Kapil Raj Finance open offer: key terms and price 2026

Stock in focus after open offer disclosure

Kapil Raj Finance Ltd (BSE: 539679), a small-cap NBFC focused on financial and insurance services, was in focus after a public announcement related to an open offer. The stock closed at ₹3.09 on September 25, 2026 (4:01 pm IST), down ₹0.16 (-4.92%) from the previous close. The same market snapshot showed an open of ₹3.41 and a previous close of ₹3.25 for that session.

The open offer announcement is dated September 21, 2026, with Novus Capital Advisors Pvt. Ltd. (formerly Fast Track Finsec Pvt. Ltd.) submitting the public announcement copy to BSE. The disclosed offer price of ₹2.24 per share sits below the September 25 closing price cited above, highlighting how market prices and regulatory offer prices can diverge around corporate actions.

What the public announcement said

According to the disclosed details, the acquirers are Arpit Agarwal, Megha Agarwal and Arpit Agarwal HUF. The open offer is to buy up to 9,92,12,282 shares, representing 26% of the expanded capital, at an offer price of ₹2.24 per share. The total consideration stated is ₹22.22 crore, payable in cash.

The announcement links the open offer trigger to a September 21 share swap agreement. Under this arrangement, Kapil Raj Finance agreed to issue 26,54,87,700 shares at ₹2.24 to the acquirers. In exchange, the company would acquire a 90% stake in Henyo Pack Limited, as stated in the provided text.

A key point in the disclosure is that the acquirers held no shares beforehand. Post the preferential allotment, they would hold 69.57% and would become the promoters, based on the same announcement.

Deal structure behind the trigger

The disclosure frames the transaction as a share-swap leading to a preferential allotment and a subsequent open offer obligation. The preferential issuance of 26,54,87,700 shares at ₹2.24 is explicitly mentioned as part of the swap agreement. The open offer component is described as covering up to 26% of expanded voting share capital, which is consistent with the open offer size of 9,92,12,282 shares.

Novus Capital Advisors is named as the manager to the offer. The announcement also states the consideration for the open offer is in cash, with the aggregate amount specified as ₹22.22 crore.

Company profile: NBFC with financing and consultancy focus

Kapil Raj Finance Ltd is described as being incorporated in 1985 and operating in financial and insurance services. The company is also described as an important non-deposit taking non-banking financial company (as written in the provided key points). Its business description includes providing financing, management and financial consultancy to industrial and commercial enterprises.

The business lines listed include hire purchase financing for a range of assets and catering to real estate needs of various businesses. Another description in the text notes financing and investment activities for corporate sectors in India, and financing services to industrial and commercial enterprises.

Key stock and valuation metrics provided

The provided stock snapshot includes market and valuation datapoints such as market cap, P/E, book value and return ratios. It also lists the stock’s 52-week or reported high/low as ₹4.35 / ₹1.15.

Notably, multiple market-cap figures appear in the supplied text across different feeds, including ₹33.8 crore, ₹17.39 crore, and ₹16.74 (stated without a unit but presented in the market-cap context). These figures are reproduced as provided, and readers typically should rely on the latest exchange-displayed market cap at the time of reference.

Open offer terms at a glance

The announcement provides clear numbers on the offer size, offer price, and the connected preferential issuance. It also clarifies the pre-transaction shareholding position of the acquirers and the expected post-allotment promoter holding.

Price checkpoints mentioned in the data

Apart from the September 25 close, the supplied text also includes an earlier price update: on August 27, 2026 (3:29 pm) the stock was shown at ₹1.59, up 2.58% from a previous close of ₹1.55, with an open price noted as ₹1.58 in that snapshot. Another data point shows ₹1.53 on July 10, 2026, down 3.77%.

These checkpoints show that the stock price levels referenced across July, August, and late September 2026 varied meaningfully, while the open offer price disclosed in the public announcement is ₹2.24.

Corporate identifiers and listings

The company is described as a public limited listed company incorporated on 13/12/1985, with a registered office in Delhi. The CIN provided is L65929DL1985PLC022788 and the ISIN is INE332Q01023. The text also states that Kapil Raj Finance is not listed on NSE.

Why the disclosure matters for investors

Open offer announcements typically matter because they can change promoter control, influence public shareholding dynamics, and provide a regulated tender route at a stated price. In this case, the disclosure explicitly mentions a shift from no holding to promoter status post preferential allotment, with a stated post-allotment holding of 69.57% for the acquirers.

The open offer terms also provide a clear reference point for investors tracking corporate actions: 26% of expanded capital, ₹2.24 per share, and ₹22.22 crore total consideration. For market participants, the difference between the stated offer price and the prevailing market price at different dates is a key detail to monitor alongside subsequent filings and timelines.

Conclusion

Kapil Raj Finance’s September 2026 disclosures centre on an open offer and a related share-swap driven preferential allotment connected to the acquisition of a 90% stake in Henyo Pack Limited. The open offer price is ₹2.24 per share for up to 9,92,12,282 shares, with ₹22.22 crore stated as cash consideration. The stock, meanwhile, closed at ₹3.09 on September 25, 2026, down 4.92% on the day, based on the provided market snapshot. Further clarity for investors typically comes from the detailed schedule and subsequent exchange filings associated with the offer process.