Purple finance Limited has expanded its operations into Chhattisgarh with the opening of two new branches in Bhilai and Rajnandgaon. This strategic expansion brings the company's total network to 46 branches across 7 states, marking another milestone in its journey toward becoming a pan-India NBFC focused on empowering micro, small and medium enterprises (MSMEs).

Branch Inauguration and Leadership

The new branches were inaugurated by Ajay Kumar Pandey, Independent Director, and Sabyasachi Rath, Executive Director and CEO of Purple Finance. The expansion reinforces the company's commitment to delivering fast, secure, and transparent financial services to MSMEs, particularly in Tier 2 and Tier 3 cities.

Strategic Market Entry

Ajay Kumar Pandey highlighted the strategic rationale behind the expansion, stating that Chhattisgarh represents a logical expansion given the company's strong presence in the Vidarbha region and Madhya Pradesh. He emphasized that the state offers significant potential for MSME growth, and the company's entry will enable small businesses to access secured business loans efficiently and scale their operations.

Sabyasachi Rath noted that Chhattisgarh is an emerging market supported by a strong ecosystem of retailers, distributors, transport operators, and small manufacturers. As a technology-led NBFC, Purple Finance aims to become a key growth partner for the state's emerging MSME clusters.

Product Offerings and Digital Capabilities

Purple Finance offers secured business loans ranging from ₹5 lakh to ₹30 lakh, specifically designed to support India's micro and small enterprises. The company serves diverse business segments including:

• Food processing units
• Dairy businesses
• Kirana stores
• Retail shops
• Small traders

The company leverages a robust digital underwriting platform that provides in-principle loan decisions within just 5 hours, enabling MSMEs to access timely funding and drive business growth with greater confidence and efficiency.

Company Background

Purple Finance Limited is registered with the Reserve Bank of India as an NBFC categorised as Investment and Credit Company. The company entered retail secured lending in 2022 when three seasoned professionals partnered with founder Amitabh Chaturvedi to transform Purple Finance into a digital-first, MSME-focused lender. The founding team brings over 125 years of combined leadership experience from leading financial services institutions. The company is listed on BSE Limited and continues to serve micro and small enterprises with secured business loans, leveraging technology and deep industry expertise to drive responsible growth.

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.