A copy of Detailed Public Statement (DPS) in terms of As Regulation 14(3) and 14(4) of the SEBI (SAST) Regulations 2011 has been published in Financial Express - all edition, in Jansatta ....
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Kaushik Jagannath Joshi (Acquirer) along with his family members and HUF (PACs) has published a Detailed Public Statement for a mandatory open offer to acquire up to 3,39,68,300 equity shares (50% of paid-up capital) of Trio Mercantile & Trading Ltd at Rs. 1.25 per share (face value Rs. 2). This follows a Share Purchase Agreement signed on May 26, 2026 with existing promoter Hiren Shantilal Kothari to buy 32,66,558 shares (4.81% stake) at Rs. 1.00 per share, triggering the open offer under SEBI (SAST) Regulations. The deal will result in change of control, with the Acquirer becoming the new promoter and existing promoter ceasing to be one. Maximum consideration for the open offer is Rs. 4.24 crore (assuming full acceptance), fully backed by escrow of Rs. 2.55 crore deposited with ICICI Bank. The target company reported a net loss of Rs. 5.36 lakhs in FY26 with net worth of Rs. 2,380.56 lakhs, and the tendering period is scheduled from July 20 to July 31, 2026.
This is a change-of-control open offer for a small, loss-making company with a low offer price relative to net worth. Shareholders holding shares may tender them if the offer price is attractive, though the offer price of Rs. 1.25 seems modest. Post-offer, the Acquirer family group will hold up to 61.44% and become new promoters, signaling a leadership change at the company.