Kunvarji Finstock Private Limited ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer for the attention of the Public Shareholders of RGF Capital Markets Ltd ("Target ....
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On the reaction day the stock moved 1.1 pts less than Nifty Microcap 250 and 1.4 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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A group of 9 acquirers led by Mr. Nishad Jitendra Shah and his family/HUF entities have triggered a mandatory Open Offer to buy up to 3,90,06,240 equity shares (26% of expanded voting capital) of RGF Capital Markets Ltd at ₹1 per share, totaling about ₹3.90 crore. The offer follows a Share Purchase Agreement signed on 10/03/2026 under which the acquirers will purchase 3,74,69,556 shares (24.98%) from existing promoters at ₹0.82 per share (about ₹3.07 crore), causing a complete change in control. The target company is also issuing 50 crore convertible warrants on a preferential basis, of which the acquirers will subscribe to 18,70,48,796 warrants. The offer is subject to RBI approval since RGF Capital Markets is an NBFC, and the offer window is tentatively from 07/05/2026 to 20/05/2026.
Existing promoter group will exit and be reclassified to 'public', while the new acquirer group will become the promoters of the company. Shareholders get a cash exit at ₹1 per share, though the offer price is nominal and the underlying SPA is struck at just ₹0.82 per share, suggesting the deal value is small and minority shareholders may want to evaluate whether to tender or hold.