Kuber Udyog Limited

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 ₹10 each, constituting 26.00% of the fully diluted share and voting capital of Kuber Udyog Limited.

Offer Price: ₹23.35 (Rupees Twenty Three and Thirty Five Paisa only) per share.

Regulatory Basis: The offer is made under Regulations 3(1) & 4 of the SEBI (SAST) Regulations.

Manager to the Offer

Systematix Corporate Services Limited (SEBI Registration No. INM 000004224) is the manager. Their address is The Capital, A-Wing, 6th Floor, No. 603-606, Plot No. C-70, G-Block, Bandra-Kurla Complex (BKC), Bandra (East), Mumbai - 400 051. Contact: Tel. +91-22-6704 8000, Fax +91-22-6704 8022, Email: ecm@systematixgroup.in.

Committee of Independent Directors (IDC)

The IDC meeting was held on October 19, 2026. The committee members are:

1. Mrs. Purvi Patel (Chairperson)

2. Mr. Akshay Girish Poriya

IDC Relationships: All members are independent and non-executive directors of the company with no contractual relationship. They have not traded in the company's equity shares/other securities and have no relationship with the acquirers or PACs.

IDC Recommendation and Rationale

The IDC unanimously recommends acceptance of the open offer, deeming it "fair and reasonable." The key reasons for this recommendation are:

  • The shares were frequently traded on the stock exchange as of the date of the Public Announcement (PA).
  • The offer price of ₹23.35 is in accordance with Regulation 8(2) of the SEBI (SAST) Regulations.
  • The price of ₹23.35 is higher than the ₹23.10 price calculated for a preferential issue of equity shares and convertible warrants to the acquirers, PACs, and other public shareholders, as per SEBI (ICDR) Regulations, 2018.

Important Qualification for Shareholders

The IDC highlights that the company's share price has increased since the Public Announcement dated August 07, 2026, and the current market price is higher than the offer price of ₹23.35. Shareholders are advised to independently evaluate the offer price against the current market price and make an informed decision.