Kuber Udyog Ltd

Open offer details

• Open offer for up to 3,19,71,680 Equity Shares (26% of Expanded Voting Capital) at ₹23.35 each.
• Total offer value ₹74.65 crore assuming full acceptance.
• SSSA: Target to issue 7,62,85,000 equity shares to Acquirers; issue price ₹23.10; cash ₹66,500; total ₹176.22 crore.
• Total SSSA consideration ₹176.22 crore, including ₹66,500 cash.
• Offer period: Opening Oct 1, 2026; closing Oct 15, 2026.
• Escrow: ₹19 crore with ICICI Bank; Escrow Agreement dated Aug 10, 2026.
• Independent Directors' committee to provide written recommendations; published at least two working days before Tendering Period.
• RBI NBFC certificate surrender application pending; approvals needed; withdrawal possible if approvals not granted.
• Post-offer, combined holding about 89% of Expanded Voting Capital; SCRR public-holding compliance to be restored.
• Target to diversify into fleet management after NBFC surrender; name change to Golden Ikon Mobility Limited proposed.

Target overview and deal terms

• Target: Golden Ikon Fleet Management Private Limited, a full-service fleet management company in India.
• Background: established 2002; incorporated 2010; Delhi HQ; nationwide presence.
• Revenue trend: FY2024 Rs 18,250.47 lakhs; FY2025 Rs 23,880.41; FY2026 Rs 30,792.35.
• Acquirer will acquire 100% equity stake in Golden Ikon Fleet Management Private Limited.
• Total purchase consideration: Rs 176.22 crore.
• Share issuance: 7,62,85,000 equity shares to Manav Bahri, Dinesh Popli, and Ajay Dutta.
• Warrants: 12,00,000 warrants convertible into equity at Rs 23.10.
• Public equity: 3,95,50,000 shares; 25,00,000 convertible warrants issued to public investors.
• Promoter group has no interest; not a related party transaction.
• Industry: Fleet management, vehicle rental, and facility management.
• Regulatory approvals: surrender RBI NBFC license; no other approvals required.
• Timeline: completion targeted within four months.
• Strategic rationale: expand into fleet management for growth.

Meeting Details

• Date: July 23, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone financial results for quarter ended June 30, 2026.

Other Notes

• Trading window closed from July 1, 2026; reopens 48 hours after results declaration.

Dematerialisation/Rematerialisation status

• Securities in the certificate have been listed on stock exchanges.
• Certificates were mutilated and cancelled after verification; depository name substituted as registered owner.
• No physical certificates were received for dematerialisation during the quarter.
• No dematerialisation/rematerialisation requests were received during the period.