Hitesh Himatlal Lakhani, a promoter of Rikhav Securities , has encumbered 4,98,048 equity shares of the firm. The pledge, executed on August 3, 2026, accounts for 1.3% of the company's total share capital and was disclosed to BSE Limited and the target company on August 4, 2026, in compliance with Regulation 31(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The disclosure reveals that the shares were pledged specifically for margin trading. Prior to this transaction, Lakhani held no encumbered shares in the company. Following this creation of encumbrance, his total pledged holding stands at 4,98,048 shares. The entity in whose favor the shares have been encumbered is Rikhav Securities Limited (DP).

Shareholding Details

The following table outlines the promoter's holding status before and after the pledge event:

Lakhani's total stake in Rikhav Securities Limited remains at 24,69,720 shares, representing 6.45% of the total share capital. The pledge affects only a portion of this holding, leaving the majority of his stake unencumbered.

What the Numbers Show

The pledge of 1.3% of the total share capital for margin trading indicates liquidity management activity by the promoter rather than a distress signal, given that the majority of his 6.45% stake remains free of encumbrances. The use of the company's own DP as the beneficiary suggests an internal arrangement or standard brokerage collateral process rather than external debt financing.

Acquirers have initiated a mandatory open offer to acquire up to 99,55,920 equity shares, representing 26% of the equity share capital of rikhav securities , at a price of ₹47.75 per fully paid-up equity share. The offer was triggered following market purchases by the acquirers that exceeded the permissible creeping acquisition limit of 5% in a financial year under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The tendering period for the offer is scheduled to open on July 24, 2026, and close on August 06, 2026.

The acquirers, comprising M/s B.D. Lakhani, M/s B.N. Lakhani, M/s H.D. Lakhani, and M/s N.D. Lakhani, along with persons acting in concert (PACs), undertook market purchases of 32,51,200 equity shares at an average price of ₹39.23 per share. These acquisitions increased the acquirers' voting rights from nil to 8.48% and the collective shareholding of the acquirers and PACs from 21.74% to 30.22%, thereby triggering the obligation to make the open offer. The offer is being made to regularize the non-compliance with the takeover regulations.

Independent Directors' Recommendation

The Committee of Independent Directors (IDC) of Rikhav Securities Limited has unanimously approved the recommendation that the open offer is fair and reasonable. The recommendation, dated July 20, 2026, is based on the offer price of ₹47.75 per share being determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations, which includes an interest component for the delay in making the public announcement. The IDC noted that the offer price is higher than the volume-weighted average market price of ₹47.20 per share for the 60 trading days preceding the public announcement. The closing market price on July 21, 2026, was ₹47 per share.

Offer Details

The open offer seeks to acquire up to 99,55,920 fully paid-up equity shares of face value ₹5 each. The offer price of ₹47.75 per share has been determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations, which includes an interest component of ₹0.55 per share calculated for a delay period of 40 days at 10% per annum. The total consideration payable, assuming full acceptance, amounts to ₹47,53,95,180.

Financial Arrangements and Schedule

The acquirers have made firm financial arrangements to fund the acquisition, including a sanctioned credit facility of ₹20 crore from Total Holding and Finvest Pvt Ltd and internal accruals. An escrow account has been opened with Axis Bank Limited, and the acquirers have deposited the full consideration of ₹47,53,95,180 as of June 29, 2026, to ensure compliance with the regulations.

The schedule of major activities indicates that the tendering period will commence on July 24, 2026, and conclude on August 06, 2026. The last date for the completion of all requirements, including payment of consideration, is August 20, 2026. The offer is not subject to any minimum level of acceptance and is not a competing offer.

Sobhagya Capital Options Private Limited is acting as the Manager to the Offer, while MUFG Intime India Private Limited (formerly Link Intime India Private Limited) serves as the Registrar to the Offer.