Key Quantitative Figures

  • Open offer was to acquire up to 64,99,889 equity shares of face value ₹10 each.
  • Offer price was ₹10.05 per equity share.
  • Total offer value was ₹6,53,23,884.45 (Six Crore Fifty Three Lakh Twenty Three Thousand Eight Hundred Eighty Four Point Four Five only).
  • Pre-transaction shareholding of acquirers was 7,73,850 shares (11.98% of total voting capital).
  • Preferential issue would have allotted 1,60,36,072 shares, increasing post-issue holding to 1,68,09,922 shares (67.24% of emerging voting capital).

Dates and Timeline

  • Withdrawal announcement date: October 10, 2026.
  • Publication date in newspapers: October 12, 2026.
  • RBI response date: October 8, 2026.
  • Original public announcement date: December 5, 2025.
  • Detailed public statement date: December 2, 2025.
  • Draft letter of offer date: December 19, 2025.

Parties Involved

  • Acquirers: Jaykishor Chaitanyakishor Chaturvedi (Acquirer 1), Siddharth Jaykishor Chaturvedi (Acquirer 2), Ankur J Chaturvedi (Acquirer 3), Brijlaxmi Infotech Limited (Acquirer 4).
  • Target Company: Brijlaxmi Leasing and Finance Limited.
  • Manager to the Offer: Saffron Capital Advisors Private Limited.
  • Regulators: SEBI, RBI (Ahmedabad office).
  • Stock Exchange: BSE Limited (Scrip Code: 532113).

Purpose and Rationale

The open offer was initiated to comply with SEBI SAST Regulations following a preferential issue that would increase acquirers' shareholding beyond 25%. However, the Reserve Bank of India, Ahmedabad, vide its response dated October 8, 2026, stated that the change in shareholding cannot be acceded to due to regulatory discomfort. Despite best efforts, the acquirers decided to withdraw the offer.

Financial and Operational Impact

The withdrawal means the open offer will not proceed, and no shares will be acquired from public shareholders. The preferential issue might also be affected, but the document does not specify further impact.

Publication Details

The withdrawal announcement was published in the following newspapers on October 12, 2026:

  • Financial Express (English, All Editions)
  • Jansatta (Hindi, All Editions)
  • Navshakti (Marathi, Mumbai Edition)
  • Ahmedabad Express (Gujarati, Baroda Edition)

Additional Documents

The announcement references previous documents: Public Announcement (December 5, 2025), Detailed Public Statement (December 2, 2025), Draft Letter of Offer (December 19, 2025), and Corrigendum (February 2026).

Withdrawal Process

The withdrawal is effective simultaneously with this announcement. Performance bank guarantees, if any, will be handled as per Regulation 23(2)(b) of SEBI SAST Regulations.