Date: September 01, 2026
Other Operational / Legal / Strategic Disclosures
This disclosure provides an update on the open offer process for Trucap Finance Limited shareholders by Marwadi Chandarana Intermediaries Brokers Private Limited (the "Acquirer").
- The Acquirer had previously terminated two agreements on September 25, 2025: (i) Share Purchase Agreement (SPA) for acquisition of 3,68,00,220 equity shares from the promoter and promoter group of Trucap Finance Limited, and (ii) Securities Subscription Agreement (SSA) for subscription of 11,56,80,000 equity shares and 9,37,00,000 convertible warrants of Trucap Finance Limited.
- Following the termination, the Acquirer requested SEBI to allow withdrawal of the Open Offer under Regulation 23 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- SEBI did not accede to the withdrawal request and issued observations on the Draft Letter of Offer on January 30, 2026.
- The Acquirer filed an appeal before the Securities Appellate Tribunal (SAT) on February 08, 2026.
- The Hon'ble SAT issued an order on July 08, 2026 that set aside the directions in SEBI's January 30, 2026 communication and directed SEBI to pass a speaking order.
- SEBI subsequently issued observations on the Draft Letter of Offer on August 20, 2026.
- The Acquirer filed a further appeal before the Hon'ble SAT on August 31, 2026, which is listed for hearing on September 07, 2026.
- As of September 01, 2026, no stay has been granted on the Offer proceedings.
- The company commits to making appropriate disclosures in accordance with applicable law if any stay is granted or changes occur in the Offer process, schedule, or obligations pursuant to any order or direction from Hon'ble SAT.