Kunvarji Finstock Private Limited ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement under Regulations 3(1) and 4 read with Regulations 13, 14 and 15(1) and ....
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Awaiting price reaction for this filing.
A group of 9 acquirers led by Mr. Nishad Jitendra Shah has made a public announcement for an open offer to buy up to 3,90,06,240 equity shares (26% of voting share capital) of RGF Capital Markets Ltd at ₹1 per share, totaling about ₹3.9 crore. The offer is triggered by a Share Purchase Agreement (SPA) dated 10/03/2026 under which the acquirers will purchase 3,74,69,556 shares (24.98%) from existing promoters and promoter group entities at the same ₹1 per share price. The company is also issuing 50 crore convertible warrants on a preferential basis at ₹1 each, of which the acquirers will subscribe to 18,70,48,796 warrants. RGF Capital Markets is a Kolkata-based NBFC listed on BSE (currently in ESM Stage-II) and CSE, and the existing promoter group led by Mr. Sagar Mal Nahata will completely exit and cede control to the new acquirers.
This is a change-of-control transaction with the offer price fixed at just ₹1 per share, which appears nominal and may not be attractive for public shareholders looking to exit at a premium. The company is already under BSE's Enhanced Surveillance Measure (ESM Stage-II), and the incoming acquirers have stated no intention to delist, meaning shares will continue trading post-offer. Public shareholders should carefully evaluate whether to tender, as the offer price and ongoing ESM status may weigh on near-term sentiment.