Pasupati Fincap open offer at ₹12: key dates 2026

What has been announced

Pasupati Fincap Limited (BSE: 511734) has received a mandatory open offer from acquirer Uday Narang to buy shares from public shareholders. The offer is for up to 12,22,000 fully paid-up equity shares, which equals 26.00% of the company’s voting share capital. The offer price is ₹12 per share and the consideration is payable in cash. At full acceptance, the open offer consideration totals ₹1.4664 crore. The stated objective of the offer is to seek management control, as referenced in the disclosures. The offer is made under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The document also states there is no minimum acceptance condition.

Trigger: stake purchase from promoter under an SPA

The open offer was triggered after Uday Narang executed a Share Purchase Agreement (SPA) dated August 5, 2026 with promoter Dinesh Pareekh. Under the SPA, Narang agreed to acquire 5,42,925 equity shares. This block represents 11.55% of the voting share capital, according to the announcement. The consideration for this promoter stake purchase is stated as ₹0.65151 crore. The acquisition invoked SEBI SAST takeover obligations, leading to the mandatory open offer for public shareholders. The public announcement date is also cited as August 5, 2026.

Offer size, price and maximum funds required

The offer is capped at 26.00% of voting capital, translating to 12.22 lakh shares. Shareholders who participate can tender shares at ₹12 per share, payable in cash. Based on the maximum number of shares, the total funds required for the open offer, assuming full acceptance, are ₹1.4664 crore. Separately, disclosures also mention escrow funding of ₹0.37 crore for the offer. The offer is described as unconditional and not subject to a minimum acceptance level. This means shares can be accepted up to the offer size even if the acquirer does not receive full tender.

Tendering period: dates mentioned across disclosures

The offer documents and summaries contain two tendering schedules. One set of disclosures states the tendering period runs from October 1, 2026 to October 15, 2026. Another set mentions a tendering window from September 29, 2026 to October 13, 2026, and lists these dates in a timeline. The Letter of Offer reference also states the offer opens October 1, 2026 and closes October 15, 2026. Given the overlap and differences, shareholders typically rely on the final schedule communicated in the official offer process documents and exchange filings. The same set of disclosures also states that payments to accepting shareholders must be completed by October 28, 2026.

Key regulatory and process milestones

The Draft Letter of Offer is dated August 19, 2026 and was submitted to SEBI and BSE, as per the provided text. An “Identified Date” is cited as September 15, 2026 in the timeline details. The Letter of Offer dispatch is scheduled by September 22, 2026. A Detailed Public Statement is also referenced as having been published in newspapers. These steps form part of the SEBI SAST process that governs open offers, including publication, shareholder eligibility cut-offs, and tendering through the market mechanism.

Who is managing the offer

Fintellectual Corporate Advisors Pvt. Ltd. is named as the Manager to the Open Offer in the disclosures. The firm is stated to have submitted copies of the Public Announcement and the Letter of Offer to BSE for the attention of public shareholders. Such intermediaries coordinate documentation, regulatory filings, and the offer timetable under takeover regulations. The disclosures also mention that shareholders must submit acceptance forms and transfer documents to participate.

What changes if the offer is fully accepted

The disclosures state that upon completion of the SPA and the open offer, assuming full acceptance, Uday Narang would hold 37.55% of the company’s voting rights. The same text adds that Narang will assume the role of promoter after the transactions, if completed as described. This reflects the combination of the promoter share purchase (11.55%) and the open offer (26.00%), subject to actual tender and acceptance. The objective is described as seeking management control, aligning with the stated post-offer promoter status.

What shareholders should note before tendering

The offer document summary states there is no minimum acceptance condition, which is a key term for shareholders evaluating participation. Another disclosure notes shareholders must comply with RBI approvals and accept risks of blocked trading during the offer period. Participation requires following the prescribed tendering process and submitting the required documents within the tender window. The offer consideration is in cash, as stated. Shareholders who do not tender remain invested and their holdings are not automatically purchased.

Snapshot of the open offer (as disclosed)

Timeline of key dates cited in the disclosures

Market impact: what the numbers imply

For investors, the most concrete reference point is the offer price of ₹12 per share for up to 26% of voting capital. The maximum payout of ₹1.4664 crore sets the upper bound of cash outflow if the offer is fully accepted. The acquisition of 11.55% from the promoter at ₹0.65151 crore provides the transaction context that triggered the mandatory offer. With a potential post-offer holding of 37.55% (assuming full acceptance), the disclosures frame a change in control and promoter status. The “no minimum acceptance condition” indicates the offer does not depend on receiving a threshold level of tenders. The escrow funding of ₹0.37 crore is also disclosed as part of the open offer arrangements.

Analysis: why this open offer matters

This is a regulatory-driven transaction where a negotiated promoter stake purchase leads to an open offer to protect public shareholders under SEBI SAST rules. The offer size at 26% is the standard threshold for a mandatory open offer in many takeover situations. The disclosed intention to seek management control and the statement that the acquirer will assume the role of promoter highlight that the transaction is not only a financial investment. For shareholders, the tendering window and the cash price are the key decision variables, while the post-transaction shareholding of 37.55% provides a view of the potential control position. The presence of multiple tendering schedules across summaries makes it important to verify the final timetable in the official documents referenced in the disclosures.

Conclusion

Pasupati Fincap shareholders have been offered an exit route through a SEBI-mandated open offer by Uday Narang for up to 26% of voting capital at ₹12 per share, following an SPA for 11.55% with promoter Dinesh Pareekh. The disclosures cite a maximum consideration of ₹1.4664 crore and a potential post-offer holding of 37.55% if fully accepted. Key milestones include the August 5, 2026 public announcement and SPA, and the Draft Letter of Offer filing dated August 19, 2026. The tendering period is described with two sets of dates in the provided information, and payments are stated to be completed by October 28, 2026. The next practical step for shareholders is to track the final tendering schedule and process steps through the Letter of Offer and exchange filings referenced in the announcement.