Nirbhay Colours India Limited has completed its open offer process, with seven acquirers successfully acquiring a significant stake in the company through a structured acquisition program that concluded on March 12, 2026.

Open Offer Details and Structure

The open offer was initiated by a consortium of seven acquirers led by Mr. Dakshesh Rameshchandra Shah, along with Mr. Dhruvin Shah, Mrs. Sheetal Shah, Mrs. Anar Jayeshbhai Patel, Ms. Sanskruti Jayeshbhai Patel, Mr. Jayesh Patel, and M/s. Seher Retail Private Limited. The offer was managed by Wealth Mine Networks Limited and processed through BSE Limited's designated acquisition window.

Acquisition Results and Shareholding Pattern

The open offer achieved partial success with actual acceptance falling short of the proposed targets. While the acquirers had proposed to acquire 14,19,700 shares, they successfully obtained 10,15,800 shares, representing 71.55% of the offered quantity.

Post-Offer Shareholding Structure

Following the completion of the open offer, the acquirer group's total shareholding in Nirbhay Colours India Limited has increased substantially. The group's combined holding now stands at 19,75,900 shares, representing 56.45% of the company's fully diluted equity share capital.

Transaction Mechanics and Compliance

The open offer was conducted in full compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. All 10,15,800 equity shares that were validly tendered and accepted were in dematerialized form, ensuring smooth settlement of the transaction.

The acquirers had initially held 2,85,800 shares (8.17%) before the agreements and public announcement. Through separate agreements, they acquired an additional 6,74,300 shares (19.27%), followed by the open offer acquisition of 10,15,800 shares.

Regulatory Framework and Process

The transaction was executed through BSE Limited's stock exchange mechanism using a separate acquisition window, as mandated by SEBI regulations. The detailed public statement was published on December 20, 2025, across multiple newspapers including Financial Express (English and Gujarati editions), Jansatta (Hindi), and Navshakti (Marathi).

The post-offer advertisement confirms that the acquirers accept full responsibility for the information contained in the disclosure and for meeting all obligations under SEBI (SAST) Regulations, 2011. The transaction represents a significant consolidation of ownership in Nirbhay Colours India Limited, with the acquirer group now holding majority control of the company.

Craftroot Retail Limited (formerly known as Nirbhay Colours India Limited) has submitted its quarterly compliance certificate to BSE Limited, fulfilling regulatory requirements under SEBI Depositories and Participants Regulations for the quarter ended March 31, 2026.

Regulatory Compliance Submission

The company filed its confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 on April 8, 2026. Director Raghvendra Kulkarni (DIN: 06970323) signed the submission letter addressed to BSE Limited's Corporate Relationship Department.

Transfer Agent Confirmation

MCS Share Transfer Agent Limited, serving as the company's registrar and transfer agent, issued the confirmation certificate dated April 7, 2026. The transfer agent confirmed that all securities received from depository participants for dematerialization during the quarter were properly processed and confirmed to the depositories.

Key confirmations provided by the transfer agent include:

• Securities received for dematerialization were accepted or rejected as per regulations
• All securities comprised in certificates have been listed on stock exchanges where earlier issued securities are listed
• Security certificates received for dematerialisation were mutilated and cancelled after due verification
• Depositories' names were substituted in the register of members as registered owners within 15 days

Company Information

Craftroot Retail Limited operates from its registered office at 61/201, 02nd Floor, Prerak Apartment Near Wagh Bakri Tea Depot, Gujarat College Road, Ahmedabad-380006, Gujarat. The company carries CIN L46411GJ1992PLC017863 and maintains its website at www.nirbhaycolours.com .

Compliance Framework

The submission demonstrates the company's adherence to SEBI's regulatory framework governing depositories and participants. Regulation 74(5) requires companies to submit quarterly confirmation certificates ensuring proper handling of dematerialization processes and maintaining accurate records of securities transactions.

The timely submission of this compliance certificate reflects the company's commitment to maintaining regulatory standards and transparent reporting practices in line with securities market regulations.