The Securities Appellate Tribunal (SAT) has allowed an appeal concerning the open offer for Trucap Finance Limited , setting aside previous directions issued by the market regulator. The matter was heard on July 08, 2026, and the tribunal has remanded the case back to SEBI for a fresh speaking order.

The appeal was filed in response to an open offer initiated by Marwadi Chandarana Intermediaries Brokers Private Limited, identified as the acquirer. The SAT's decision overturns SEBI's communications dated January 30, 2026, and October 27, 2025, which had directed the acquirer in relation to the offer made to the shareholders of the target company.

Sundae Capital Advisors Private Limited, representing the interests involved, submitted the update to the exchanges on July 10, 2026. The filing confirms that while the appeal has been allowed, the regulatory scrutiny will continue as SEBI is now required to pass a detailed order on the matter.

The following table outlines the key dates and regulatory actions associated with this development:

This development provides clarity on the immediate regulatory hurdles for the open offer, though the final outcome remains pending SEBI's review. Shareholders of Trucap Finance Limited are advised to await further disclosures regarding the speaking order and its implications for the open offer process.

TruCap Finance Limited disclosed that its promoter group, including Anjaneya Realty Management LLP and Persons Acting in Concert, holds 3,68,00,220 equity shares, representing 30.96% of the equity share capital as of March 31, 2026. The filing submitted to the stock exchanges confirms that no encumbrances were created on these shareholdings during the financial year ended March 31, 2026, other than those previously disclosed.

The disclosure was made in compliance with Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The declaration was submitted on behalf of the promoters and promoter group by Maitri S. Shah, Nominee of Body Corporate and Designated Partner of Anjaneya Realty Management LLP.

Shareholding Details

The detailed breakdown of the shareholding held by the promoter and promoter group as on March 31, 2026, is provided in the table below:

The total holding of 3,68,00,220 equity shares accounts for 30.96% of the company's equity share capital. The document explicitly states that there have been no indirect or direct encumbrances on these shares during FY26 beyond those already disclosed.