Inani Securities Limited disclosed that Aikyam Financial Services Private Limited has initiated an open offer to acquire up to 26% of its total equity and voting share capital. The acquisition is priced at ₹60 per fully paid-up equity share.

The public announcement was made by Bonanza Portfolio Limited, acting as the SEBI-registered merchant banker on behalf of the acquirer. This transaction triggers a mandatory open offer under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following the acquisition of control over the target company.

Offer Details and Regulatory Compliance

The open offer targets up to 1,185,002 equity shares with a face value of ₹10 each. These shares represent 26% of the company's total equity and voting share capital on a fully diluted basis. The offer is exclusively directed at public shareholders and is structured as a cash transaction.

Bonanza Portfolio Limited has been appointed as the Manager to the Open Offer in compliance with Regulation 12(1) of the SEBI (SAST) Regulations. The completion of this transaction is contingent upon several conditions precedent outlined in the Share Purchase Agreement (SPA).

Conditions Precedent

The finalization of the deal depends on:

• Completion of the open offer process.
• Receipt of applicable change-in-control approvals related to stock-broking, trading-member, and depository-participant registrations.
• Satisfaction of other conditions specified in the SPA.

What the Numbers Show

The offer price of ₹60 represents a 6x premium over the face value of ₹10 per share. The total value of the shares being offered is approximately ₹7.11 crore (calculated as 1,185,002 shares multiplied by ₹60), though the source does not explicitly state the aggregate deal value. The acquisition aims to secure a controlling stake, shifting the ownership structure significantly from public shareholders to Aikyam Financial Services.

Inani Securities Ltd reported a net profit of ₹7.96 lakh for the quarter ended September 30, 2026 (Q2FY27), marking a significant turnaround from the ₹1.95 lakh earned in the corresponding quarter of the previous year.

The brokerage firm’s revenue from operations grew 41% YoY to ₹35.63 lakh, up from ₹25.19 lakh in Q2FY26. Total income, including other income, stood at ₹49.84 lakh, compared to ₹41.36 lakh in the year-ago period. The company’s Earnings Per Share (EPS) improved to ₹0.17 on both basic and diluted bases, up from ₹0.04 in the same period last fiscal.

Financial Performance Overview

The improvement in bottom-line performance was driven by higher operating revenues and a reduction in total expenses. Employee benefits expense rose to ₹16.30 lakh in Q2FY27 from ₹10.24 lakh in Q2FY26, reflecting increased operational costs. However, this was offset by lower finance costs, which declined to ₹5.76 lakh from ₹7.47 lakh, and reduced other expenses, which fell to ₹12.60 lakh from ₹16.57 lakh.

Balance Sheet and Cash Flow Signals

The company’s cash and cash equivalents position saw a substantial decline during the half-year period ending September 30, 2026. Cash balances dropped to ₹189.23 lakh as of September 30, 2026, from ₹950.06 lakh as of March 31, 2026. This reduction correlates with significant outflows in operating activities, where net cash used was ₹751.34 lakh for H1FY27, compared to a positive inflow of ₹68.80 lakh in H1FY26.

Key balance sheet metrics indicate a stable debt profile with a Debt Equity Ratio of 0.13. The Interest Coverage Ratio for the quarter stood at 2.87, while the Debt Service Coverage Ratio was reported at 1.87.

What the Numbers Show

A notable divergence exists between the sharp rise in net profit and the negative operating cash flow. While net profit tripled YoY, the company recorded a net cash outflow of ₹751.34 lakh from operations in H1FY27. This discrepancy is largely driven by working capital changes, specifically a significant decrease in trade payables (outflow of ₹360.02 lakh) and an increase in other current assets (outflow of ₹326.42 lakh), which consumed liquidity despite the accounting profit growth.