Kuber Udyog open offer: ₹74.65 cr at ₹23.35 in 2026

DPS published, open offer process moves ahead

Kuber Udyog Limited published its Detailed Public Statement (DPS) on August 14, 2026, for a mandatory open offer under Regulations 3(1) and 4 of the SEBI (SAST) Regulations. The open offer is for up to 3,19,71,680 equity shares at an offer price of ₹23.35 per share. The maximum cash consideration, if fully accepted, is ₹74.65 crore. The tendering period for public shareholders is scheduled to open on October 1, 2026. It is set to close on October 15, 2026, based on the disclosed schedule. Systematix Corporate Services Limited has been appointed as the manager to the offer. The Public Announcement and related documents are available on the websites of SEBI, BSE Limited, and Systematix Corporate Services Limited.

Who the acquirers are and what they seek

The acquirers named in the DPS are Manav Bahri, Dinesh Popli, and Ajay Dutta. Trimudra Trade & Holdings Private Limited is identified as the Person Acting in Concert (PAC). The open offer allows the acquirers and the PAC to acquire up to 26.00% of Kuber Udyog’s expanded voting share capital through the tendering route. The offer is disclosed as a cash offer, and the DPS states that it is not conditional upon any minimum level of acceptance. The target company is Kuber Udyog Limited, and the transaction is linked to a broader corporate action involving an acquisition and a preferential issue.

Trigger: Golden Ikon acquisition and the SSSA

The open offer is triggered by the execution of a Share Sale & Subscription Agreement (SSSA) dated August 7, 2026. Under the SSSA, Kuber Udyog proposes to acquire 100% of the issued, subscribed, and paid-up equity share capital of Golden Ikon Fleet Management Private Limited. The acquirers are existing promoters and shareholders of Golden Ikon, and they will transfer their entire shareholding in Golden Ikon to Kuber Udyog. The open offer is part of the procedural framework for change in control and substantial acquisition under SEBI’s takeover regulations.

Offer structure: size, price, and payment mode

The DPS reiterates that the open offer size is up to 3,19,71,680 equity shares, representing 26.00% of the expanded voting share capital. The offer price is ₹23.35 per equity share. The maximum cash outflow for the offer is ₹74.65 crore (₹74,65,38,728 as disclosed). Payment mode is specified as cash. These details define the terms available to public shareholders who choose to tender shares during the offer period.

Preferential issue plan and expanded voting share capital

Kuber Udyog’s Board of Directors approved a preferential issue on August 7, 2026. The preferential issue comprises 11,58,35,000 equity shares (including 7,62,85,000 SSSA consideration shares) and 37,00,000 convertible warrants. The SSSA consideration shares are planned to be issued to the acquirers in proportion to their Golden Ikon shareholding as non-cash consideration. The expanded voting share capital is described as 12,29,68,000 equity shares, including 11,92,68,000 equity shares and 37,00,000 convertible warrants. The document also states the expanded voting share capital as “1,22,96,80,000 divided into 12,29,68,000 equity shares” in its definition.

What the disclosed shareholding illustration indicates

The transaction description states that, as part of the acquisition, Kuber Udyog will issue 7,62,85,000 equity shares to the acquirers, which would result in them holding 62.04% of the expanded voting share capital. It also states that post-transaction, the combined proposed shareholding of the acquirers and the PAC will be 63.01% of the expanded voting share capital. Separately, assuming no offer shares are tendered and full conversion of warrants, Manav Bahri is shown with 3,85,92,500 shares and warrants, representing 31.38%. These figures are presented as part of the disclosed transaction mechanics and assumptions.

Key dates: SEBI filing, LOF dispatch, and tender window

The DPS lays out a clear schedule for the open offer process. The Draft Letter of Offer (DLOF) is expected to be filed with SEBI by August 21, 2026. The Letter of Offer (LOF) is to be dispatched to public shareholders by September 24, 2026. The tendering period is scheduled from October 1, 2026, to October 15, 2026. Payment of consideration or refunds is expected by October 30, 2026. The DPS publication date is confirmed as August 14, 2026.

Snapshot table: terms disclosed in the DPS

Timeline table: disclosed milestones

Other disclosed context: business direction and market holding

The disclosures also describe Kuber Udyog as an NBFC that has applied for voluntary surrender of its RBI registration and plans to diversify into fleet management. In a separate disclosure referenced alongside the open offer context, Altitude Investment Fund PCC-Cell 1 (Mauritius) acquired 2,61,085 equity shares through open market purchases between April 13 and April 28, 2026, representing a 7.61% stake in Kuber Udyog’s total share capital. The open offer materials also list pre-issue share capital as 34,33,000 equity shares of ₹10 face value each.

Why the DPS matters for public shareholders

The DPS is a key procedural milestone because it confirms the open offer terms, the offer price, and the timeline for tendering. It also provides clarity on the transaction steps that triggered the open offer, including the SSSA and the preferential issue framework. For shareholders, the most actionable elements are the LOF dispatch date, the tendering window (October 1-15, 2026), and the expected date for payment or refunds (October 30, 2026). The next formal step disclosed is the filing of the Draft Letter of Offer with SEBI by August 21, 2026.