Kuber Udyog Limited has issued a pre-offer public announcement providing updated information about its open offer to acquire up to 3,19,71,680 fully paid-up equity shares at an offer price of ₹23.35 per share. The offer represents 26% of the expanded voting share capital of the company. The pre-offer public announcement is dated October 27, 2026, and has been issued in accordance with the Securities and Exchange Board of India’s SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, commonly known as the SEBI SAST Regulations.

The offer is being made by three acquirers—Manav Bahri, Dinesh Popli and Ajay Dutta—along with two persons acting in concert: Trimudra Trade & Holdings Private Limited and Shraddha Gohil. Systematix Corporate Services Limited is the manager to the offer.

According to the announcement, the tendering period is scheduled to begin on October 28, 2026, and close on November 11, 2026. The acceptance date for bids or shares is scheduled for November 16, 2026, while the settlement date is November 17, 2026. These dates form part of the revised schedule included in the Letter of Offer.

The announcement also states that the offer price has not been revised upwards and the offer size has not been increased. The Committee of Independent Directors of Kuber Udyog Limited has recommended that the offer price is fair and reasonable as on the date of the public announcement. The company’s shareholders are advised to read the Letter of Offer and follow the prescribed procedure before tendering their shares.

Kuber Udyog Open Offer: Key Details

The pre-offer public announcement relates to an open offer for equity shares of Kuber Udyog Limited. The offer seeks to acquire up to 3,19,71,680 fully paid-up equity shares, each with a face value of ₹10, at a cash price of ₹23.35 per share.

The shares covered under the offer represent 26% of the company’s expanded voting share capital. This percentage is an important part of the offer terms because it specifies the proportion of voting share capital that the acquirers and persons acting in concert are seeking to acquire through the open offer.

The offer is being conducted under Regulations 3(1) and 4 of the SEBI SAST Regulations, 2011. These provisions form part of the regulatory framework governing substantial acquisitions of shares and takeovers of listed companies.

The announcement has been issued by Systematix Corporate Services Limited on behalf of the acquirers and persons acting in concert. The manager to the offer has stated that the pre-offer public announcement is being issued pursuant to Regulation 18(7) of the SEBI SAST Regulations.

The company’s detailed public statement was published on August 14, 2026. A corrigendum to the detailed public statement was subsequently published on October 19, 2026. The Letter of Offer is dated October 17, 2026, as stated in the announcement.

The pre-offer public announcement provides information about the offer price, the independent directors’ committee recommendation, the revised timetable, the process for tendering shares and other important terms. It also records that the final observations from SEBI on the Draft Letter of Offer were received on October 9, 2026, and incorporated into the Letter of Offer.

Shareholders considering participation should use the official offer documents to understand the detailed terms and applicable procedures. The announcement itself directs shareholders to the relevant section of the Letter of Offer dealing with acceptance and settlement.

Offer Price Fixed at ₹23.35 Per Equity Share

The offer price is ₹23.35 per equity share. The announcement states that the price is payable in cash in accordance with Regulation 9(1)(a) of the SEBI SAST Regulations and subject to the terms and conditions set out in the public announcement, detailed public statement, corrigendum and Letter of Offer.

Each equity share has a face value of ₹10. The offer price of ₹23.35 is the amount specified by the acquirers for each share accepted under the offer, subject to the offer terms and applicable procedures.

The announcement explicitly confirms that there has been no upward revision in the offer price and no increase in the offer size by the acquirers and persons acting in concert. The price and share quantity stated in the pre-offer announcement therefore remain the terms disclosed in that document.

The offer price is a specific price for the open offer. It should not automatically be treated as the current market price of Kuber Udyog shares or as a forecast of the share’s future trading value. The announcement does not provide a current market quotation or a valuation analysis of the company.

The independent directors’ committee has recommended that the offer price is fair and reasonable as on the date of the public announcement. Shareholders should consider that recommendation alongside the other information available in the Letter of Offer and their own circumstances.

