Interactive Financial Services Limited ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public Shareholders of Trio Mercantile & Trading Ltd ("Target Company").
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Trio Mercantile & Trading Ltd has received a Draft Letter of Offer from the Manager to the Offer, Interactive Financial Services Limited, for a mandatory open offer triggered under SEBI (SAST) Regulations 2011. The acquirer, Mr. Kaushik Joshi (along with 4 persons acting in concert including family members and HUF), has signed a Share Purchase Agreement on May 26, 2026 with the existing promoter Hiren Shantilal Kothari to buy 32,66,558 shares (4.81% stake) at Rs. 1.00 per share. Subsequently, a mandatory open offer is being made to public shareholders to acquire up to 3,39,68,300 equity shares (50% of paid-up capital) at Rs. 1.25 per share, amounting to a total offer size of Rs. 4.24 crore. The tendering period is scheduled from July 20, 2026 to July 31, 2026, and if fully accepted, the acquirer group's holding could rise to 61.44%, resulting in a complete change in control and promoter of the company.
Public shareholders will get a chance to exit at Rs. 1.25 per share, which is 25% above the negotiated SPA price of Rs. 1.00. This is a change-of-control transaction where the existing promoter (Hiren Kothari) is exiting entirely and the Joshi family is taking over. The stock may see price movement around the offer window, but the small offer size (Rs. 4.24 crore) and low absolute share price suggest limited liquidity and that this is a small-cap situation where shareholders should evaluate the offer carefully against prevailing market price.