RGF Capital Markets Limited has identified September 28, 2026 as the record date for determining eligible shareholders in the proposed open offer for a 26% stake. The offer is led by Nishad Jitendra Shah and associated entities.

The open offer targets up to 3,90,06,240 equity shares of face value ₹1 each, representing 26.00% of the voting share capital held by public shareholders. Kunvarji Finstock Private Limited serves as the manager to the open offer.

Offer Structure and Acquirers

The acquisition involves a consortium of nine acquirers, including individuals and corporate entities. The detailed public statement was published on March 17, 2026, followed by the draft letter of offer on March 24, 2026.

The acquirer group includes Nishad Jitendra Shah HUF, Rajshree N. Shah, Parshwa N. Shah, Payal Paras Shah, Trupti Management Services Private Limited, Rocksolid Investment, Rocksolid Enterprise, and Rockthree Framework LLP.

Regulatory Compliance

This determination complies with Regulation 18(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011. The identified date is used solely to determine which shareholders will receive the Letter of Offer.

RGF Capital Markets disclosed that promoter group entity Caravan Vyapaar Private Limited has completely exited its shareholding in the company. The promoter affiliate sold its entire stake of 5,211,870 shares through open market transactions.

The disposal activity took place over ten trading sessions between July 27, 2026, and August 18, 2026. Prior to these sales, Caravan Vyapaar held 3.47% of the total voting capital. Following the final transaction on August 18, 2026, its holding dropped to 0.00%.

Transaction Details

The sales were executed in multiple tranches. The largest single-day sale occurred on July 27, 2026, July 30, 2026, July 31, 2026, August 3, 2026, and August 7, 2026, with 700,000 shares sold each day. The smallest tranche was 101,326 shares on July 28, 2026.

The disclosure was filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company’s total equity share capital remained unchanged at 150,024,000 shares throughout the period.