Trio Mercantile Launches Open Offer After Promoter Stake Sale

Trio Mercantile & Trading Limited is initiating a mandatory open offer to acquire 33,968,300 equity shares, representing 50% of its total voting capital. The offer price is set at ₹1.25 per share, with a total potential value of approximately ₹4.25 crore. This action follows an agreement where the acquirer group will purchase 3,266,558 shares, or 4.81% of the company, from promoter Hiren Shantilal Kothari for ₹1.00 per share.

Change in Control Signals Exit Opportunity

The mandatory open offer signifies a change in the control of Trio Mercantile & Trading Limited. For the company's public shareholders, this offers a chance to exit their investment at the ₹1.25 offer price. If the offer is fully subscribed, the acquirer group, led by Kaushik Jagannath Joshi and associates, could increase their ownership to 61.44% of the company's equity.

Regulatory Trigger for Open Offer

The Share Purchase Agreement (SPA) dated May 26, 2026, between the acquirer group and the existing promoter, Hiren Shantilal Kothari, is the catalyst for this open offer. The transaction must comply with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Post-Offer Shareholding Shift

Following the completion of the open offer, Hiren Shantilal Kothari is expected to be reclassified as a public shareholder. The primary outcome of this process is the transfer of controlling ownership to the new acquirer group.

Investor Considerations

Investors are advised to consider whether tendering their shares at ₹1.25 is favorable based on the company's future performance and prospects. The extent to which the acquirer group successfully secures its desired shareholding percentage will also be a key development to watch.

Contextual Financials

The open offer encompasses 33,968,300 shares at ₹1.25 each, amounting to ₹4.25 crore. The preceding SPA involved 3,266,558 shares at ₹1.00 each, valued at ₹0.33 crore.

Future Tracking Points

Key areas for investors to monitor include the participation rate during the open offer period and the final shareholding structure after the offer concludes. The company's strategic path under new majority control will also be a significant factor.