Key Quantitative Figures

  • Offer Size: 11,85,002 equity shares (26.00% of equity capital)
  • Offer Price: ₹60.00 per share
  • Total Consideration: ₹7,11,00,120 (assuming full acceptance)
  • Current Paid-up Capital: ₹4,55,77,000 comprising 45,57,700 equity shares of ₹10 each
  • Escrow Amount Deposited: ₹1,77,80,000 (more than 25% of total offer consideration)
  • Target Company FY26 Financials: Revenue from operations ₹108.22 lakh (down from ₹145.67 lakh in FY25), PAT ₹7.57 lakh (down from ₹57.10 lakh in FY25)
  • Contingent Liabilities: ₹225 lakh as of March 31, 2026 (bank guarantees)

Dates and Timeline

  • Public Announcement Date: Monday, October 12, 2026
  • DPS Publication Date: Monday, October 19, 2026
  • DLOO Filing with SEBI: Tuesday, October 27, 2026
  • Identified Date: Friday, November 20, 2026
  • LOO Dispatch to Shareholders: Monday, November 30, 2026
  • Tendering Period: Monday, December 7, 2026 to Friday, December 18, 2026
  • Settlement Completion: Monday, January 4, 2027

Parties Involved

  • Acquirer: Aikyam Financial Services Private Limited
  • Target Company: Inani Securities Limited
  • Manager to Offer: Bonanza Portfolio Limited
  • Registrar to Offer: Purva Sharegistry (India) Private Limited
  • Escrow Banker: Kotak Mahindra Bank Limited
  • Buying Broker: Nikunj Stock Brokers Limited
  • Selling Shareholders: 14 promoter entities including individuals and corporate bodies

Financial and Operational Impact

  • Post-offer, acquirer will hold 82.92% of target company, reducing public shareholding below minimum requirement of 25%
  • Acquirer undertakes to ensure compliance with minimum public shareholding requirements within prescribed timelines
  • Target company's equity shares are under Stage IV of GSM framework with trading restrictions
  • Change in control subject to regulatory approvals from SEBI, BSE, NSE, CDSL, and clearing corporations

Capital Structure Impact

  • Pre-offer promoter holding: 56.92% (25,94,214 shares)
  • Post-offer acquirer holding: 82.92% (37,79,216 shares) assuming full acceptance
  • Public shareholding will reduce from 43.08% to 17.08%
  • Existing promoters will be reclassified as public shareholders post-transaction

Conditions and Approvals

  • Offer subject to receipt of regulatory approvals for change in control of target company's stockbroking, clearing member, and depository participant registrations
  • Applications submitted to BSE, NSE, NSE Clearing Limited, and CDSL in October 2026
  • Offer may be withdrawn if statutory approvals are refused or SPA conditions are not met

Risk Factors

  • Target company has faced regulatory penalties from BSE and NSE for historical non-compliances
  • Financial performance has deteriorated in FY2025-26
  • Equity shares are infrequently traded with annualized turnover of 2.21%
  • Trading restrictions under GSM Stage IV affect liquidity

Taxation Aspects

  • Detailed tax implications provided for resident and non-resident shareholders
  • STT applicable at 0.1% for on-market transactions
  • TDS requirements differ for resident and non-resident shareholders
  • Specific provisions for FIIs/FPIs, NRIs, and other categories explained