Jindal Leasefin Limited announced the withdrawal of an open offer by Tirupati Agrotech Private Limited after the Reserve Bank of India (RBI) refused to approve the proposed change in management. The regulatory rejection halts the acquisition of control involving 26% of the company's equity shares.

The RBI communicated its decision on September 22, 2026, stating it did not accede to the request for the change in management. This development follows an application made by Tirupati Agrotech Private Limited to acquire control of the target company through the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Regulatory Hurdle and Offer Withdrawal

The open offer was structured to acquire 782,314 equity shares, representing 26% of the total paid-up equity capital of Jindal Leasefin. Due to the non-approval from the RBI, the proposed acquisition of control cannot proceed. Consequently, the open offer stands withdrawn in terms of Regulation 23 of the SEBI SAST Regulations, 2011.

Impact on Control Structure

The failure to secure regulatory clearance for the change in management effectively preserves the current control structure of Jindal Leasefin. The acquirer had initiated the process under the SEBI SAST Regulations, but the central bank's authority over NBFCs and financial entities proved decisive in blocking the transition.

What the Numbers Show

The withdrawal highlights the critical dependency of financial sector acquisitions on regulatory nod for management changes. The 26% stake sought by Tirupati Agrotech represented a significant shift in ownership, yet the transaction's viability was entirely contingent on RBI approval rather than shareholder acceptance or financial terms alone.

Jindal Leasefin has scheduled its 32nd Annual General Meeting (AGM) for Tuesday, September 29, 2026. The meeting will take place at Kejriwal Farm House in Delhi.

The company fixed Tuesday, September 22, 2026, as the cut-off date to determine members eligible to vote on businesses transacted at the AGM. This determination is in accordance with Section 108 of the Companies Act, 2013, read with Rule 20 of the Companies (Management and Administration) Rules, 2014, and Regulation 44 of the SEBI Listing Regulations.

Corporate Action Details

The Register of Members and Share Transfer Books will remain closed from September 23, 2026, to September 29, 2026, both days inclusive. This closure is required under Section 91 of the Companies Act, 2013, and Rule 10 of the Companies (Management and Administration) Rules, 2014, to record members eligible for the AGM.

The Notice of the 32nd AGM and the Annual Report for FY26 will be sent in due course. Surender Kumar Jindal, Managing Director, signed the intimation filed with BSE Limited on August 29, 2026.

E-Voting Schedule

The e-voting period starts at 9:00 am on Saturday, September 26, 2026, and ends at 5:00 pm on Monday, September 28, 2026. Members can cast their votes through remote e-voting or voting at the AGM.