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

Open offer announced for Purple Finance

Purple Finance Limited, an RBI-registered non-banking financial company (NBFC), has received an open offer from Allied Commodities Private Limited and other acquirers/persons acting in concert (PACs). The offer seeks to acquire up to 1,76,48,152 fully paid-up equity shares, which is 26.00% of the company’s emerging voting share capital. The offer price has been stated as ₹55 per share in the draft offer-related disclosures shared in the public domain. At that price, the maximum consideration works out to about ₹97.06 crore.

The transaction is linked to a proposed change in shareholding and a shift towards joint control of Purple Finance. The disclosures indicate that the acquirers and PACs intend to jointly control the company with the existing promoters after the preferential allotment and completion of the open offer. The open offer is positioned as a mandatory offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Offer size, price, and headline numbers

Key terms repeated across the draft letter and summaries include the offer price and the stake sought. The acquisition is for 26% of the emerging voting capital, translating into 1,76,48,152 shares. The maximum cash consideration has been stated at roughly ₹97.06 crore (also presented as ₹97,06,48,360 in one summary, which aligns to about ₹97.06 crore).

Some circulated summaries also mention a much larger figure (₹970.65 crore) for the same offer size and price, which does not match the stated 1,76,48,152 shares at ₹55 per share. Similarly, one bullet-point summary mentions an offer price of ₹855 per share, which conflicts with the repeated ₹55 per share figure. Investors typically reconcile such inconsistencies by relying on the draft letter of offer and stock exchange filings, since those documents carry the operative terms.

Who are the acquirers and PACs

The acquirers named in the provided details include Allied Commodities Private Limited and Mr. Sandeep Jindal. The persons acting in concert (PACs) mentioned include Intellect Stock Broking Limited, Intellect Money Finvest Private Limited, Mr. Amitabh Chaturvedi, and AC Enterprises Private Limited.

The stated intent is to increase influence and move toward joint control of Purple Finance along with existing promoters. The disclosed position is that there is no minimum acceptance condition, meaning the offer is described as unconditional on that specific parameter. The same set of notes also indicates no immediate plan to delist the company’s equity shares.

Dates: what the documents and summaries show

Two different tendering windows appear in the provided material. One section states the offer would be open from July 1, 2026 to July 14, 2026. Another set of bullet points and summaries states the tendering period is April 8, 2026 to April 22, 2026.

The documents also state that the public announcement of the open offer was made on February 6, 2026, and that the detailed public statement was published in Business Standard (English and Hindi editions) and Navshakti (Marathi edition). Where multiple timelines circulate, shareholders generally track the final letter of offer and exchange notices for the final schedule.

RBI approval and the NBFC control framework

Purple Finance has disclosed that it received approval from the Reserve Bank of India (RBI) for a change in shareholding and acquisition of control. The approval date is stated as June 3, 2026. The approval relates to the open offer and the issuance of equity share warrants under RBI’s Non-Banking Financial Companies (Acquisition of Shareholding or Control) Directions, 2025.

Separately, one summary notes that the acquirers applied to RBI on February 18, 2026 for the necessary approval. The open offer documentation also flags regulatory risk, noting that if statutory approvals are not obtained, the acquirers may reserve the right to withdraw the offer.

Purple Finance business profile and financial snapshot

Purple Finance is described as an RBI-registered NBFC focused on secured lending to MSMEs, with an operating focus extending to Tier II, Tier III and Tier IV cities. The shares are stated to be listed on BSE (Scrip Code: 544191, ISIN: INE0CYK01015) in the circulated summaries.

Financially, the company has reported losses in recent periods cited in the material. Purple Finance reported a loss of ₹6.46 crore for the nine months ended December 2025 and a loss of ₹15.55 crore for the financial year ended March 2025. Another summary notes that revenue increased from ₹2.56 crore in FY2023 to ₹30.66 crore in the nine months ended December 31, 2025, alongside the net losses cited above. These figures, as presented, point to improving topline in the referenced period but persistent profitability pressure.

Funding arrangements and escrow details

The open offer notes include disclosed funding arrangements and escrow. One summary states that acquirers have put in place financial arrangements including ₹24.97 crore in escrow deposits. Another note breaks this into a cash escrow of ₹2.50 crore and a demat escrow with securities valued at ₹22.47 crore (net of margin), totaling ₹24.97 crore.

The material also mentions that Purple Finance’s board approved the issue of 1,26,00,000 convertible warrants at ₹55 per warrant to the acquirers and non-promoters, indicating that the transaction framework includes a preferential issuance component alongside the open offer.

What the open offer means for shareholders

For existing shareholders, the offer provides an exit opportunity at the stated offer price of ₹55 per share during the tendering window. The documentation highlights a key process risk: shareholders who tender their shares cannot withdraw them, even if there are delays in acceptance or payment.

The material also flags market-risk considerations, such as the impact of share price fluctuations during the offer period on tendering decisions. It notes that non-resident shareholders may require specific approvals to participate. Investors also tend to monitor any post-offer changes in board composition, since joint control arrangements can translate into governance changes over time.

Key facts table

Market impact and what to track next

From a market perspective, the open offer is a control-linked event in an NBFC, which places regulatory approvals at the center of execution. The RBI approval dated June 3, 2026 is an important milestone cited in the filings, but shareholders still typically track the final letter of offer schedule, exchange notifications, and completion of any preferential issuance conditions.

Investors will also watch the level of tendering during the offer window, since the offer is for a defined portion of equity. Separately, operational performance remains relevant because the company has reported losses in the periods cited, even as revenue figures in the provided notes show an increase. Any further disclosures around governance, board changes, and integration plans under joint control are usually followed closely in such transactions.

Conclusion

Allied Commodities Private Limited, Mr. Sandeep Jindal, and the named PACs have announced an open offer to acquire 26% of Purple Finance at ₹55 per share, implying a maximum consideration of about ₹97.06 crore. RBI approval for the proposed change in control is stated to have been received on June 3, 2026 under the 2025 NBFC directions. Next, shareholders will track the final tendering dates as published in the definitive offer documents, along with any further statutory and exchange-related updates tied to completion.