The offer price is payable in cash, according to the terms described in the announcement. The process for submitting shares, determining acceptance and completing settlement is governed by the offer documents and the SEBI SAST Regulations.

Who Is Making the Open Offer?

The open offer is being made by three named acquirers: Manav Bahri, Dinesh Popli and Ajay Dutta. They are acting along with two persons acting in concert, namely Trimudra Trade & Holdings Private Limited and Shraddha Gohil.

In the announcement, the three individuals are identified as Acquirer 1, Acquirer 2 and Acquirer 3. Trimudra Trade & Holdings Private Limited is identified as PAC 1, while Shraddha Gohil is identified as PAC 2. The term “persons acting in concert” refers to the parties identified in the offer documents as acting in concert with the acquirers for the purposes of the transaction.

Systematix Corporate Services Limited has issued the pre-offer public announcement on their behalf. The announcement includes the names of the acquirers and persons acting in concert and states that they accept full responsibility for the information contained in the pre-offer public announcement.

The acquirers and persons acting in concert have also undertaken to comply with their obligations under the SEBI SAST Regulations in relation to the offer. This undertaking is stated in the pre-offer public announcement.

The announcement does not provide a detailed profile of each acquirer or explain their individual investment objectives. It also does not provide enough information to draw conclusions about the future business strategy or management of Kuber Udyog Limited after the offer.

Shareholders should therefore refer to the Letter of Offer and other official transaction documents for the full details relevant to the acquirers, persons acting in concert and the terms of the transaction.

Kuber Udyog Limited: Target Company Details

Kuber Udyog Limited is identified as the target company in the open offer announcement. The company’s Corporate Identification Number is L51909MH1982PLC371203.

The registered office is listed at Office No. 156, 1st Floor, Raghuleela Mega Mall, Kandivali (West), Mumbai – 400067, Maharashtra, India. The announcement also lists the company’s website and contact email address.

The open offer seeks to acquire up to 26% of the expanded voting share capital of Kuber Udyog Limited. The transaction is being conducted under the applicable provisions of the SEBI SAST Regulations.

The pre-offer public announcement is an important document for eligible public shareholders because it provides the final-stage information specified in the offer process before the tendering period begins. It also communicates the revised schedule and outlines how shareholders can tender shares in dematerialised or physical form.

The announcement does not contain a comprehensive description of Kuber Udyog’s business operations, financial results, assets, liabilities or future plans. It should not be treated as a substitute for the company’s financial statements or other corporate disclosures.

For shareholders, the central information is the number of shares covered, the offer price, the eligibility and tendering process, and the dates specified in the Letter of Offer.

Independent Directors’ Committee Recommends the Offer Price

The Committee of Independent Directors (IDC) of Kuber Udyog Limited considered the open offer at a meeting held on October 19, 2026. According to the pre-offer announcement, the committee recommended that the offer price is fair and reasonable as on the date of the public announcement.

The committee’s recommendation was published in the newspapers on October 21, 2026, as stated in the announcement.

An independent directors’ committee recommendation is intended to provide shareholders with the committee’s view on the offer price. The announcement reports the committee’s conclusion but does not reproduce a detailed valuation analysis or the complete reasoning behind its recommendation.

Shareholders should distinguish between the committee’s recommendation and the decision to tender shares. The recommendation is one of the items of information provided in the offer process. Each shareholder should review the Letter of Offer, the company’s available disclosures and the applicable terms before deciding whether to participate.

The pre-offer announcement does not state that the offer price has been revised following the recommendation. Instead, it confirms that there has been no upward revision to the offer price or offer size by the acquirers and persons acting in concert.

The committee’s recommendation is therefore part of the information shareholders are asked to consider before the tendering period. The official offer documents remain the primary source for the detailed terms and procedures.

No Competing Offer Has Been Announced

The pre-offer public announcement states that there is no competing offer under Regulation 20 of the SEBI SAST Regulations. It also expressly states that the current offer is not a competing offer.

