Vital Connections LLP, a promoter group shareholder of Riddhi Siddhi Gluco Biols Limited (ISIN: INE249D01019), has issued a Notice of Offer for Sale (OFS) for 8,23,422 equity shares of face value ₹10 each, representing 11.55% of the total issued and paid-up equity share capital of the company.

The OFS is being conducted to achieve minimum public shareholding (MPS) compliance as required under Rule 19(2)(b) and Rule 19A of the Securities Contracts (Regulation) Rules, 1957, and Regulation 38 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This follows a SEBI order (WTM/MB/IVD/ID12/12998/2021-22 dated August 11, 2021) that directed MPS compliance and restrained the promoter from accessing securities market for two years post-compliance.

The Securities Appellate Tribunal (SAT) modified this order in its March 09, 2026 decision (Appeal Nos. 543 and 588 of 2021), reducing the restraint period from two years to six months after MPS compliance. SAT had previously stayed the SEBI order on October 28, 2021.

Offer Details

  • Floor Price: ₹730 per equity share
  • Total Offer Size: 8,23,422 equity shares (11.55% of paid-up capital)
  • Trading Days:
  • T Day (22nd June 2026): For non-retail investors only (9:15 AM to 3:30 PM IST)
  • T+1 Day (23rd June 2026): For retail investors and non-retail investors carrying forward unallotted bids (9:15 AM to 3:30 PM IST)
  • Stock Exchange: BSE Limited
  • Clearing Corporation: National Clearing Corporation Limited
  • Seller's Broker: Kotak Securities Limited (BSE Clearing number: 0673)

Allocation Methodology

Non-Retail Category:

  • Allocation at or above floor price on price priority basis
  • Minimum 25% reservation for mutual funds and insurance companies
  • No single bidder (except mutual funds/insurance companies) allocated more than 25% of offer shares
  • Non-retail investors can carry forward unallotted bids to T+1 day

Retail Category:

  • Defined as individual investors bidding for total value not exceeding ₹2,00,000
  • Minimum 10% reservation for retail investors
  • No discount offered to retail investors
  • Retail investors may bid at cut-off price or any price above floor price

Settlement Conditions

  • Non-institutional investors must deposit 100% bid value upfront
  • Institutional investors have option to bid without upfront payment
  • Retail investors require 100% margin deposit
  • Settlement occurs on trade-for-trade basis with varying settlement cycles based on investor category

Cancellation Rights

The seller reserves the right to cancel the offer:

  • If insufficient demand from non-retail investors at or above floor price on T day
  • In case of default in settlement obligations
  • Cancellation request can be sent until 5:00 PM on T day
  • 10 trading day cooling period required if offer withdrawn before opening

Regulatory Framework

The offer is conducted under:

  • SEBI OFS Circular (SEBI/HO/MRD-PoD2/CIR/P/2024/00181 dated 30th December 2024)
  • BSE OFS Circular (20240701-19 dated 1st July 2024)
  • SEBI MPS Circular (HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 issued July 11, 2023, updated January 30, 2026)

The offer shares are not registered under US Securities Act and cannot be offered/sold in the United States. The transaction qualifies under Regulation S for offshore transactions.