Rikhav Securities promoters launched an open offer to buy 26% stake at Rs 47.75 per share. This follows an increase in their holding beyond regulatory limits. The offer is fully funded.
Rikhav Securities Open Offer Triggered by Promoter Stake Increase
Promoters of Rikhav Securities are making an open offer to acquire 99,55,920 equity shares, representing 26% of the company's total paid-up capital, at a price of ₹47.75 per share. The total value of the offer is approximately ₹47.54 crore, which has been fully funded and placed in escrow.
Reader Takeaway: Promoters increase stake; offer provides cash exit for shareholders.
What just happened
The open offer was initiated because the acquirers, comprising B.D. Lakhani, B.N. Lakhani, H.D. Lakhani, and N.D. Lakhani, exceeded the 5% creeping acquisition threshold. This occurred after their market purchases of 32,51,200 equity shares in March 2026. As a result, their collective shareholding in Rikhav Securities has risen to 30.22%.
Why this matters
This open offer is a mandatory regulatory compliance following the breach of SEBI's creeping acquisition limits. It provides an exit opportunity for existing shareholders at a fixed price. The acquirers have assured that they do not plan to divest significant company assets or undertake major restructuring without board and shareholder consent.
The backstory
As of FY 2024, Rikhav Securities reported total income of ₹11.06 crore and Profit After Tax of ₹4.22 crore. These figures saw a substantial increase in FY 2025 to ₹32.78 crore in total income and ₹2.37 crore in PAT. For FY 2026, the company reported total income of ₹199.16 crore and PAT of ₹1.90 crore.
What changes now
The open offer aims to bring the promoters' holding closer to a desired level post-acquisition. The tendering period for the offer is scheduled to close on August 06, 2026. The company will continue its operations in equity broking and trading.
Risks to watch
Investors should be aware of potential completion risks associated with regulatory approvals. Delays in obtaining these approvals or any litigation could postpone the payment of consideration. Additionally, the acquirers have not guaranteed the market price of the shares during or after the offer period.
Context metrics
- Offer Price: ₹47.75 per share
- Offer Size: 99,55,920 shares (26%)
- Total Consideration: ₹47.54 crore
- Escrow Funding: ₹47.54 crore
- Promoter Holding Post-Offer: Expected to increase from 30.22% to potentially 56.22% if fully subscribed.
- Tender Closing Date: August 06, 2026
What to track next
Shareholders should closely follow the regulatory clearance process and the tendering period's subscription levels. Consulting with brokers for procedural guidance on participating in the offer is advisable.