Darsh Advisory Private Limited has announced an open offer to acquire up to 26.00% of the total paid-up equity and voting share capital of Kenrik Industries . The acquisition follows a share purchase agreement with outgoing promoters, triggering mandatory obligations under SEBI regulations.

The acquirer aims to purchase up to 32,49,454 fully paid-up equity shares from public shareholders. The offer price is fixed at ₹10 per equity share, which matches the face value. Assuming full acceptance, the total consideration payable by the acquirer will amount to ₹3,24,94,540. The entire consideration will be paid in cash.

Transaction Details

The open offer is triggered by a direct transaction executed on August 27, 2026. Darsh Advisory entered into a Share Purchase Agreement with the outgoing promoters to acquire 89,99,500 equity shares. This block represents 72.01% of the total paid-up equity and voting share capital of the target company.

The underlying transaction involves the acquisition of shares from Mr. Nitin Dalpatlal Shah, Mr. Nihar Nitinbhai Shah, Mrs. Manisha Nitinkumar Shah, and Shah Nitin Dalpatlal (HUF). The negotiated price for this promoter block was also ₹10 per share, totaling ₹9.00 crore. Post-transaction, the sellers will cease to hold any equity shares in the company.

Regulatory Framework

The open offer is made pursuant to Regulations 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Regulation 3(1) is triggered because the aggregate shareholding of the acquirer exceeds the prescribed threshold limit following the promoter sale. Regulation 4 applies as the acquirer will acquire control over the target company.

VC Corporate Advisors Private Limited has been appointed as the Manager to the Offer. The detailed public statement outlining the offer specifics is scheduled to be published in newspapers on or before September 3, 2026, in compliance with Regulation 14(3) of the SEBI (SAST) Regulations.

What the Numbers Show

The uniform pricing structure across both the promoter block trade and the public open offer indicates a standardized valuation basis for the entire equity capital at this stage. With the acquirer securing 72.01% through the private agreement and mandatorily offering to buy another 26.00% from the public, the transaction effectively targets near-total ownership consolidation. The offer is not conditional upon any minimum level of acceptance, ensuring that the transfer of control to Darsh Advisory proceeds regardless of public shareholder participation levels.

Kenrik Industries Limited reported a net loss of ₹0.38 lakh for the financial year ended March 31, 2026, on revenue from operations of ₹8019.54 lakh. The company's board approved the standalone audited financial results for the quarter and year ended March 31, 2026, at a meeting held on May 30, 2026.

The statutory auditors, VSSB & Associates, Chartered Accountants, issued an unmodified opinion on the standalone financial results pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audit confirmed that the results present a true and fair view in conformity with the Indian Accounting Standards.

For the quarter ended March 31, 2026, the company reported a net loss of ₹58.83 lakh. Revenue from operations for the half-year ended March 31, 2026, was ₹5806.20 lakh. Total income for the year ended March 31, 2026, was ₹8020.18 lakh, while total expenses for the period were ₹8015.03 lakh.

The financial statements indicate that the company is primarily engaged in the trading of gold, silver ornaments, and bullion. Kenrik Industries Limited listed its equity shares on the BSE SME Platform on May 9, 2025, following an initial public offering.

The trading window for designated persons, which was closed since April 1, 2026, in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015, will reopen 48 hours after the declaration of these financial results.