Rishabh Digha Steel Open Offer Set at ₹47 After 74.31% Deal

Rishabh Digha Steel & Allied Products Limited's open offer is set at ₹47 per share after SBA Infra Projects Private Limited agreed to acquire 74.31% control from the promoter group. The offer covers 14,09,699 shares, or 25.69% of voting share capital, and has a stated value of ₹6.63 crore.

Why has Rishabh Digha Steel received an open offer?

Rishabh Digha Steel received the open offer because SBA Infra Projects agreed to buy a controlling stake under a share purchase agreement dated October 29, 2026. The agreement covers 40,76,701 shares, representing 74.31% of the company's voting rights, from the existing promoter group.

The agreed consideration for the promoter stake is ₹19.16 crore. The transaction is intended to transfer management control of Rishabh Digha Steel to SBA Infra Projects. A change in control and the acquisition of this level of voting rights trigger an open-offer obligation under SEBI takeover norms.

The public announcement was made on October 29, 2026. Mark Corporate Advisors Pvt Ltd, acting as manager to the open offer, submitted the detailed public statement to BSE on November 5, 2026, under Regulations 3(1) and 4 of the takeover regulations.

What are the terms of the ₹47 Rishabh Digha Steel offer?

SBA Infra Projects has offered to acquire up to 14,09,699 equity shares of Rishabh Digha Steel at ₹47 per share in cash. This quantity represents 25.69% of the voting share capital and is described as the entire public shareholding available before the transaction.

At the stated offer price, the maximum consideration for the open offer is ₹6.63 crore. The offer is not conditional upon a minimum level of acceptance, meaning it does not require a specified number of shares to be tendered for the process to proceed.

The tendering period is scheduled to begin on December 23, 2026, and end on January 6, 2027. Shareholders who are eligible to participate will need to consider the detailed public statement and subsequent letter of offer for the applicable process and terms.

What is the timeline for Rishabh Digha Steel shareholders?

The detailed public statement was published on November 5, 2026, while the tendering window is scheduled for December 23, 2026, to January 6, 2027. The statement was published in Business Standard in English and Hindi editions and in Navshakti in Marathi.

The offer documentation follows the October 29 public announcement. The company records also list a letter of offer relating to the takeover process, and investors will need to use the offer documents to assess eligibility, tendering steps, and other procedural requirements.

The timetable gives public shareholders a defined period to decide whether to tender shares at the fixed ₹47 price. The supplied information does not state any market-price comparison, premium, or discount for the offer price, so no conclusion can be drawn from the disclosed material on its relative value against any trading price.

How does the control transaction affect investors and operations?

The transaction changes the ownership structure because SBA Infra Projects is set to acquire 74.31% of Rishabh Digha Steel from the promoter group and has stated its intention to take over management control. The accompanying offer provides the remaining public shareholders with an exit opportunity at ₹47 per share.

The open offer accounts for 25.69% of voting share capital, while the promoter acquisition accounts for 74.31%. Together, those disclosed percentages cover the company's voting share capital before the transaction. The offer structure therefore addresses the public-shareholder component following the proposed control transfer.

No share-price movement, financial performance metric, operational change, or post-acquisition business plan has been disclosed in the provided information. Investors should therefore distinguish between confirmed takeover terms and matters that have not yet been stated in the announcement material.

What does this takeover say about the regulatory process?

The Rishabh Digha Steel transaction illustrates the mandatory open-offer mechanism that applies when an acquirer obtains majority control of a listed company. The requirement gives public shareholders a formal route to tender shares after a proposed transfer of control.

Mark Corporate Advisors' role as manager to the open offer includes submitting the detailed public statement, which sets out information for shareholders. The stated publication date and tendering schedule provide the main disclosed milestones between the control agreement and the public offer process.

For shareholders, the relevant confirmed facts are the ₹47 offer price, the 14,09,699-share maximum quantity, the absence of a minimum-acceptance condition, and the December 23, 2026 to January 6, 2027 tendering period. Information beyond these disclosed terms should be checked against the formal offer documents.

Conclusion

SBA Infra Projects' proposed acquisition of a 74.31% stake for ₹19.16 crore has triggered a mandatory ₹6.63 crore open offer for Rishabh Digha Steel's remaining 25.69% public shareholding. The offer fixes the consideration at ₹47 per share and is designed to accompany the proposed transfer of management control.

The next disclosed event is the opening of the tendering period on December 23, 2026, followed by its closure on January 6, 2027. Shareholders considering participation should monitor the letter of offer and related BSE filings for the stated tendering procedure and eligibility details.