This means that, as disclosed in the announcement dated October 27, 2026, no competing offer is identified in relation to this transaction. The statement reflects the position reported in the pre-offer public announcement.

The absence of a competing offer is one of the specific points shareholders are asked to note. The announcement does not provide details of another bidder because it states that no competing offer exists under the relevant regulation.

The deadline for a competing bid or offer, as shown in the revised schedule, was September 7, 2026. The date is included in both the earlier and revised schedules presented in the document.

Shareholders should rely on official disclosures for any subsequent changes to the offer situation. The pre-offer announcement records the position as stated in the document and does not provide a forecast about whether any future developments may occur.

Letter of Offer Sent to Eligible Shareholders

The announcement states that copies of the Letter of Offer (LOF), including the Form of Acceptance-cum-Acknowledgement, were emailed and dispatched to eligible public shareholders by the registrar to the offer on or before October 21, 2026.

The shareholders referred to in this part of the announcement are registered members of Kuber Udyog Limited as on the Identified Date of October 13, 2026.

The Identified Date is used to determine the public shareholders to whom the Letter of Offer is sent. However, the announcement clarifies that all holders of equity shares who fall within the eligible public shareholder category may participate during the tendering period, subject to the exclusions and conditions specified in the offer documents.

The document states that the Letter of Offer is also available on SEBI’s website. Registered or unregistered shareholders who wish to participate may use the prescribed Form of Acceptance-cum-Acknowledgement downloaded from the regulator’s website, subject to the terms of the offer.

If the form is not received or is not available, the announcement describes an alternative application process. The procedure differs depending on whether the shares are held in dematerialised form or physical form.

Shareholders should read the applicable instructions in the Letter of Offer carefully. The announcement specifically directs them to Paragraph 10, Procedure for Acceptance and Settlement of the Offer, for the process to tender shares and the related requirements.

How Shareholders Holding Dematerialised Shares Can Participate

Shareholders holding shares in dematerialised form may participate in the open offer through their selling broker, according to the procedure set out in the announcement.

An eligible shareholder can provide the details of the equity shares intended to be tendered. The selling broker is required to place an order or bid on the shareholder’s behalf through the acquisition window of BSE.

Before the bid is placed, a lien must be marked on the shares being tendered, as described in the announcement. This is part of the process specified for dematerialised shares and should be completed in accordance with the offer documents and the applicable broker and depository procedures.

The announcement states that public shareholders should tender their shares before market hours close on the last day of the tendering period. Since the revised offer closing date is November 11, 2026, shareholders should check the detailed instructions and ensure that their instructions are submitted within the applicable time limits.

The announcement identifies Prabhudas Lilladher Private Limited as the buying broker to the offer. It provides the broker’s address, telephone number, email address, website and contact person in the public announcement.

The buying broker’s details are included to support the offer process. Shareholders should nevertheless follow the complete procedure in the Letter of Offer and confirm any practical requirements with their selling broker.

The pre-offer announcement does not guarantee acceptance of every share tendered. Acceptance and settlement are governed by the offer terms, the applicable regulations and the procedures described in the offer documents.

Procedure for Shareholders Holding Physical Shares

The announcement also explains how eligible shareholders holding physical shares may participate in the open offer. It refers to SEBI’s frequently asked questions concerning the tendering of physical shares in buyback offers, open offers, exit offers and delisting offers, dated February 20, 2020.

It also refers to SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/144 dated July 31, 2020, and BSE notice number 20200528-32 dated May 28, 2020.

According to the announcement, shareholders holding physical securities are permitted to tender shares in an open offer, subject to the provisions of the SEBI SAST Regulations.

An eligible shareholder may submit a written application on plain paper, signed by all eligible shareholders in the case of joint holdings. The application should state the shareholder’s name, address, folio number, number of equity shares held, share certificate number, number of shares tendered and the distinctive numbers of those shares.

