Key Quantitative Figures

  • Offer Size: Up to 63,48,500 equity shares
  • Percentage of Expanded Voting Share Capital: 10.30%
  • Face Value: ₹10 per share
  • Offer Price: ₹14 per fully paid-up equity share
  • Total Offer Value: Approximately ₹8.89 crore (63,48,500 shares × ₹14)

Dates of Action

  • Public Announcement Date: August 29, 2026 (Saturday)
  • Detailed Public Statement Published: September 04, 2026 (Friday)
  • Draft Letter of Offer filed with SEBI: September 11, 2026 (Friday)
  • SEBI Observations Received: October 14, 2026 (Wednesday)
  • Identified Date: October 16, 2026 (Friday)
  • Letter of Offer Dispatch: October 26, 2026 (Monday)
  • Independent Directors Recommendations: October 28, 2026 (Wednesday)
  • Offer Opening Date: November 02, 2026 (Monday)
  • Offer Closing Date: November 16, 2026 (Monday)
  • Payment Completion Date: December 01, 2026 (Tuesday)

Parties Involved

Acquirers:

1. Misun Pure Lights Private Limited (Acquirer-1)

2. Ravi Prakash Bothra (Acquirer-2)

3. Vaaibhav Bothrra (Acquirer-3)

4. Rajesh Arora (Acquirer-4) - Later removed from preferential issue

5. Ashish Arora (Acquirer-5)

Persons Acting in Concert (PACs):

1. Yasha Bothra (PAC 1)

2. Divyanshi Bothra (PAC 2)

3. Sakshi Bothra (PAC 3)

4. Rejesh Bothra (PAC 4)

5. Sandeep Bothra (PAC 5)

6. Priyanka Baid (PAC 6)

7. Nirmala Bothra (PAC 7)

8. Bothra Corp LLP (PAC 8)

Manager to the Offer: Novus Capital Advisors Private Limited (formerly Fast Track Finsec Private Limited, SEBI Registration No. INM000012500)

Target Company: Ishaan Infrastructures and Shelters Limited (Registered Office: 507-B, Titanium City Centre, NR Sachin Towers, 100 Feet Road, Anandnagar, Satellite, Jodhpur Char Rasta, Ahmedabad, Gujarat-380015)

Material Changes

  • Mr. Rajesh Arora (Acquirer-4) was removed from the list of proposed allottees in the preferential issue due to ineligibility under Regulation 159(1) of SEBI (ICDR) Regulations, 2018
  • The proposed allotment of 12,72,840 equity shares to him stands withdrawn
  • This resulted in reduction of the proposed preferential issue and corresponding reduction in total Expanded Voting Share Capital

SEBI Incorporations

The Letter of Offer incorporated SEBI's comments from October 14, 2026 observation letter, including:

  • Modification of open offer percentage on multiple pages
  • Revision of Total Expanded Voting Equity Share Capital
  • Changes in number of shares for preferential issue
  • Removal of Acquirer-4 from preferential allottees list
  • Modification of acquisition percentages of BEPL and BCEPL by Target Company
  • Additional date-wise developments
  • Changes in directorship disclosures of Acquirers and PAC-1
  • Modification of acquisition disclosures during preceding 12 months
  • Changes in Board composition of Target Company
  • Modification of pre and post offer shareholding pattern
  • Changes in volume-weighted average price disclosures
  • Modified statutory approvals disclosures
  • Inclusion of SEBI comments letter copy
  • Disclosure about locked-in shares not permitted for tendering
  • Corrigendum to Detailed Public Statement
  • Compliance with SEBI circulars regarding stock exchange acquisition mechanism

Publication Details

The Pre-Offer Advertisement was published in:

1. Financial Express (English) - National circulation

2. Jansatta (Hindi) - National circulation

3. Financial Express (Gujarati) - Regional edition (Ahmedabad)

4. Pratahkal (Marathi) - Regional edition (Mumbai)

Eligibility and Procedures

  • All shareholders except Acquirers, PACs, Other shareholders of transferor company, and promoters are eligible to participate
  • Shares can be tendered through Selling Brokers for both physical and demat holdings
  • In case of non-receipt of Letter of Offer, shareholders can download from SEBI, Manager to Offer, or BSE websites
  • Plain paper applications accepted with required details and documents

Statutory Approvals

  • No statutory approvals required as of the date of Letter of Offer
  • Offer may become subject to statutory approvals if required later before closure of tendering period
  • NRI and OCB holders must obtain requisite approvals including from RBI

Financial Impact

The open offer represents acquisition of 10.30% of expanded voting share capital at ₹14 per share, totaling approximately ₹8.89 crore. The offer is not conditional upon any minimum level of acceptance.

Capital Structure Impact

Acquisition of up to 63,48,500 shares will reduce public shareholding and increase acquirers' stake in the company.