Natura Hue Chem Open Offer: ₹42 Exit Price in 2026

Mandatory offer follows Chahal share purchase

Natura Hue-Chem Limited has received a mandatory open offer from Kanika Chahal and Anuj Chahal. The offer allows eligible public shareholders to tender up to 10,77,778 equity shares. The offer price is ₹42 per share, payable in cash. The shares represent 26% of the company’s voting equity share capital. The transaction follows a share purchase agreement executed on October 28, 2026. Under that agreement, the acquirers agreed to purchase 6,43,600 shares from existing promoters. That block represents 15.53% of the voting capital. The announcement was made under the SEBI takeover regulations.

Offer terms and maximum consideration

The open offer has a maximum size of 10,77,778 equity shares. Public shareholders can tender their shares at ₹42 each, subject to the terms of the offer. If the offer is fully accepted, the total consideration payable will be ₹4.53 crore. The reported amount is ₹4,52,66,676. Payment to tendering shareholders will be made in cash. The cash payment structure is stated to comply with Regulation 9(1)(a) of the SEBI (SAST) Regulations. The offer is therefore a route for public shareholders to sell shares at the specified offer price. The filing does not state how many shares public shareholders will ultimately tender.

Share purchase agreement triggered the process

The open offer was triggered after the October 28 share purchase agreement. Kanika Chahal and Anuj Chahal agreed to acquire 6,43,600 Natura Hue-Chem shares from promoters. The negotiated price for the promoter transaction was ₹24 per share. The reported value of that transaction was ₹1.54 crore. The acquired stake was stated at 15.53% of voting capital. Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, triggered the mandatory public offer. The mandatory offer price is ₹42 per share. This is higher than the ₹24 per share cited for the promoter share purchase.

Key transaction figures

Acquirers set to become promoters

Kanika Chahal and Anuj Chahal are the acquirers named in the public announcement. The filing states that they do not belong to any corporate group. Their combined holding after the reported transaction is stated at 7,68,900 shares. This represents 18.55% of the company’s total share capital, according to the information provided. On completion of the open offer, the Chahals will be classified as promoters of Natura Hue-Chem. The transaction therefore involves a proposed change in control classification. The existing promoter group includes Narendra Kachhawat and others who sold their entire stakes. Those selling promoters are expected to be reclassified as public shareholders under the SEBI (LODR) Regulations.

Public statement is due by November 4

A detailed public statement is expected to be published by November 4, 2026. That document should provide the next formal stage of the offer process. The current announcement identifies the offer size, price and underlying share purchase agreement. It also states the applicable takeover regulation. Shareholders will need to review the detailed public statement and subsequent offer documents for tendering procedures. The provided information does not specify the tendering dates. It also does not specify an acceptance ratio. These details are typically relevant for shareholders considering participation in an open offer.

Shareholding data provides context

Natura Hue-Chem’s promoter holding was reported at 16.37% in the September 2026 quarter. The same 16.37% level was shown across several earlier quarterly disclosures. Historical data supplied for the company also showed promoter holding at 16.37% from March 2021 through September 2026. Separately, the October 28 share purchase agreement describes a 15.53% acquisition from promoters. The provided disclosures present these figures in different transaction and shareholding contexts. The formal post-transaction shareholding pattern will be important for confirming the updated promoter and public classifications. No revised shareholding pattern after completion of the offer has been provided. Natura Hue-Chem is described as a management consultancy services company based in Raipur, India.

Earlier off-market acquisition disclosure

An earlier takeover-regulation disclosure involved another investor group. Archana Bhuwalka, along with persons acting in concert Laxmi Devi Bhuwalka and Balkishan Bhuwalka, acquired a 9.92% stake on May 29, 2026. The group acquired 4,11,396 equity shares through an off-market deal. It was reported to have had no prior holding in the company. That disclosure was also made under SEBI takeover regulations. The May transaction is distinct from the Chahal share purchase agreement and open offer. The current open offer is linked specifically to the October 28 agreement with existing promoters. Both disclosures show that significant changes in ownership have been reported during 2026.

What the open offer means for shareholders

The ₹42 offer price is the stated cash price available under the mandatory offer. It is ₹18 per share above the ₹24 per share paid in the reported promoter transaction. Shareholders can assess the offer terms once the detailed public statement and offer documents are issued. The offer covers up to 26% of voting equity, not necessarily every share held by the public. If tenders exceed the maximum number of shares sought, acceptance will be governed by the offer process and applicable regulations. The announcement does not provide a forecast of the company’s financial performance or share price. It instead sets out the proposed acquisition and control transition. The next confirmed milestone is publication of the detailed public statement by November 4, 2026.

Why the transaction matters

The transaction combines a promoter stake transfer with a mandatory public offer. The promoter status of the Chahals is expected to take effect after completion of the open offer. This makes the offer relevant to both public shareholders and the company’s future ownership structure. The cash consideration of up to ₹4.53 crore defines the maximum financial commitment for the offer. The acquisition also follows an off-market stake purchase disclosed earlier in 2026. For now, the confirmed facts are the offer price, the maximum shares sought, the October 28 agreement and the proposed reclassification of promoters. Further disclosures will determine the operational timetable for tendering. Shareholders should rely on the detailed public statement and formal offer documents for final participation terms.