The application must be accompanied by the original equity share certificates, copies of the eligible shareholders’ PAN cards and an executed share transfer form in favour of the acquirers. The announcement also refers to the requirement for the relevant documents to reach the registrar to the offer within the specified time.

The documents must reach the registrar no later than two working days after the closure of the offer, which the announcement identifies as November 13, 2026, by 5.00 p.m. Shareholders should check the Letter of Offer for the complete requirements and ensure that the documents reach the designated collection centre on time.

The announcement warns that applications may be liable to rejection if the signatures differ from the specimen signatures recorded with the company’s registrar or are not in the same order, even if attested.

Because physical-share applications involve original certificates and supporting documents, shareholders should carefully check the instructions, required enclosures and delivery arrangements in the offer documents.

Registrar and Collection Centre Details

For the physical-share tendering procedure, the announcement identifies Satellite Corporate Services Private Limited as the collection centre for the Kuber Udyog Limited open offer.

The listed address is:

Satellite Corporate Services Private Limited
Unit: Kuber Udyog Limited – Open Offer
Office No. 106 & 107, Dattani Plaza, East West Compound, Andheri Kurla Road, Sakinaka, Mumbai – 400072, Maharashtra, India.

The announcement names Mr. Michael Monterio as the contact person and lists the telephone numbers 022-28520461 and 022-28520462. It also provides the email address and website of Satellite Corporate Services Private Limited.

The stated modes of delivery are hand delivery and registered post. Shareholders holding physical shares should consult the Letter of Offer to confirm the required documents, timing and other conditions before sending their applications.

The document’s instructions are intended to help eligible shareholders submit the required materials in the prescribed manner. Meeting the document and timing requirements is important because incomplete or non-compliant applications may not be accepted.

Shareholders holding dematerialised shares follow a different process through their selling broker and the acquisition window of BSE. The physical-share procedure should not be assumed to apply to dematerialised holdings.

SEBI Observations and the Letter of Offer

The announcement records that the Draft Letter of Offer was submitted to SEBI on August 21, 2026. SEBI issued its final observations on the draft through an observation letter dated October 9, 2026.

According to the pre-offer public announcement, the observations were incorporated into the Letter of Offer.

The receipt of SEBI’s observations and their incorporation into the Letter of Offer are part of the regulatory process described in the document. The announcement does not provide the full text of SEBI’s observations or reproduce every change made to the offer document.

The Letter of Offer is dated October 17, 2026, according to the announcement. Copies were emailed and dispatched to eligible shareholders by October 21, 2026, as stated in the filing.

The announcement also notes that, apart from the matters disclosed in the public announcement, detailed public statement, corrigendum, independent directors’ committee recommendation and Letter of Offer, there have been no other material changes relating to the offer since the public announcement.

Shareholders should use the Letter of Offer for the complete terms, conditions, risk factors and procedural requirements. The pre-offer public announcement provides an overview of important information and the revised timetable, but it does not replace the full offer document.

RBI Approval Related to the Target Company

One regulatory point highlighted in the announcement concerns the target company’s application for voluntary surrender of its Non-Banking Financial Company (NBFC) Certificate of Registration.

The announcement states that this application is pending approval with the Reserve Bank of India (RBI). It further states that, as of the date of the announcement, there are no other statutory or regulatory approvals required by the acquirers and persons acting in concert to acquire the equity shares validly tendered by public shareholders, except for the matter described.

The announcement also clarifies that if any statutory approvals become necessary before the end of the tendering period, the offer will be subject to obtaining those approvals.

This statement is important because it identifies a regulatory matter that remains pending as of the date of the announcement. However, the document does not state that the RBI has approved the voluntary surrender application, nor does it provide an expected date for a decision.

The pending application should not be confused with an approval already received for the open offer. The announcement distinguishes the target company’s pending application from any approvals that may be required for the acquirers to complete the acquisition of shares tendered under the offer.

Shareholders should refer to the Letter of Offer and subsequent official disclosures for any updates on this matter.

