Document Overview

Key Updates to Open Offer

1. Statutory Approvals

The Reserve Bank of India (RBI) accepted the voluntary application dated July 24, 2026 for cancellation of Certificate of Registration (CoR) as a Non-Banking Financial Company (NBFC) through its letter dated November 06, 2026.

2. Preferential Allotment Updates

Pursuant to the Board of Directors meeting of Kuber Udyog Limited held on October 28, 2026, the following allotments were approved:

A. Allotment of Equity Shares for Consideration Other Than Cash
  • Purpose: Acquisition of 100% equity share capital of Golden Ikon Fleet Management Private Limited
  • Total Shares Allotted: 7,62,85,000 equity shares of face value ₹10 each
  • Issue Price: ₹23.10 per equity share
  • Allottees:
  • Manav Bahri (Acquirer 1): 3,81,42,500 shares
  • Dinesh Popli (Acquirer 2): 1,90,71,250 shares
  • Ajay Dutta (Acquirer 3): 1,90,71,250 shares
  • Post-acquisition Status: Golden Ikon will become a wholly owned subsidiary of Kuber Udyog Limited
B. Preferential Allotment of Equity Shares for Cash Consideration
  • Total Shares Allotted: 3,95,50,000 equity shares of face value ₹10 each
  • Issue Price: ₹23.10 per equity share
  • Allottees: Persons other than promoters (Acquirers and PACs)
  • Regulatory Compliance: Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
C. Preferential Allotment of Convertible Equity Warrants
  • Total Warrants Allotted: 37,00,000 fully convertible equity warrants
  • Issue Price: ₹23.10 per warrant
  • Conversion Terms: Each warrant convertible into one fully paid-up equity share of face value ₹10 each at a premium of ₹13.10 per equity share
  • Conversion Period: Within 18 months from date of allotment
  • Allottees:
  • Manav Bahri (Acquirer 1): 4,50,000 warrants
  • Dinesh Popli (Acquirer 2): 2,25,000 warrants
  • Ajay Dutta (Acquirer 3): 2,25,000 warrants
  • Trimudra Trade and Holdings Pvt Limited (PAC 1): 3,00,000 warrants
  • Public: 25,00,000 warrants

Open Offer Details

  • Offer Type: Open Offer to public shareholders
  • Total Shares: Up to 3,19,71,680 fully paid-up equity shares
  • Percentage: 26.00% of expanded voting share capital
  • Offer Price: ₹23.35 per equity share
  • Payment Mode: Cash
  • Acquirers: Manav Bahri (Acquirer 1), Dinesh Popli (Acquirer 2), Ajay Dutta (Acquirer 3)
  • Persons Acting in Concert: Trimudra Trade & Holdings Private Limited (PAC 1), Shraddha Gohil (PAC 2)
  • Regulatory Basis: Regulations 3(1) and 4 of SEBI (SAST) Regulations, 2011

Document History

This Corrigendum 2 should be read in conjunction with:

  • Public Announcement dated August 7, 2026 (PA)
  • Detailed Public Statement dated August 14, 2026 (DPS)
  • Draft letter of offer dated August 21, 2026 (DLOF)
  • Letter of Offer dated October 17, 2026 (LOF)
  • Corrigendum to DPS dated October 19, 2026

Publication Details

The corrigendum was published on October 27, 2026 in:

  • The Financial Express (English Daily - All Editions)
  • Jansatta (Hindi Daily - All Editions)
  • Mumbai Lakshdeep (Marathi Daily - Mumbai Edition)

Conditions and Approvals

The credit of aforesaid securities is subject to receipt of listing and trading approval from BSE.

Responsibility and Availability

The Acquirers and PACs accept full responsibility for the information and shall be jointly and severally responsible for fulfillment of obligations under SEBI (SAST) Regulations. This corrigendum is available on SEBI website (www.sebi.gov.in) and BSE website (www.bseindia.com).