Pasupati Fincap open offer at ₹12: key Sept 2026 dates

What has been announced

Uday Narang has initiated an open offer to acquire up to 26% of Pasupati Fincap Limited’s equity shares at an offer price of ₹12 per share. The open offer follows a Share Purchase Agreement (SPA) entered into with promoter Dinesh Pareekh. The disclosure sets up a SEBI-mandated process in which public shareholders can tender shares during the specified window. If the offer is fully accepted, it can take the acquirer’s holding in the company up to 37.55%, depending on shareholder participation. The mode of payment for the open offer is cash.

SPA details that triggered the mandatory offer

The mandatory open offer has been triggered by the SPA executed on August 05, 2026 between Uday Narang and promoter Dinesh Pareekh. Under this SPA, 5,42,925 equity shares, representing 11.55% of the voting share capital, are being acquired. The SPA consideration disclosed for this block is ₹0.6515 crore. As per the stated details, the transaction results in a change in control of Pasupati Fincap Limited. The disclosure also states that this change in control requires existing promoter directors to resign, and the old promoter group to be reclassified as public.

Offer price and SEBI pricing reference

The open offer price has been set at ₹12 per share. The pricing is stated to be determined under Regulations 8(1) and 8(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The offer size is capped at up to 12,22,000 equity shares, representing 26% of the company’s voting share capital. The maximum aggregate consideration, assuming full acceptance, is ₹1.4664 crore. An escrow amount of ₹0.37 crore has been deposited for the offer.

Tendering period and participation eligibility

The tendering period for the open offer begins on September 29, 2026 and closes on October 13, 2026. Shareholders have been asked to note the tentative schedule for the open offer process. The disclosure also clarifies that physical shareholders are eligible to tender their shares alongside demat holders. This is relevant for investors who still hold shares in physical form and may need to follow the prescribed process to participate. The offer remains subject to the formal timelines and communications disclosed in the schedule.

Key dates investors should track

The stated timeline includes multiple checkpoints that investors typically watch closely in an open offer. The Letter of Offer is scheduled to be dispatched by September 22, 2026. An independent committee of the Board is expected to provide its recommendation by September 24, 2026. The acquirer has the ability to revise the offer price or offer size up to September 25, 2026, as per the disclosed schedule. All payments to accepting shareholders must be completed by October 28, 2026.

What the deal means for control and shareholding

Based on the disclosed numbers, Uday Narang is acquiring 11.55% through the SPA and then offering to buy an additional 26% through the open offer. If the open offer is fully accepted, the potential holding is stated at 37.55%. This structure follows the framework of mandatory open offers under the SEBI takeover regulations when control changes hands. For shareholders, the open offer provides a formal exit option at the specified price during the tendering period. The final outcome depends on how many shares are tendered by public shareholders.

Market snapshot mentioned in the disclosure

The disclosure also carries a market data snapshot indicating the current share price of Pasupati Fincap at ₹10.06. It also shows a movement of -₹0.52, or -4.91%, on the BSE, with a time stamp of 13 Apr, 4:00 PM. This market price reference is separate from the open offer price, which has been set at ₹12 per share. Investors typically compare the open offer price with prevailing traded prices when evaluating whether to tender. Any decision to tender, however, depends on individual circumstances and the final offer terms.

Regulatory filings and manager to the offer

A “Post Offer Advertisement” under Regulation 18(12) is referenced as being submitted to the BSE by Fintellectual Corporate Advisors Pvt Ltd, described as the Manager to the Open Offer. Such filings are part of the formal takeover process under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The announcement reiterates that Pasupati Fincap Limited is a non-banking financial company engaged in providing financial services in India. Investors generally track these filings for updates to timelines, procedures, and any revisions permitted under the schedule.

Summary table: offer terms and schedule

What to watch next

The near-term focus for shareholders is the stated schedule, especially the dispatch of the Letter of Offer by September 22, 2026 and the Board committee recommendation by September 24, 2026. Any permitted revision to the offer price or size is indicated to be possible until September 25, 2026. The tendering window runs from September 29 to October 13, 2026, followed by the stated payout completion date of October 28, 2026. These dates frame when shareholders can tender and when successful acceptances should receive payment. Further updates, if any, are expected to flow through the formal open offer documentation and stock exchange filings.