Allied Commodities Private Limited and associates have announced a comprehensive open offer for Purple Finance Limited, marking a significant corporate development in the non-banking financial company sector. The mandatory offer, scheduled to commence on April 08, 2026, represents one of the substantial acquisition opportunities in the NBFC space.

Open Offer Structure and Timeline

The open offer involves Allied Commodities Private Limited (Acquirer 1) and Mr. Sandeep Jindal (Acquirer 2) as primary acquirers, working alongside four Persons Acting in Concert (PACs). The comprehensive acquisition structure includes multiple entities working in coordination to secure joint control of the target company.

Acquirer Profile and Background

Allied Commodities Private Limited, incorporated in August 1996, operates as a Non-Deposit taking Non-Banking Financial Company registered with the Reserve Bank of India. The company engages in financing, providing loans and advances, inter-corporate deposits, investments and trading in shares and securities. Mr. Sandeep Jindal, a Chartered Accountant with 28 years of experience in consultancy, finance and real estate sectors, serves as the co-acquirer.

The PACs include Intellect Stock Broking Limited (a SEBI registered stockbroker), Intellect Money Finvest Private Limited, Mr. Amitabh Chaturvedi (existing promoter and Executive Chairman of Purple Finance), and AC Enterprises Private Limited. This structure creates a comprehensive acquisition framework involving both financial and operational expertise.

Financial Arrangements and Escrow Deposits

The acquirers have established robust financial arrangements to support the open offer, demonstrating their commitment to completing the transaction successfully.

The securities escrow includes holdings in J. Kumar Infraprojects Limited and Panorama Studios International Limited, providing substantial collateral for the transaction. A chartered accountant has certified that sufficient resources are available with the acquirers for fulfilling the obligations under the offer.

Target Company Overview

Purple Finance Limited, originally incorporated in November 1993, operates as a registered Non-Banking Financial Company focusing on secured lending to MSMEs in Tier II, III and IV cities of India. The company's equity shares are listed on BSE Limited with frequent trading activity, making it eligible for the open offer under SEBI regulations.

The company underwent a significant transformation through a merger with Canopy Finance Limited, approved by NCLT Mumbai Bench in February 2024, which resulted in the listing of equity shares on BSE in June 2024. The current paid-up equity share capital stands at ₹54,42,42,120 comprising 5,44,24,212 equity shares of ₹10 each.

Regulatory Compliance and Approvals

The open offer requires prior approval from the Reserve Bank of India under the Non-Banking Financial Companies-Acquisition of Shareholding or Control Directions, 2025. The acquirers have filed the necessary application with RBI on February 18, 2026, and the offer remains subject to receiving this statutory approval.

The offer follows a mandatory trigger under Regulations 3(1), 3(2) and 4 of SEBI (SAST) Regulations, 2011, arising from the proposed preferential issue of convertible warrants. The transaction structure ensures compliance with all applicable securities regulations while providing eligible shareholders with a fair exit opportunity.

Market Impact and Shareholder Implications

The open offer provides eligible shareholders with an opportunity to exit their investment at ₹55.00 per share, representing a premium to recent market valuations. The offer price justification considers various parameters including the volume-weighted average market price of ₹51.99 for sixty trading days preceding the public announcement.

Post-completion of the offer, the acquirers and PACs will have joint control over Purple Finance Limited alongside existing promoters, with no intention to delist the company from the stock exchange. This structure maintains the company's public listing status while bringing in new strategic investors with complementary expertise in financial services.

Purple Finance Limited has successfully redeemed a portion of its non-convertible debentures, marking a significant debt management milestone. The company completed the redemption of 150 unsecured, redeemable, unlisted non-convertible debentures on February 19, 2026, valued at ₹1.5 crore.

Debenture Redemption Details

The redemption transaction involved specific financial parameters and represented a substantial portion of the company's outstanding debt instruments.

Original Issuance Background

The redeemed debentures were part of a larger issuance completed in July 2024. The original transaction involved 500 NCDs that were allotted to M/s M. K. Investment Consultancy Private Limited on July 19, 2024. The current redemption represents 30% of the total debentures originally issued, indicating a structured approach to debt repayment.

Regulatory Compliance

Purple Finance Limited has fulfilled its disclosure obligations under SEBI regulations by informing BSE Limited about the redemption. The company cited compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Schedule III Part A Para A Point 2. The redemption was executed at par value along with applicable interest, ensuring full settlement of the debt obligation.

Company Information

The disclosure was signed by Ruchi Nishar, Company Secretary and Compliance Officer, maintaining proper corporate governance protocols. Purple Finance Limited operates from its registered office in Mumbai's Masjid Bunder West area, with corporate offices located in Bandra East.