Trio Mercantile & Trading Limited accepted the resignations of six directors and key management personnel on July 22, 2026, including its Chairman and Managing Director. The Board simultaneously elevated Mr. Kaushik Jagannath Joshi to the role of Chairman and Managing Director and appointed three new independent directors to strengthen governance. These appointments are subject to shareholder approval at the ensuing general meeting.

The restructuring follows a comprehensive review of board composition. Resignations were accepted from Mr. Bhadresh Shah (Non-Executive Independent Director-Chairperson), Mr. Deepak Ratilal Mehta (Managing Director-Executive Director), and independent directors Mr. Nehul Azad Chheda and Ms. Divya Girish Poriya. Key management officers Mr. Hiren Kothari (Chief Financial Officer) and Mr. Chetan Bohra (Company Secretary and Compliance Officer) also stepped down. All outgoing personnel confirmed no material reasons for their departure other than personal commitments.

Board Restructuring

Mr. Kaushik Jagannath Joshi was redesignated from Additional (Executive) Director to Additional Director designated as Chairman and Managing Director for a three-year term from July 22, 2026, to July 21, 2029. Ms. Radhika Kaushik Joshi was appointed as Additional (Executive) Director and Chief Financial Officer. The Board disclosed that Mr. Kaushik Joshi is the father of Ms. Radhika Joshi.

New Appointments

The Board appointed three independent directors for five-year terms commencing on July 22, 2026.

The meeting was held on July 22, 2026, at the registered office of the company. The intimation was submitted to BSE Limited by Ms. Radhika Joshi, Additional Director.

An open offer has been initiated for the acquisition of up to 3,39,68,300 (Three Crores Thirty-Nine Lakhs Sixty-Eight Thousand and Three Hundred) fully paid-up equity shares of Trio Mercantile & Trading Limited , representing 50.00% of the total issued, fully paid-up and voting share capital of the company. The offer is being made by Kaushik Jagannath Joshi (Acquirer), Amita Kaushik Joshi (PAC 1), Krishna Kaushik Joshi (PAC 2), Radhika Kaushik Joshi (PAC 3), and M/s. Joshi Kaushikkumar Jagannath HUF (PAC 4) at an offer price of ₹1.25/- (One Rupee and Twenty-Five Paisa Only) per equity share of face value ₹2.00 each, payable in cash. The offer is being managed by Interactive Financial Services Limited as the Manager to the Offer.

Key Offer Details

The open offer is being made in compliance with Regulation 4 and applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI (SAST) Regulations). The offer price of ₹1.25/- per equity share has not been revised. The offer is not a competing offer under Regulation 20, and the last date for making a competing offer has expired. The offer is also not conditional upon any minimum level of acceptance under Regulation 19 of the SEBI (SAST) Regulations, 2011.

The following table summarises the key parameters of the open offer:

Regulatory Timeline and IDC Recommendation

The Public Announcement was made on May 26, 2026, and the Detailed Public Statement (DPS) was published on Sunday, May 31, 2026, in all editions of Financial Express (English and Gujarati), Jansatta (Hindi), and Navshakti (Marathi) (Mumbai edition). The Draft Letter of Offer was filed with SEBI on June 05, 2026. SEBI's final observations were received on Monday, July 13, 2026, bearing reference no I/16199/2026 under Regulation 16(4) of the SEBI (SAST) Regulations.

The Committee of Independent Directors (IDC) of the Target Company published its recommendations on the offer on July 22, 2026, in the same newspapers where the DPS was published. Based on its review, the IDC Members believe that the offer is fair and reasonable in line with the SEBI (SAST) Regulations, 2011. The Acquirers and PACs have confirmed that there are no statutory or other approvals required to acquire the equity shares tendered pursuant to this open offer as on the date of the Letter of Offer.

Letter of Offer Dispatch and Tendering Procedure

The Letter of Offer, dated Friday, July 17, 2026, was dispatched to all public shareholders of the Target Company holding equity shares on the Identified Date of Wednesday, July 15, 2026. Dispatch was completed via registered post on Monday, July 20, 2026 and Tuesday, July 21, 2026, and by email on Saturday, July 18, 2026. All holders (registered or unregistered) of equity shares, except the Acquirers, PACs, and Promoters, are eligible to participate in the offer during the Tendering Period.

Public shareholders may tender their shares through the following modes:

• Physical shares: Through respective Selling Brokers, as per paragraph 8.1.9 (page 32) of the Letter of Offer (LOF).
• Demat shares: Through respective Selling Brokers, as per the procedure specified in the LOF.
• Direct submission: The Form of Acceptance cum acknowledgement, duly signed with relevant documents, may be submitted to the Registrar — Bigshare Services Private Limited — at Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India, on or before the closure of the Tendering Period.

Copies of the Letter of Offer are available on the websites of SEBI ( www.sebi.gov.in ), BSE ( www.bseindia.com ), the Manager to the Offer ( www.ifinservices.in ), the Target Company ( www.triomercantile.com ), and the Registrar ( www.bigshareonline.com ).

Revised Schedule of Activities

The following table presents the revised schedule of key activities for the open offer, as updated from the tentative schedule published in the DPS on Sunday, May 31, 2026:

The Acquirers and PACs have accepted full responsibility for the information contained in this Pre-Offer Advertisement cum Corrigendum and for the fulfilment of their obligations under the SEBI (SAST) Regulations. A copy of this Offer Opening Public Announcement cum Corrigendum is also available on the SEBI website at www.sebi.gov.in .