Kuber Udyog allots 7.6285 crore shares for Golden Ikon

Kuber Udyog Limited allotted 7.6285 crore equity shares at Rs 23.10 each on October 28, 2026, as non-cash consideration for acquiring 100% of Golden Ikon Fleet Management Private Limited. The allotment has an implied value of Rs 176.21835 crore at the stated issue price, and Golden Ikon is to become Kuber Udyog’s wholly owned subsidiary upon completion.

What did Kuber Udyog allot for the Golden Ikon acquisition?

Kuber Udyog allotted 7.6285 crore equity shares of face value Rs 10 each at Rs 23.10 per share to the three acquirers as consideration other than cash for Golden Ikon. The October 28 board-approved allotment covers 100% of Golden Ikon’s equity share capital, according to the November 7 corrigendum to the pre-offer public advertisement.

At Rs 23.10 per share, the acquisition allotment carries an implied value of Rs 176.21835 crore. This is a share-based consideration rather than a cash payment. The filing says Golden Ikon is to become a wholly owned subsidiary of Kuber Udyog upon completion of the acquisition, without specifying a completion date.

Manav Bahri received 3.81425 crore shares, or 50% of the non-cash issue. Dinesh Popli and Ajay Dutta each received 1.907125 crore shares, equal to 25% each of the allotment. All three recipients are named as acquirers in the open offer disclosed in the same corrigendum.

The 7.6285 crore acquisition shares exceed Kuber Udyog’s separate cash equity allotment of 3.955 crore shares by 3.6735 crore shares. The difference shows that the Golden Ikon consideration is the larger of the two immediate equity-share issues approved on October 28.

How much equity and warrant capital did Kuber Udyog allot?

Kuber Udyog allotted 3.955 crore equity shares for cash at Rs 23.10 each on a preferential basis, implying an issue value of Rs 91.3605 crore. The filing describes the recipients as persons other than promoters, including the acquirers and persons acting in concert, or PACs.

The cash equity issue used the same Rs 23.10 price as the 7.6285 crore non-cash shares issued for Golden Ikon. As each share has a Rs 10 face value, the issue price includes a Rs 13.10 premium. Kuber Udyog said the cash allotment followed Chapter V of the Securities and Exchange Board of India, or SEBI, Issue of Capital and Disclosure Requirements Regulations, 2018.

Kuber Udyog also allotted 37 lakh fully convertible equity warrants at Rs 23.10 per warrant, with an aggregate stated issue value of Rs 85.47 lakh. Each warrant is convertible into one fully paid-up equity share of Rs 10 face value, with a stated Rs 13.10 premium per share on conversion.

The 3.955 crore cash shares were allotted as equity immediately, while the 37 lakh warrants may become shares only if holders exercise conversion. The source permits conversion at any time within 18 months from allotment and in one or more tranches, so the timing and extent of warrant conversion remain unspecified.

Who received Kuber Udyog’s convertible warrants?

Kuber Udyog allotted 37 lakh warrants, of which 25 lakh were allotted to the public and 12 lakh to the named acquirers and PAC 1. The public allocation represents 67.57% of the warrants, while the three acquirers and Trimudra Trade & Holdings Private Limited received the remaining 32.43%.

Manav Bahri received 4.5 lakh warrants, the largest allotment among the named investors. Dinesh Popli and Ajay Dutta received 2.25 lakh warrants each, while Trimudra Trade & Holdings Private Limited, identified as PAC 1, received 3 lakh warrants. The three acquirers together received 9 lakh warrants.

The warrant price of Rs 23.10 matches the price for both equity allotments, although the mechanism differs. A warrant holder can convert each warrant into one equity share within the 18-month period, whereas the 3.955 crore cash equity shares were issued as shares at the October 28, 2026 allotment.

The source does not state whether the 37 lakh warrants will be converted in full, partially converted or allowed to lapse after the 18-month window. It also does not provide a schedule for individual conversions, beyond allowing exercise in one or more tranches under the applicable terms.

How do Kuber Udyog’s allotments relate to its open offer?

Kuber Udyog disclosed the allotments in a November 7, 2026 corrigendum concerning an open offer by Manav Bahri, Dinesh Popli and Ajay Dutta, together with two PACs. The open offer seeks up to 3.197168 crore fully paid-up shares, equal to 26.00% of Kuber Udyog’s expanded voting share capital.

The open-offer price is Rs 23.35 per share in cash, which is Rs 0.25 above the Rs 23.10 preferential-issue price. If fully accepted, the maximum 3.197168 crore shares sought in the offer would amount to Rs 74.653872 crore at the stated offer price. The offer is separate from the 7.6285 crore non-cash shares allotted for Golden Ikon.

The board approved the non-cash shares, cash equity shares and warrants at its October 28 meeting. Kuber Udyog stated that credit of these securities remains subject to listing and trading approval from BSE. The corrigendum does not state when BSE approval may be received.

The open offer is being made under Regulations 3(1) and 4 of the SEBI Substantial Acquisition of Shares and Takeovers Regulations, 2011. Separately, the filing says the Reserve Bank of India accepted Kuber Udyog’s voluntary application, dated July 24, 2026, for cancellation of its certificate of registration as a non-banking financial company on November 6, 2026.

Conclusion

Kuber Udyog’s October 28 allotments combine 7.6285 crore non-cash shares for the planned Golden Ikon acquisition, 3.955 crore preferential shares for cash, and 37 lakh convertible warrants. At the stated issue price, the Golden Ikon share consideration of Rs 176.21835 crore is larger than the Rs 91.3605 crore cash share issue, while the warrants could add up to 37 lakh shares if exercised.

The next disclosed matters to watch are BSE listing and trading approval for credit of the securities, completion of the Golden Ikon acquisition that would make it a wholly owned subsidiary, and any warrant conversions during the 18-month exercise period. Kuber Udyog’s open offer for up to 3.197168 crore shares at Rs 23.35 each also remains relevant to public shareholders.