Brijlaxmi Leasing & Finance announced the withdrawal of its open offer following the Reserve Bank of India's refusal to approve the proposed change in shareholding. The regulatory body did not accede to the request regarding the acquisition of a 26% stake by the Chaturvedi group, halting the transaction.

The open offer was initiated by Jaykishor Chaitanyakishor Chaturvedi, Siddharth Jaykishor Chaturvedi, Ankur J Chaturvedi, and Brijlaxmi Infotech Limited. Collectively referred to as the Acquirers, they sought to acquire up to 64,99,889 equity shares. The withdrawal was formalized under Regulation 23 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Offer Details and Withdrawal

The proposed acquisition involved purchasing equity shares at a price of ₹10.05 per share. The total value of the offer aggregated to ₹6.53 crore. The communication from the RBI, dated October 8, 2026, explicitly stated that the application for the change in shareholding was not approved.

Consequently, the open offer could not proceed as planned. The company stated that the withdrawal was made in terms of Regulation 23(2)(a) of the SEBI SAST Regulations. The announcement was published in English, Hindi, Marathi, and Gujarati newspapers to ensure public dissemination.

Regulatory Compliance and Next Steps

The withdrawal notice was submitted to the BSE Limited on October 12, 2026. Saffron Capital Advisors Private Limited acted as the Manager to the Offer. The company confirmed that the non-approval from the RBI directly necessitated the cancellation of the offer.

Public shareholders who may have considered participating in the offer are now informed that the transaction is void. No further procedural steps for this specific acquisition attempt will be taken by the Acquirers due to the regulatory hurdle.

Brijlaxmi Leasing & Finance has closed its trading window effective October 1, 2026. This restriction applies to directors, promoters, and designated persons until 48 hours after the declaration of unaudited financial results for the quarter and half-year ending September 30, 2026.

Regulatory Compliance Details

The closure is mandated under the SEBI (Prohibition of Insider Trading) Regulations, 2015 and the company's internal Code of Conduct. The restriction extends to any person having a contractual or fiduciary relationship with the company. The company stated that the specific date for the Board Meeting to approve the Q2FY27 results will be intimated in due course.

Key Compliance Timeline

The company, registered in Vadodara, filed this intimation with BSE Limited on September 28, 2026. No financial figures or performance metrics were disclosed in this regulatory filing.