Revised Open Offer Schedule: Important Dates

The pre-offer public announcement contains a revised schedule of activities. Several dates differ from the earlier tentative schedule included in the Draft Letter of Offer.

The key dates disclosed in the revised schedule are:

• Public Announcement: August 7, 2026.

• Last date for publication of the Detailed Public Statement: August 14, 2026.

• Last date for filing the Draft Letter of Offer with SEBI: August 21, 2026.

• Last date for a competing bid or offer: September 7, 2026.

• SEBI’s final observations: October 9, 2026.

• Identified Date: October 13, 2026.

• Publication of the corrigendum to the Detailed Public Statement: October 19, 2026.

• Letter of Offer dispatch deadline: October 21, 2026.

• Publication of the independent directors’ committee recommendation: October 21, 2026.

• Last date for upward revision of the offer price or increase in offer size: October 27, 2026.

• Publication of the Pre-Offer Public Announcement: October 27, 2026.

• Tendering period begins: October 28, 2026.

• Tendering period closes: November 11, 2026.

• Acceptance date for bids or shares: November 16, 2026.

• Settlement date for bids or shares: November 17, 2026.

• Last date for communicating acceptance or rejection and completing payment or refund: November 26, 2026.

• Last date for publication of the post-offer public announcement: December 3, 2026.

• Last date for submission of the manager’s final report to SEBI: December 3, 2026.

The announcement states that the timelines are indicative and that certain activities may be completed on or before the stated last date.

The schedule is relevant for shareholders because it sets out the key stages of the open offer, from the original public announcement and regulatory review to tendering, acceptance, settlement and post-offer reporting.

Shareholders should verify the latest official information before taking action, particularly where a deadline affects the submission of shares or supporting documents.

Tendering Period Begins on October 28, 2026

The revised schedule identifies October 28, 2026, as the opening date of the tendering period. The offer is scheduled to close on November 11, 2026.

During this period, eligible public shareholders may tender their shares in accordance with the Letter of Offer and the applicable procedures. The announcement states that shareholders should follow Paragraph 10 of the Letter of Offer, which covers the procedure for acceptance and settlement.

The tendering process differs depending on whether the shares are held in dematerialised or physical form. Dematerialised shares are tendered through the shareholder’s selling broker using the BSE acquisition window, with a lien marked on the shares. Physical shares are subject to the written application and supporting-document procedure described in the announcement.

The dates should be considered alongside the detailed operational requirements. Shareholders should not assume that simply deciding to participate is sufficient; the required instructions, share details and documents must be submitted in the prescribed manner and within the applicable time limits.

The announcement advises public shareholders holding dematerialised shares to tender before market hours close on the final day of the tendering period. For physical shares, the document specifies a deadline for the registrar to receive the application and supporting documents after the offer closes.

Shareholders should read the full Letter of Offer before tendering shares. This is particularly important for understanding the acceptance procedure, settlement process and circumstances in which an application may be rejected.

Acceptance and Settlement Dates

The revised schedule identifies November 16, 2026, as the acceptance date for bids or shares. The settlement date is listed as November 17, 2026.

The schedule then specifies November 26, 2026, as the last date for communicating acceptance or rejection and completing payment of consideration or refund to public shareholders.

These dates are part of the offer timetable published in the pre-offer announcement. They describe the planned sequence following the closure of the tendering period.

The announcement does not state how many shares will ultimately be accepted or how many shareholders will participate. It also does not confirm the final amount payable under the offer, because that depends on the shares validly tendered and accepted in accordance with the offer terms.

Shareholders should therefore distinguish between the scheduled settlement date and confirmation of the actual outcome. The final number of shares accepted and the settlement amounts can only be established through the relevant offer process and subsequent disclosures.

The announcement states that the offer price is payable in cash, subject to the terms and conditions in the offer documents. Eligible shareholders should refer to those documents for the applicable acceptance, payment and refund procedures.

