in a change in management control and promoter group. The open offer has been announced by a consortium of acquirers led by Misun Pure Lights Private Limited and Ravi Prakash Bothra, along with persons acting in concert (PACs). The acquirers have filed a Draft Letter of Offer (DLOF) to buy shares from public shareholders at a fixed cash price. The offer is aimed at acquiring up to 63,48,500 equity shares, which represents 10.04% of the company’s expanded voting equity share capital.

The disclosure positions the open offer as part of a broader restructuring involving a preferential issue and a share-swap driven acquisition of other companies. The company is classified under the construction sector and is described as a small-cap stock on the BSE. The company is also referenced as being headquartered in Ahmedabad, Gujarat.

Who the acquirers are and what they are seeking

The consortium is led by Misun Pure Lights Private Limited, with Ravi Prakash Bothra named among the acquirers. The same set of disclosures also references Vaaibhav Bothrra as part of the group of acquirers. The open offer is being made to public shareholders and is structured as a cash offer.

According to the disclosed terms, the acquirers will become new promoters and gain management control pursuant to the wider transaction. Post-acquisition shareholding details cited in the disclosure indicate the acquirers are expected to hold 50.54% stake after the acquisition, with PACs holding an additional 9.50%. The disclosures also state that the acquisition is subject to regulatory approvals, and that it will not result in delisting.

Offer size, price, and maximum consideration

The open offer is set at ₹14 per equity share. The maximum number of shares sought is 63,48,500, representing 10.04% of the expanded voting share capital. The maximum cash consideration payable, assuming full acceptance, is stated as ₹8,88,79,000 (₹8.8879 crore). Payment mode is described as cash.

The manager to the offer is Novus Capital Advisors Private Limited. Investors are also advised in the disclosure to monitor the final Letter of Offer and any feedback from SEBI.

Key dates: announcement to tendering window

The disclosures provide a sequence of dated steps from public announcement to filing of the offer document. A timeline table in the data lists the Public Announcement as August 29, 2026, followed by the Detailed Public Statement on September 4, 2026, and filing of the Draft Letter of Offer on September 11, 2026. An “Identified Date” is stated as October 8, 2026.

Separately, the tendering period is scheduled to commence on October 23, 2026 and close on November 5, 2026. The final deadline for any upward revision of the offer price is stated as October 21, 2026. The disclosures also reference “Open Offer Announcement” public announcement dates as August 31, 2026, and the Letter of Offer being referenced with date 29-08-2026.

Timeline (as disclosed)

Escrow deposit and financial safeguards

The acquirers have deposited ₹2.23 crore into an escrow account maintained with ICICI Bank Limited. The disclosure notes this amount is equivalent to more than 25% of the total consideration. This escrow funding is a standard mechanism under SEBI takeover regulations to provide financial assurance for open offers.

With the maximum offer size capped at ₹8.8879 crore, the escrow amount disclosed provides a quantified checkpoint for shareholders tracking the progression from the draft stage to the final Letter of Offer.

Preferential issue and the broader transaction context

The open offer is described as being triggered by a preferential issue of up to 5,67,51,732 shares at ₹14 per share (face value ₹10). The disclosures describe the wider deal as involving a share swap with aggregate acquisition consideration of ₹79.45 crore to acquire 100% stakes in BEPL and BCEPL.

The data also provides capital structure reference points, stating existing voting capital as 64,74,600 shares and expanded voting share capital as 6,32,26,332 shares after the preferential allotment. A separate disclosure line also notes that 5.67 crore shares were allotted to Misun Pure Lights Private Limited and related partners/PACs.

Corporate disclosures around the same period

BSE filings referenced in the data include the Draft Letter of Offer dated September 11, 2026, along with announcements on September 18, 2026, including a Regulation 30 (LODR) meeting update and a corrigendum to the AGM notice dated September 03, 2026 for the company’s 31st Annual General Meeting.

The disclosures also mention governance actions, including appointment of M/s VJ & Associates as Secretarial Auditor for FY26. These items are disclosed alongside the open offer timeline and the broader promoter transition.

Offer terms summary table

Market context and what shareholders should track

The stock is listed on BSE under code 540134 and is tagged under the construction sector in the provided data. A market snapshot in the text shows a bid/ask of 14.20/0.00 at the time of that reference, close to the offer price of ₹14. For shareholders, the key operational points in the disclosure are the tendering window (Oct 23 to Nov 5, 2026), the price revision deadline (Oct 21, 2026), and the need to use the BSE acquisition window for tendering.

The company’s disclosures repeatedly flag that investors should monitor the final Letter of Offer and any SEBI-related observations. Given the transaction includes a preferential issue and promoter change, shareholders typically track the final offer document, timelines, and tendering mechanics as they are formally communicated.

Conclusion

Ishaan Infrastructures & Shelters’ mandatory open offer is set at ₹14 per share for up to 63,48,500 shares (10.04% of expanded voting capital), with a maximum cash outlay of ₹8.8879 crore. The DLOF was filed on September 11, 2026, and the tendering period is scheduled from October 23 to November 5, 2026, with the last date for upward price revision on October 21, 2026. The next key document for shareholders to watch is the final Letter of Offer, along with any SEBI feedback referenced in the disclosures.