Uday Narang has launched an open offer to acquire up to 26% of Pasupati Fincap Limited’s equity shares at ₹12 per share, following a Share Purchase Agreement (SPA) with promoter Dinesh Pareekh. The tendering period begins on September 29, 2026, and closes on October 13, 2026. This acquisition coincides with the company’s recent financial turnaround, reporting a standalone net profit of ₹33.83 lakh in Q1FY27, reversing a previous loss. The offer allows public shareholders to exit or retain stakes as Narang aims to become the single largest shareholder with potential control over management.

The Detailed Public Statement (DPS), filed on August 12, 2026, outlines the regulatory framework under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Narang, an individual acquirer with no prior holding in the target company, entered into the SPA on August 05, 2026, to purchase 5,42,925 shares (11.55% stake) from Pareekh for ₹65,15,100. This transaction triggered the mandatory open offer for an additional 12,22,000 shares. The offer price of ₹12 is justified as it exceeds the volume-weighted average market price of ₹11.08 recorded over the preceding 60 trading days.

Offer Structure and Financials

The maximum consideration for the open offer, assuming full acceptance, stands at ₹1,46,64,000. Narang has confirmed firm financial arrangements from personal resources, certified by M/s. Kapil Kumar Agarwal & Associates. An escrow account has been established with Yes Bank Limited, holding ₹37,00,000, which represents more than 25% of the maximum consideration. The acquirer’s net worth was certified at ₹40,05,86,655 as of July 31, 2026.

Acquirer Profile and Strategic Intent

Uday Narang, aged 56, holds a Master of Science from Stony Brook University and possesses approximately 30 years of experience in business leadership and supply chain management. He does not belong to any group but promotes several entities, including Omega Seiki Private Limited (62.42% stake) and Anglian Futures Advisory Private Limited (89.99% stake). Narang stated that his prime objective is substantial acquisition of voting rights and control over the target company’s management. He committed to maintaining the existing line of business and workforce, with any future diversification requiring shareholder approval.

Key Dates for Shareholders

Shareholders must note the tentative schedule for the open offer process. The Letter of Offer will be dispatched by September 22, 2026. An independent committee of the Board will provide its recommendation by September 24, 2026. The offer price or size may be revised until September 25, 2026. All payments to accepting shareholders must be completed by October 28, 2026. Physical shareholders are eligible to tender their shares alongside demat holders.

What the Numbers Show

The acquisition marks a significant shift in ownership for Pasupati Fincap, which recently pivoted its revenue model entirely to service income, generating ₹45.00 lakh in Q1FY27 compared to nil revenue from traditional trading segments. The new promoter’s entry provides capital stability, evidenced by the escrow deposit, while the company simultaneously reduces liabilities from ₹101.13 lakh to ₹60.83 lakh. The offer price of ₹12 represents a premium over recent trading averages, potentially rewarding long-term holders despite the company’s historical net worth deficit of ₹89.17 lakh as of March 31, 2026.

Pasupati Fincap Limited has accepted the resignation of Ms. Deepali Sehrawat, who served as its Company Secretary and Compliance Officer. The change in Key Managerial Personnel (KMP) takes effect from the close of business hours on September 10, 2026. The company disclosed that Ms. Sehrawat tendered her resignation due to personal and unavoidable reasons, confirming there are no material issues associated with her departure.

The disclosure was made pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was submitted to the Bombay Stock Exchange (BSE) on August 11, 2026, by Anil Malik, the Whole Time Director of Pasupati Fincap Limited. The company also referenced SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026, in its compliance submission.

Ms. Sehrawat’s resignation letter, addressed to the Board of Directors, reiterated that her decision was driven by personal circumstances. She confirmed that there were no material reasons for her resignation other than those stated. In her letter, she thanked the Board of Directors and senior management for their support during her tenure.

Key Details of Resignation

The company has requested the stock exchanges to record this information. Pasupati Fincap Limited is also required to file the requisite forms with the Registrar of Companies to formalize the change in its Key Managerial Personnel register. The scrip code for Pasupati Fincap Limited on the BSE is 511734.