RGF Capital Markets Updates Open Offer Terms

Offer Price: Rs 1.10 per equity share (inclusive of interest).
Open Offer Dates: October 13, 2026, to October 27, 2026.

Reader Takeaway: Shareholders get compensated for delays; reduced promoter stake alters the acquisition volume under the SPA.

What just happened

RGF Capital Markets Ltd has issued an update regarding its mandatory open offer. The manager to the offer, Kunvarji Finstock Private Limited, has confirmed a revised offer price of Rs 1.10 per share. This includes a base price of Rs 1.00 plus Rs 0.10 interest due to the timeline extension caused by the wait for RBI approval, which was granted on September 24, 2026. The offer now covers 26% of the company’s equity, totaling 3,90,06,240 shares.

Why this matters

For retail investors, the price revision offers transparency regarding interest compensation for the delay. The updated schedule provides a clear window for those wishing to tender their shares. Investors holding physical shares must coordinate with their brokers to participate on the designated exchange platform by the October 27 deadline.

The backstory

The open offer was triggered by a Share Purchase Agreement. Since the initiation of the deal, promoters have sold 1,19,88,656 shares via open market transactions between July and August 2026. Consequently, the volume of shares available for acquisition by the acquirers has dropped from 3,74,69,556 to 2,54,80,900 shares.

Corporate and Governance Updates

Following the resignation of M/s. Beriwal & Associates in March 2026, the company has appointed M/s. Arun Jain & Associates to fill the casual vacancy for statutory auditors. Additionally, the firm has confirmed that previously identified non-compliance issues regarding SEBI LODR regulations have been resolved.

What to track next

Shareholders should monitor the payment of consideration, which is scheduled for November 11, 2026, and the final post-offer advertisement on November 18, 2026.