Kuber Udyog Limited Open Offer Recommendation
Open Offer Details
The open offer is made by:
- Acquirers: Mr. Manav Bahri (Acquirer 1), Mr. Dinesh Popli (Acquirer 2), and Mr. Ajay Dutta (Acquirer 3)
- PACs: Trimudra Trade & Holdings Private Limited (PAC 1) and Ms. Shraddha Gohil (PAC 2)
Offer Terms: Acquisition of up to 3,19,71,680 fully paid-up Equity Shares of face value of Rs. 10 each, representing 26.00% of the Expanded Voting Share Capital of Kuber Udyog Limited at a price of Rs. 23.35 per Equity Share, payable in cash.
Regulatory Basis: Pursuant to Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended.
Independent Director Committee Recommendation
Meeting Date: October 19, 2026
Committee Members:
1. Mrs. Purvi Patel (Chairperson)
2. Mr. Akshay Girish Poriya
Committee Composition: All IDC Members are Independent & Non-Executive Directors of the Target Company with no contractual relationship with the company.
Trading Activity: None of the IDC Members have done any trading in Equity Shares/Other securities of the Target Company, and they have no relationship with the Acquirers and PACs.
Recommendation: The IDC unanimously recommends that the offer is "fair and reasonable" and recommends acceptance of the Open Offer.
Basis for Recommendation:
- The Offer Price of Rs. 23.35 per Equity Share is in accordance with Regulation 8(2) of SEBI (SAST) Regulations
- Shares were frequently traded on the stock exchange as on the date of Public Announcement
- Offer Price is in line with SEBI regulations and appears justified
- Preferential issue price calculated as per SEBI ICDR Regulations for Equity Shares and Convertible Warrants is Rs. 23.10
- Offer Price of Rs. 23.35 is higher than the preferential allotment price of Rs. 23.10
Important Note to Shareholders: The IDC notes that post the Public Announcement dated August 07, 2026, the share price has increased and is currently higher than the Offer Price. Shareholders are advised to independently evaluate the offer vis-à-vis current share price.
Publication: The recommendations were published on October 21, 2026 in The Financial Express (English), Jansatta (Hindi), and Mumbai Lakshdeep (Marathi) newspapers.
IBL Finance Limited NCD Issue Withdrawal
RBI Registration: B.01.00589 (NBFC without accepting public deposits)
Issue Details: Public issue of up to 500,000 listed, secured, rated, redeemable Non-Convertible Debentures of face value ₹1,000 each, amounting to ₹2,500 lakhs base issue with green shoe option up to ₹5,000 lakhs.
Credit Rating: "ACUITE BBB- | Stable | Assigned" by Acuité Ratings & Research Limited
Withdrawal Decision: Board resolution dated October 19, 2026 decided to withdraw the Issue with effect from Thursday, October 22, 2026.
New Closure Date: Wednesday, October 21, 2026 (Application Forms accepted only between 10:00 a.m. and 3:00 p.m. IST)
Reason for Withdrawal: The Company encountered several banking channel difficulties including:
- Restrictions on UPI transactions
- Mandate authorization failures
- Non-availability of Issue on various ASBA net banking platforms
- Difficulties in submitting physical ASBA applications
- Errors in application bidding and processing by banks
These challenges restricted investor participation and adversely affected subscription levels, making it unlikely to achieve minimum public subscription level required under SEBI NCS Regulations.
Funds Unblocking: The Company through the Registrar shall instruct SCSBs and Sponsor Bank (Yes Bank Limited) to initiate unblocking of application monies in respective ASBA and UPI-linked bank accounts of all bidders after closure of the issue.
Additional Information
Manager to Offer: Systematix Corporate Services Limited (SEBI Registration No. INM 000004224)
Target Company Address: Office Number 456, 1st Floor, Raghuleela Mega Mall, Kandivali West, Mumbai, Maharashtra, 400067
IBL Finance Registered Office: Shop-151, Silver Stone Arcade, Near Kantheriya Hanuman Temple, OP-34/ABCD, FP-50, Singanpore, Causeway Road, Katargam, Surat - 395004, Gujarat