Mandatory open offer follows proposed 56.07% control transfer

Frontier Capital filed a draft letter of offer for a mandatory open offer by Prafful Agarwal and Anupam Gupta. Their proposed purchase of 93,98,455 shares, or 56.07%, at Rs 10 each totals Rs 9.40 crore. The offer covers up to 43,58,163 shares, or 26%, at Rs 10.20 each, with maximum payout of Rs 4.45 crore. It is scheduled for December 7 to 18, 2026, has no minimum acceptance condition and requires RBI approval.