Kuber Udyog Ltd Open Offer Seeks 26% at ₹23.35 Per Share

Kuber Udyog Ltd’s open offer seeks up to 3,19,71,680 shares, or 26% of its expanded voting share capital, at ₹23.35 per share for a maximum consideration of about ₹74.65 crore. The tendering window opens on October 28, 2026, and closes on November 11, 2026, following a revised timetable disclosed on October 19.

What are the terms of Kuber Udyog’s open offer?

Kuber Udyog Ltd is the target company in an open offer made by Manav Bahri, Dinesh Popli and Ajay Dutta, together with persons acting in concert, Trimudra Trade & Holdings Private Limited and Shraddha Gohil. The acquirers are offering to buy up to 3,19,71,680 fully paid-up equity shares with a face value of ₹10 each.

The maximum number of shares represents 26% of Kuber Udyog’s expanded voting share capital. The offer price is ₹23.35 for each equity share, placing the maximum offer consideration at approximately ₹74.65 crore. The offer is not conditional on a minimum level of acceptance, meaning its completion does not depend on shareholders tendering a specified minimum quantity of shares.

The transaction has been made under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Systematix Corporate Services Limited is acting as manager to the offer and has submitted the relevant filings to BSE.

Why were the tendering dates for the offer revised?

The tendering dates were revised through a corrigendum to the detailed public statement submitted on October 19, 2026. The original schedule had proposed a tendering period from October 1 to October 15, 2026. Under the revised timetable, eligible shareholders can tender shares from October 28 through November 11.

The corrigendum followed SEBI’s observation letter dated October 9, 2026. It incorporated final regulatory observations, a revised schedule of activities and updates to disclosures related to the acquirers and persons acting in concert. The revised information was published in The Financial Express, Jansatta and Mumbai Lakshdeep, according to the disclosures.

Systematix Corporate Services also submitted the revised Letter of Offer to BSE on October 19. The Letter of Offer was scheduled for dispatch to eligible shareholders on or before October 21. Shareholders need to use the formal offer documents and applicable tendering process to participate within the revised dates.

The disclosures state that there is no competing offer. They also note that the open offer remains subject to regulatory approvals, including pending Reserve Bank of India approval regarding Kuber Udyog’s voluntary surrender of its NBFC registration.

What has Kuber Udyog’s independent directors’ committee recommended?

Kuber Udyog’s Committee of Independent Directors recommended acceptance of the open offer after reviewing the terms submitted by the acquirers and persons acting in concert. Systematix Corporate Services submitted the committee’s recommendation to BSE under Regulation 26(7) of the SEBI takeover regulations.

The committee noted that the offer price of ₹23.35 per share is consistent with the applicable SEBI pricing framework. It also noted that the offer price is above the ₹23.10 preferential allotment price referred to in the offer-related disclosures.

At the same time, the committee advised shareholders to assess the offer against the prevailing market price before reaching their own decision. Kuber Udyog shares closed at ₹60.94 on October 27, 2026, up 3.73% for the next-day-close data provided. This closing price was above the open offer price of ₹23.35.

The committee’s recommendation is an important formal step in the process, but it does not require shareholders to tender shares. Each shareholder can decide whether to participate, subject to the terms in the Letter of Offer and the tendering mechanism.

How does the offer affect Kuber Udyog shareholders and investors?

For shareholders, the offer creates a defined opportunity to tender shares at ₹23.35 each during the October 28 to November 11 window. As the offer is for up to 26% of expanded voting capital, the number of shares ultimately accepted will depend on participation and the tendering process specified in the Letter of Offer.

The offer price is materially below the ₹60.94 closing price reported for October 27. The independent directors’ committee specifically asked shareholders to consider the market price alongside the offer terms. Market prices can change, while the open offer price and tendering dates are stated in the offer documents.

For investors, the revised calendar and the formal independent directors’ recommendation provide clarity on the immediate procedural milestones. The planned payment or refund date is November 26, 2026. The transaction is not subject to a minimum acceptance condition, although it remains subject to the regulatory matters disclosed in the offer documents.

The pending RBI approval for voluntary surrender of the NBFC registration is relevant because it is separately identified among the regulatory approvals. The public disclosures do not state a date for RBI’s decision. Investors tracking the transaction may therefore focus on tendering results, payment or refund completion and further announcements concerning approvals.

Conclusion

Kuber Udyog’s open offer seeks 26% of expanded voting share capital through the purchase of up to 3,19,71,680 shares at ₹23.35 each, implying a maximum outlay of about ₹74.65 crore. The offer timetable was shifted after SEBI observations, and the independent directors’ committee has formally recommended acceptance while asking shareholders to consider the prevailing market price.

The next scheduled event is the close of the tendering period on November 11, 2026, followed by payment or refund by November 26. Investors will also watch the final tendering outcome and updates on the pending RBI approval for voluntary surrender of Kuber Udyog’s NBFC registration.