Acquirer and PACs Launch Mandatory Open Offer for Trio Mercantile & Trading Ltd, Aiming 50% Stake at ₹1.25 Per Share

Acquirer and PACs Launch Mandatory Open Offer for Trio Mercantile & Trading Ltd, Aiming 50% Stake at ₹1.25 Per Share​

A consortium led by Kaushik Jagannath Joshi has launched a mandatory open offer aimed at acquiring up to 50% of the equity share capital of Trio Mercantile & Trading Limited (TRIO). The acquisition is part of a larger transaction involving the existing promoter group and is set to fundamentally change management control of the company.

The Acquirer, along with three Persons Acting in Concerts (PACs), has initiated the open offer for the acquisition of up to 3,39,68,300 fully paid-up equity shares of TRIO Mercantile & Trading Limited. These shares represent 50.00% of the total issued and subscribed capital of the Target Company. The entire offer is priced at ₹1.25/- (Rupees One Point Twenty-Five Paisa Only) per share, payable in cash to public shareholders.

The open offer provides a mechanism for all eligible public shareholders to participate in acquiring shares under specific terms.

Transaction Details and Offer Structure​

The mandatory open offer follows the execution of a Share Purchase Agreement (SPA) dated May 26, 2026, between the Acquirer along with PACs and the Selling Shareholder, Hiren Shantilal Kothari. This SPA involves acquiring 32,66,558 equity shares from the promoter group at a negotiated price of ₹1.00/- per share.

The offer is intended to secure substantial acquisition and change in control over TRIO Mercantile & Trading Limited.

Key financial parameters of the open offer are summarized below:

Offer Timeline and Process​

The offer details were made public through a series of announcements and filings by the Manager to the Offer. The timeline for the open offer is as follows:


The Manager to the Offer, Interactive Financial Services Limited, and the Registrar to the Offer, Bigshare Services Private Limited, are handling the processes for this acquisition. The Acquirer and PACs have appointed a Buying Broker for the transaction.

Financial Commitment and Resources​

The Acquirer along with PACs confirmed that they possess adequate financial resources to implement the offer in full. For the Open Offer, which includes the maximum consideration of ₹4,24,60,375/-, an Escrow Account bearing no. 000405166334 was opened with ICICI Bank Limited. The Acquirer and PACs deposited the entire amount of ₹4,24,60,375/- into this Escrow Account on May 26, 2026, comprising contributions from all participating parties.

The viability of the offer is backed by the financial standing of the participants. For instance:

• The Net worth of Kaushik Jagannath Joshi (Acquirer) as of May 21, 2026 was certified at ₹4770.10 Lakhs.
• Amita Kaushik Joshi (PAC-1) reported a net worth of ₹2344.48 Lakhs as of May 21, 2026.
• M/s. Joshi Kaushikkumar Jagannath HUF (PAC-4) demonstrated a net worth of ₹60.71 Lakhs.

The offer is not conditional upon any minimum level of acceptance from public shareholders. The price for the shares is justified based on comparison with market trading volumes and other financial metrics, resulting in the final Offer Price of ₹1.25/- per share.

Stock Price Movement​

Trio Mercantile & Trading Ltd settled at ₹2.17 in the market today, reflecting a decline of 4.82%. The shares traded completely flat throughout the session, as both the high and low remained locked at this single price point.