What Shareholders Should Consider Before Tendering

The pre-offer public announcement provides several points for eligible public shareholders to consider before participating in the Kuber Udyog open offer.

First, shareholders should understand the offer price of ₹23.35 per share and the maximum number of shares covered by the offer. The offer seeks to acquire up to 3,19,71,680 shares, representing 26% of the expanded voting share capital.

Second, shareholders should review the recommendation made by the Committee of Independent Directors. The committee has recommended that the offer price is fair and reasonable as on the date of the public announcement. The announcement does not provide a complete valuation analysis, so shareholders should consult the official offer documents for further information.

Third, shareholders should carefully check the tendering timetable. The tendering period is scheduled to run from October 28 to November 11, 2026. The required steps must be completed within the prescribed time.

Fourth, shareholders should follow the correct process based on how their shares are held. Dematerialised holdings are tendered through a selling broker and the BSE acquisition window. Physical holdings require a written application and specified supporting documents under the procedure described in the announcement.

Fifth, shareholders should consider the terms, conditions and risks described in the Letter of Offer. The pre-offer announcement is not a personalised recommendation to buy, sell or tender shares.

Each shareholder’s decision will depend on their own circumstances and review of the official information. The announcement supplies transaction details and procedural guidance, but it does not determine what action is suitable for every shareholder.

What the Pre-Offer Announcement Confirms

The announcement dated October 27, 2026, confirms the offer price, offer size, revised timetable and the procedures that eligible shareholders should follow.

It confirms that the offer is for up to 3,19,71,680 equity shares at ₹23.35 per share, representing 26% of the expanded voting share capital of Kuber Udyog Limited. It also confirms that there has been no upward revision to the offer price or increase in the offer size by the acquirers and persons acting in concert.

The announcement reports the independent directors’ committee recommendation that the offer price is fair and reasonable as on the date of the public announcement. It also states that no competing offer exists under Regulation 20 of the SEBI SAST Regulations.

The revised schedule sets October 28 as the opening date and November 11 as the closing date of the tendering period. Acceptance and settlement are scheduled for November 16 and November 17, respectively.

The announcement further states that SEBI’s final observations on the Draft Letter of Offer were received on October 9, 2026, and incorporated into the Letter of Offer. It identifies the target company’s pending application to the RBI for voluntary surrender of its NBFC Certificate of Registration as a regulatory matter that remains unresolved as of the announcement date.

The document also provides instructions for shareholders holding dematerialised and physical shares. It identifies the relevant brokers and collection centre and directs shareholders to the Letter of Offer for the complete acceptance and settlement procedure.

Conclusion: Key Facts About the Kuber Udyog Open Offer

The Kuber Udyog Limited open offer seeks to acquire up to 3,19,71,680 equity shares at ₹23.35 per share, representing 26% of the expanded voting share capital. The offer is being made by Manav Bahri, Dinesh Popli and Ajay Dutta, together with Trimudra Trade & Holdings Private Limited and Shraddha Gohil as persons acting in concert.

Systematix Corporate Services Limited is the manager to the offer. The pre-offer public announcement was published on October 27, 2026, in the newspapers identified in the filing and submitted to BSE Limited in accordance with Regulation 18(7) of the SEBI SAST Regulations.

The tendering period is scheduled to open on October 28, 2026, and close on November 11, 2026. The acceptance date is November 16, and settlement is scheduled for November 17. The independent directors’ committee has recommended the offer price as fair and reasonable, and the announcement states that no competing offer exists.

Eligible shareholders should read the Letter of Offer carefully and follow the prescribed procedures for tendering shares. The requirements differ for dematerialised and physical holdings, and shareholders must meet the relevant deadlines and documentation requirements.

The announcement provides the terms and timetable disclosed for the offer as of October 27, 2026. It does not establish the final number of shares that will be accepted or the ultimate outcome of the transaction. Shareholders should rely on the official offer documents and subsequent company or regulatory disclosures for further updates.