Darsh Advisory Private Limited has filed its Draft Letter of Offer (DLOF) with SEBI on September 10, 2026, to acquire up to 32,49,454 equity shares of Kenrik Industries , representing 26% of the company’s total paid-up equity and voting share capital.

The filing confirms the offer price of ₹10 per equity share, which matches the negotiated acquisition price for the promoter stake. The tendering period remains scheduled to commence on October 22, 2026, and close on November 4, 2026.

Transaction Details

The open offer follows Darsh Advisory’s execution of a Share Purchase Agreement (SPA) dated August 27, 2026, with the outgoing promoters of Kenrik Industries. The acquirer purchased 89,99,500 shares, constituting 72.01% of the target company’s equity, from Mr. Nitin Dalpatlal Shah, Mr. Nihar Nitinbhai Shah, Mrs. Manisha Nitinkumar Shah, and Shah Nitin Dalpatlal (HUF).

This acquisition triggers control under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, necessitating the open offer to public shareholders. The Detailed Public Statement was published on September 3, 2026.

Financial Position of Acquirer

Darsh Advisory reported a net worth of ₹17.25 crore as on July 31, 2026. For the financial year ended March 31, 2026, the company recorded total revenue of ₹6.97 crore, a significant increase from ₹1.94 crore in FY25 and ₹0.41 crore in FY24.

However, the acquirer posted a net loss of ₹2.41 crore in FY26, widening from a loss of ₹0.68 crore in FY25. The earnings per share stood at a negative ₹6.96 for FY26.

Target Company Overview

Kenrik Industries, listed on the BSE SME platform, is engaged in manufacturing and supplying gold jewellery. For FY26, the company reported total revenue of ₹802.02 crore, up from ₹747.86 crore in FY25.

Despite revenue growth, Kenrik Industries reported a net loss of ₹0.39 lakh in FY26, compared to a net profit of ₹99.31 lakh in FY25. The company’s net worth increased to ₹223.36 crore as on March 31, 2026, from ₹135.95 crore in the previous year.

What the Numbers Show

Kenrik Industries’ financials reveal a divergence between top-line growth and bottom-line performance. While revenue expanded by approximately 7.2% year-on-year from FY25 to FY26, the company swung from a profit of ₹99.31 lakh to a net loss of ₹0.39 lakh. This indicates that operating costs or other expenses outpaced the revenue growth during the period, eroding profitability despite higher sales.

Offer Process

VC Corporate Advisors Private Limited serves as the Manager to the Offer, while Skyline Financial Services Private Limited acts as the Registrar to the Offer. Darsh Advisory has deposited ₹82 lakh in an escrow account with ICICI Bank Limited, representing more than 25% of the maximum consideration payable. The funds are sourced from the acquirer’s own resources, with no borrowings envisaged.

Public shareholders holding equity shares as on the identified date of October 7, 2026, are eligible to participate. The offer is not conditional upon any minimum level of acceptance.

Kenrik Industries has fixed September 22, 2026 as the record date for determining shareholder eligibility for its upcoming Annual General Meeting. The company submitted its 10th Annual Report for FY26 to the Bombay Stock Exchange on September 2, 2026.

The filing confirms adherence to regulatory disclosure norms under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Nitin Dalpatlal Shah, Managing Director, digitally signed the submission letter addressed to the Corporate Listing Department of BSE Limited.

AGM Agenda and Director Reappointment

Kenrik Industries scheduled its 10th Annual General Meeting for September 29, 2026. The Board of Directors approved the draft Directors' Report for FY26 during its meeting on September 1, 2026.

The meeting will commence at 2:00 pm at the company's registered office in Ahmedabad, Gujarat. Shareholders holding shares as of the cut-off date of September 22, 2026, are eligible to vote.

The primary agenda includes the adoption of the Audited Financial Statements (Standalone) for the financial year ended March 31, 2026. Additionally, shareholders will vote on the reappointment of Mr. Nihar Nitinbhai Shah (DIN: 07714540) as a Non-Executive Director liable to retire by rotation.

Mr. Shah holds a Master of Engineering in Engineering Management from Stevens Institute of Technology. He has served on the board since February 28, 2017, and attended all four board meetings in FY25-26. As of March 31, 2026, he holds 29,56,600 shares. He is the son of Chairman and Managing Director Nitin Dalpatlal Shah.

E-Voting and Book Closure Details

The company appointed M/s Dharti Patel & Associates as the scrutinizer for the e-voting and venue voting processes. Pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the remote e-voting window opens on September 26, 2026, at 9:00 am and closes on September 28, 2026, at 5:00 pm. National Securities Depository Limited (NSDL) facilitates the remote e-voting facility.

Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the register of members and share transfer books will remain closed from September 23, 2026, to September 29, 2026, inclusive. This closure facilitates the determination of shareholders eligible to attend and vote at the AGM.

Board Meeting Outcome

The Board meeting concluded at 3:15 pm after approving the notice for the Annual General Meeting alongside the financial report for FY26. No other material business was transacted during the session.