Kuber Udyog open offer at ₹23.35: key 2026 dates

What has been filed with SEBI

Manav Bahri, Dinesh Popli, Ajay Dutta, and Trimudra Trade & Holdings Private Limited have filed a draft letter of offer with SEBI for a mandatory open offer in Kuber Udyog Limited. The filing covers an offer to acquire up to 3,19,71,680 equity shares. The offer price is set at ₹23.35 per share. The open offer size works out to 26.00% of the expanded voting share capital of the target company, as disclosed. The transaction is part of a process governed by SEBI’s takeover regulations. The disclosure states that the total consideration, assuming full acceptance, is ₹74.65 crore. The offer is structured as a cash offer.

Who the acquirers and PAC are

The named acquirers in the disclosure are Manav Bahri, Dinesh Popli, and Ajay Dutta. Trimudra Trade & Holdings Private Limited is identified as the Person Acting in Concert (PAC). Together, the acquirers and the PAC are proposing to acquire up to 26% of Kuber Udyog’s expanded voting share capital through the tendering route. The Detailed Public Statement notes that the offer is not conditional upon any minimum level of acceptance. This matters for public shareholders because the offer can proceed even if acceptances are lower than the maximum offer size. Systematix Corporate Services Limited has been appointed as the manager to the offer, according to the stated process details.

What triggered the mandatory open offer

The open offer has been triggered by the execution of a Share Sale & Subscription Agreement (SSSA) dated August 7, 2026. Under this agreement, Kuber Udyog proposes to acquire 100% of the issued, subscribed, and paid-up equity share capital of Golden Ikon Fleet Management Private Limited from the acquirers. The disclosure frames this corporate action as the triggering event for the open offer. In takeover regulation processes, a trigger typically requires an open offer to public shareholders under specified conditions. Here, the disclosure explicitly links the open offer to the proposed acquisition of Golden Ikon Fleet Management Private Limited. The stated structure makes the open offer a procedural requirement tied to the broader transaction.

Detailed Public Statement: the procedural milestone

Kuber Udyog Limited published its Detailed Public Statement (DPS) on August 14, 2026. The DPS is described as a key procedural milestone for the mandatory open offer. The statement reiterates the offer size of up to 3,19,71,680 equity shares at ₹23.35 per share. It also reiterates the maximum consideration of ₹74.65 crore for a fully accepted offer. The DPS notes that the tendering period for public shareholders is scheduled to begin on October 1, 2026. The same schedule indicates the tendering period is set to close on October 15, 2026. The DPS also states the payment mode is cash.

Offer price and regulations referenced

The offer price of ₹23.35 per equity share was determined in accordance with Regulations 8(1) and 8(2) of the SEBI (SAST) Regulations, 2011, as stated in the disclosure. The mandatory open offer itself is referenced as being under Regulations 3(1) and 4 of the SEBI (SAST) Regulations. These references are important because they anchor the offer mechanics and pricing approach to specific provisions. The disclosure does not provide additional pricing workings beyond the regulation references. It does, however, clearly state the offer size, offer price, and the maximum cash outflow if the offer is fully accepted.

Key offer terms at a glance

Timeline investors are watching

The disclosure lays out a defined sequence of milestones from the DPS to settlement. The draft letter of offer is expected to be filed with SEBI by August 21, 2026. The Letter of Offer (LOF) is scheduled to be dispatched to public shareholders by September 24, 2026. The tendering window is scheduled to open on October 1, 2026, and close on October 15, 2026. Payment of consideration or refunds is expected by October 30, 2026. These dates help investors track when the formal offer document will arrive and when the tendering process will be live.

Stock identifiers and the market snapshot cited

Kuber Udyog is listed on BSE under code 539408, and is shown under the “Finance - NBFC” sector classification in the provided market snapshot. The same snapshot shows a price point of 41.98 with a change of +1.99 at a time stamp of “Today, 11:16 AM.” Separately, the text also cites a “current share price” of ₹39.99. It further cites a market capitalisation figure of ₹13.728567 crore, stated as being calculated based on the latest share price in that context. The disclosure in the provided text does not reconcile these two price points, but both are presented as part of the sourced screen data.

Company profile details mentioned in the disclosure

The company is described as a financial institution registered under the Reserve Bank of India Act, 1934. It is also described as being incorporated in 1982 in West Bengal, India. The registered office address listed is Office Number 156, 1st Floor, Raghuleela Mega Mall, Kandivali West, Mumbai, Maharashtra 400067. The company website is listed as http://www.kuberudyog.com and an email address is provided as kuberudyoglimited@gmail.com. The disclosure also lists registrar contact details, including Satellite Corporate Services’ Mumbai address and telephone numbers. These details are included as part of the formal open-offer information set.

Why the open offer matters for public shareholders

For public shareholders, the open offer creates a defined window to tender shares at ₹23.35 per share, subject to the terms in the final Letter of Offer. The offer size is capped at 3,19,71,680 shares, representing 26% of the expanded voting share capital. The maximum cash outflow is disclosed as ₹74.65 crore if the offer is fully accepted. Because the offer is stated to be unconditional in terms of minimum acceptance, the process is not presented as dependent on crossing a particular acceptance threshold. The tendering dates and payment date provide the practical calendar for participation and settlement. The next concrete procedural step in the schedule is dispatch of the Letter of Offer by September 24, 2026.

Conclusion

The draft letter of offer filing and the earlier DPS publication confirm a mandatory open offer for Kuber Udyog Limited at ₹23.35 per share for up to 26% of expanded voting share capital. The trigger is the SSSA dated August 7, 2026, under which Kuber Udyog proposes to acquire 100% of Golden Ikon Fleet Management Private Limited. The schedule disclosed points to LOF dispatch by September 24, 2026, a tendering window from October 1 to October 15, 2026, and completion of payment or refunds by October 30, 2026. Investors tracking the process will watch for SEBI’s review of the draft letter and the final Letter of Offer reaching public shareholders on the stated timeline.