Nature of the Disclosure

This is a Detailed Public Statement (DPS) and regulatory filing pertaining to an open offer made by Aikyam Financial Services Private Limited ("Acquirer") for acquisition of equity shares in Inani Securities Limited ("Target Company"), in compliance with Regulation 12(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ('SEBI (SAST) Regulations'). Bonanza Portfolio Limited has been appointed as the Manager to the Offer.

Key Quantitative Figures

  • Offer Size: Up to 11,85,002 fully paid-up Equity Shares
  • Face Value: ₹10.00 per share
  • Percentage of Capital: 26.00% of the fully paid-up Equity and Voting Share Capital
  • Offer Price: ₹60.00 per Equity Share
  • Total Offer Consideration: ₹7,11,00,120 (Rupees Seven Crore Eleven Lakh One Hundred Twenty Only) assuming full acceptance
  • Underlying SPA Transaction: Acquisition of 25,94,214 Equity Shares (56.92% of capital) from promoters at ₹60 per share, aggregating ₹15,56,52,840
  • Escrow Deposit: ₹1,77,80,000 deposited with Kotak Mahindra Bank Limited (Account No. 2054360253), representing more than 25% of total offer consideration
  • Target Company's Paid-up Capital: 45,57,700 Equity Shares of ₹10 each (₹4.56 crore)
  • Target Company's Authorized Capital: 53,50,000 Equity Shares (₹5.35 crore)

Dates of Action

  • Public Announcement Date: Monday, October 12, 2026
  • SPA Execution Date: Monday, October 12, 2026
  • DPS Publication Date: Monday, October 19, 2026
  • Draft Letter of Offer Filing Deadline: Tuesday, October 27, 2026
  • Identified Date: Friday, November 20, 2026 (10th working day prior to tendering period)
  • Tendering Period: Monday, December 7, 2026 to Friday, December 18, 2026
  • Payment Completion Deadline: Monday, January 4, 2027

Parties Involved

Acquirer: Aikyam Financial Services Private Limited (CIN: U70200MH2026PTC468768)

  • Shareholders: Nilesh Choudhary (50%), Megha Nilesh Choudhary (50%)
  • Directors: Nilesh Choudhary (DIN: 01828490), Anand Yogesh Mody (DIN: 08123721), Vanita Yainesh Bangera (DIN: 10336204)
  • Net Worth (Sept 30, 2026): ₹23,87,79,894 as certified by CA Prateek Jain

Selling Shareholders/Promoters:

1. Mr. Ramakanth Inani - 6,66,300 shares (14.62%)

2. Mr. Vishnukant Inani - 3,17,000 shares (6.96%)

3. Mr. Venugopal Inani* - 2,96,000 shares (6.49%)

4. Mr. Lakshmikanth Inani - 2,25,800 shares (4.95%)

5. Ms. Pramila Devi Inani - 80,600 shares (1.77%)

6. Ms. Anuradha Inani - 95,800 shares (2.10%)

7. Ms. Anita Inani - 76,800 shares (1.69%)

8. Mr. Bharat Kumar Inani - 73,200 shares (1.61%)

9. Mr. Srikumar Inani - 72,400 shares (1.59%)

10. Ms. Champadevi Inani - 57,800 shares (1.27%)

11. Ramakanth Inani HUF - 62,600 shares (1.37%)

12. Dhanshree Syntex Private Limited - 2,00,000 shares (4.39%)

13. Inani Commodities and Finance Limited - 3,09,914 shares (6.80%)

14. L.K.I. Securities Private Limited - 60,000 shares (1.32%)

*Note: Mr. Venugopal Inani passed away on December 29, 2022. Shares remain registered in his name pending transmission to nominee Ms. Pramila Devi Inani.

Manager to Offer: Bonanza Portfolio Limited (SEBI Regd. No.: INZ000212137)

Buying Broker: Nikunj Stock Brokers Limited (SEBI Registration No.: INZ000169335)

Registrar: Purva Sharegistry (India) Private Limited (SEBI Registration No.: INR000001112)

Escrow Banker: Kotak Mahindra Bank Limited

Purpose and Rationale

The open offer is triggered by the Share Purchase Agreement executed between the Acquirer and the Selling Shareholders for acquisition of 56.92% of the Target Company's equity share capital. The acquisition exceeds 25% of voting rights and results in a change of control and management of the Target Company, mandating an open offer under Regulations 3(1) and 4 of the SEBI (SAST) Regulations.

The main object of the Acquirer is substantial acquisition of shares/voting rights of the Target Company. Post-completion, the Acquirer intends to retain the listing status and continue the existing line of business of stock broking and financial services.

Financial and Operational Impact

Capital Structure Impact:

  • Pre-offer Acquirer holding: 0.00%
  • Shares acquired under SPA: 25,94,214 (56.92%)
  • Open Offer shares: 11,85,002 (26.00%)
  • Potential post-offer holding: 37,79,216 (82.92%)
  • Public shareholding may fall below 25% minimum requirement post-offer

Cash Flow Implications:

  • Total SPA consideration: ₹15,56,52,840 (confirmed financial impact)
  • Total open offer consideration: ₹7,11,00,120 (confirmed financial impact)
  • Funds arranged through internal resources, no borrowings required

Conditions and Approvals Required

The consummation of the transaction and open offer is subject to obtaining prior approvals from:

  • Securities and Exchange Board of India (SEBI)
  • BSE Limited (BSE)
  • National Stock Exchange of India Limited (NSE)
  • Central Depository Services (India) Limited (CDSL)
  • Relevant Clearing Corporation(s)
  • Any other statutory approvals that may become applicable

Additional Information

  • The Target Company's equity shares are listed only on BSE (Scrip Code: 531672, ISIN: INE224C01014)
  • Shares are infrequently traded with annualized trading turnover of 2.21%
  • Offer price of ₹60 determined as highest of: negotiated price under SPA (₹60) and fair value (₹37.06) for infrequently traded shares
  • The Acquirer belongs to the Aikyam Capital Group
  • No persons acting in concert with the Acquirer
  • Target Company Board includes Vishnukant Inani (Managing Director), Lakshmikanth Inani (Whole-time Director), and two independent directors
  • Committee of Independent Directors required to provide written recommendations on the offer

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