Kuber Udyog Limited has published its Detailed Public Statement (DPS) on August 14, 2026, marking a key procedural milestone in its mandatory open offer. The offer, triggered by the proposed acquisition of Golden Ikon Fleet Management Private Limited, allows acquirers Manav Bahri, Dinesh Popli, and Ajay Dutta, along with Person Acting in Concert (PAC) Trimudra Trade & Holdings Private Limited, to acquire up to 26% of the company’s expanded voting share capital. The tendering period for public shareholders is scheduled to begin on October 1, 2026.

The DPS confirms that the open offer size remains up to 3,19,71,680 equity shares, priced at ₹23.35 per share, resulting in a maximum consideration of ₹74.65 crore. This price was determined in compliance with Regulation 8 of the SEBI (SAST) Regulations, 2011, as it represents the higher of the highest negotiated price under the Share Sale & Subscription Agreement (SSSA) and the volume-weighted average market price over the preceding 60 trading days. Systematix Corporate Services Limited continues to serve as the Manager to the Offer.

Transaction Structure and Underlying Deal

The open offer follows the execution of an SSSA dated August 7, 2026, under which Kuber Udyog proposes to acquire 100% of Golden Ikon Fleet Management Private Limited. In consideration, Kuber Udyog will allot 7,62,85,000 equity shares to the acquirers, valued at ₹176.22 crore, otherwise than for cash. Additionally, a preferential issue of 11,58,35,000 equity shares and 37,00,000 convertible warrants has been approved by the Board, subject to shareholder and regulatory approvals.

Upon completion, assuming no offer shares are tendered in the open offer, the acquirers and PAC will collectively hold approximately 63.01% of the post-preferential share capital. Manav Bahri will hold 31.38%, while Dinesh Popli and Ajay Dutta will each hold 15.69%. Trimudra Trade & Holdings Private Limited will hold 0.24%.

Strategic Shift and Regulatory Status

The transaction underscores Kuber Udyog’s strategic pivot away from non-banking financial activities into fleet management. The Board of Directors approved the discontinuation of NBFC activities on July 23, 2026, effective from May 30, 2026. An application for the voluntary surrender of its Certificate of Registration as an NBFC was submitted to the Reserve Bank of India on July 24, 2026, and remains pending. Upon surrender, the company plans to alter its Main Objects Clauses to include motor vehicle transportation, facility management, and IT services, alongside a proposed name change to "Golden Ikon Mobility Limited".

Timeline and Financial Arrangements

The DPS outlines a tentative schedule for the offer process. The Draft Letter of Offer (DLOF) is expected to be filed with SEBI by August 21, 2026. The Letter of Offer (LOF) will be dispatched to public shareholders by September 24, 2026. The tendering period will run from October 1, 2026, to October 15, 2026. Payment of consideration or refunds is expected by October 30, 2026.

To secure the offer, the acquirers have deposited ₹19 crore (more than 25% of the total consideration) into an escrow account with ICICI Bank Limited. The offer is not conditional upon any minimum level of acceptance but is subject to requisite statutory, regulatory, corporate, and shareholder approvals. If any statutory approvals are refused or become subject to unsatisfiable conditions, the open offer may be withdrawn in accordance with Regulation 23 of the SEBI (SAST) Regulations.

Kuber Udyog Limited has scheduled a meeting of its Board of Directors for Friday, August 07, 2026, to consider raising funds. The primary agenda involves approving the issuance of equity shares, warrants, or other convertible securities through a preferential issue or other permissible modes, subject to statutory and regulatory approvals as well as shareholder consent.

The intimation was issued pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR). The company notified BSE Limited of the meeting on August 04, 2026. The Board will also consider any other matters with the permission of the Chair, including incidental and ancillary matters.

Proposed Fund Raising Details

The Board is seeking approval to raise capital in accordance with the Companies Act, 2013, and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The specific instruments under consideration include:

The transaction is subject to necessary statutory and regulatory approvals. Shareholder approval will be required for the issuance.

Regulatory Compliance

The notice was signed by Chetan Shinde, Managing Director of Kuber Udyog Limited. The company’s registered office is located at Office Number 156, 1st Floor, Raghuleela Mega Mall, Kandivali West, Mumbai. The filing confirms compliance with SEBI Listing Regulations regarding the disclosure of board meeting agendas involving material transactions such as fund raising.