Purple Finance open offer 2026: 26% stake at ₹55

What has been announced

Purple Finance Ltd has received a mandatory open offer from Allied Commodities Private Limited and Mr. Sandeep Jindal, along with Persons Acting in Concert (PACs), to acquire a significant stake in the company. The offer is for up to 1,76,48,152 fully paid-up equity shares, representing 26.00% of Purple Finance’s emerging voting share capital. The open offer price is set at ₹55 per share. The maximum consideration mentioned for the offer is ₹97.06 crore (also stated as ₹97,06,48,360 in one disclosure).

Who the acquirers and PACs are

The named acquirers include Allied Commodities Private Limited (Acquirer 1) and Mr. Sandeep Jindal (Acquirer 2). The PACs referenced in the disclosed material include Intellect Stock Broking Limited, Intellect Money Finvest Private Limited, Mr. Amitabh Chaturvedi, and AC Enterprises Private Limited. The open offer has been positioned as a step toward increasing influence and moving toward joint control with the existing promoters. The disclosures also state that there is no immediate intention to delist Purple Finance’s equity shares.

Key open offer terms shareholders should note

The offer provides existing shareholders an option to tender their shares at ₹55 per share during the tendering window. Disclosures state the offer has no minimum acceptance condition, meaning it is described as unconditional. It is also stated that shareholders who tender their shares cannot withdraw them, even if there are delays in acceptance or payment. Additional participation-related points mentioned include that non-resident shareholders may require specific approvals to tender into the offer.

Offer dates: multiple timelines cited

The material provided contains more than one set of dates for the tendering period. One section states the offer will remain open from 1 July 2026 to 14 July 2026. Another section specifies a tendering period from 8 April 2026 to 22 April 2026. Because both timelines are explicitly cited in the source text, investors tracking the transaction would need to rely on the final Letter of Offer, stock exchange filings, and the Registrar’s schedule for the confirmed window.

RBI approval: a key regulatory milestone

Purple Finance disclosed that it has received approval from the Reserve Bank of India (RBI) for a change in shareholding and acquisition of control. The RBI approval is dated 3 June 2026 and is linked to the proposed open offer and the issuance of Equity Share Warrants. The approval is stated to be under the RBI’s Non-Banking Financial Companies (Acquisition of Shareholding or Control) Directions, 2025, which were issued on 28 November 2025. Separately, the acquirers are stated to have applied for RBI approval on 18 February 2026.

Why the open offer was triggered

The open offer is described as being triggered by a proposed preferential issue of convertible warrants. The disclosures reference that the offer follows a mandatory trigger under Regulations 3(1), 3(2) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Purple Finance’s board is also stated to have approved the issue of 1,26,00,000 convertible warrants at ₹55 per warrant to the acquirers and non-promoters, indicating a proposed capital infusion alongside the control transaction.

Financial arrangements and escrow details

The disclosures state the acquirers have put financial arrangements in place for the open offer. One section specifies escrow deposits aggregating ₹24.97 crore, while another provides the components as a cash escrow of ₹2.5 crore and a demat escrow holding securities valued at ₹22.47 crore (net of margin). The stated funding approach indicates the acquirers’ ability to fund the open offer without relying on bank borrowings, as per the provided material.

Purple Finance business profile and recent financials

Purple Finance is described as an RBI-registered non-banking financial company (NBFC) focused on secured lending to MSMEs, including in Tier II, III and IV cities. The company’s equity shares are stated to be listed on BSE, with identifiers also cited: BSE Scrip Code 544191 and ISIN INE0CYK01015.

Financial performance points included in the material show continued losses. Purple Finance reported a loss of ₹6.46 crore for the nine months ended December 2025 and a loss of ₹15.55 crore for FY ending March 2025. Another disclosure provides additional figures: revenue increased from ₹2.56 crore (FY2023) to ₹30.66 crore (9M ended 31 Dec 2025), while net loss was ₹6.46 crore (9M ended 31 Dec 2025) and ₹15.55 crore (FY2025).

Summary table: offer and regulatory facts

Market impact: what the disclosures imply

At ₹55 per share, the open offer sets a clear reference price for shareholders considering tendering decisions, although market price movements during the offer period are cited as a risk factor. The RBI approval dated 3 June 2026 removes a key regulatory hurdle that had to be addressed for an NBFC control change, and the next steps shift toward procedural completion and future filings. The disclosures also highlight execution risk: the acquirers retain the right to withdraw the offer if statutory approvals are refused or not obtained, and delays may extend timelines.

Analysis: what to watch next

The transaction combines an open offer for 26% with a parallel plan to issue equity share warrants at the same price point of ₹55, which together point to both ownership change and potential capital infusion. Since multiple tendering periods are cited, the confirmed schedule in the final Letter of Offer and exchange updates becomes central for investors tracking timelines. The company’s reported losses and the NBFC regulatory framework also mean that post-approval procedural steps matter, especially where control and management changes are involved. Disclosures specifically suggest monitoring future filings for open offer and allotment timelines related to the warrants.

Conclusion

Purple Finance’s proposed control change has moved forward after RBI approval dated 3 June 2026, alongside an announced open offer by Allied Commodities, Mr. Sandeep Jindal, and PACs to buy 26% at ₹55 per share for up to ₹97.06 crore. The next confirmed milestones are the finalised tendering window, completion of remaining formalities, and subsequent disclosures on the open offer process and warrant allotment.