Acquirers Announce Open Offer for Rikhav Securities Limited Shares in wake of increased Stakeholding
A mandatory open offer has been announced by several firms, including M/s B.D. Lakhani and M/s B.N. Lakhani, in relation to the equity shares of Rikhav Securities Limited (RSL). The offering is aimed at acquiring a portion of the company's stock from its public shareholders.The Acquirers and their Persons Acting in Concert (PACs) are making the open offer after accumulating an interest in RSL that exceeded the permissible creeping acquisition limit, thereby triggering the mandatory obligation. This action followed market purchases executed by the Acquirers on March 11, 2026, and March 12, 2026.
The offer proposes to acquire up to 99,55,920 fully paid-up equity shares of RSL. The total offering represents 26% of the voting share capital of RSL on a fully diluted basis as of the tenth working day from the closure of the tendering period. The offer price has been set at Rs. 47.75 per fully paid-up equity share, payable in cash.
Offer Details and Parties Involved
The acquisition was conducted by four entities: M/s B.D. Lakhani (Acquirer 1), M/s B.N. Lakhani (Acquirer 2), M/s H.D. Lakhani (Acquirer 3), and M/s N.D. Lakhani (Acquirer 4). These firms, along with the PACs—Mr. Hitesh Himmatlal Lakhani (PAC 1), Mr. Deep Hitesh Lakhani (PAC 2), Mrs. Vaishali Rajendra Shah (PAC 3), and Mrs. Bharati Hitesh Lakhani (PAC 4)—are all part of the Promoter Group of RSL.The combined shareholding held by the Acquirers and PACs increased from 21.73% to 30.22% of the Issued, Paid up and Subscribed Equity Share Capital of the Target Company following the market purchases.
Key figures regarding the acquisition are presented below:
| Entity | Total Shares Held Before Market Acquisition (A) | Percentage (%) (A) | Total Shares Held After Market Acquisition (B+C) | Percentage (%) (B+C) |
|---|---|---|---|---|
| M/s B.D. Lakhani (Acquirer 1) | Nil | Nil | 7,90,400 | 2.06 |
| M/s B.N. Lakhani (Acquirer 2) | Nil | Nil | 1,318,600* | 3.49 |
| M/s H.D. Lakhani (Acquirer 3) | Nil | Nil | 7,90,400 | 2.08 |
| M/s N.D. Lakhani (Acquirer 4) | Nil | Nil | 5,68,000 | 1.48 |
| PACs and Acquirers Total | 83,21,316 | 21.73 | 2,15,28,436 | 56.22 |
*Note: M/s B.N. Lakhani's total holding includes pre-existing shares (9,26,400) and post-acquisition purchases (4,11,200).
Company Financial Snapshot and Offer Timeline
Rikhav Securities Limited (RSL) is currently engaged in equity broking, investing, and trading activities. The company was previously incorporated as Brijmohan Sagarmal Finance Limited. RSL has an authorised equity share capital of Rs. 19,50,00,000, with a paid-up equity share capital of Rs. 19,14,60,000.The brief financials for RSL are as follows:
| Particulars | FY 2026 (Audited) | FY 2025 (Audited) | FY 2024 (Audited) |
|---|---|---|---|
| Total Income | 1,99,16,173 | 32,77,656 | 11,05,995 |
| Profit After Tax | 1,89,561 | 2,36,697 | 4,22,089 |
Key Dates of the Open Offer
The tendering period for the shares commenced and concluded as follows:| Activity | Start/End Date |
|---|---|
| Identified Date (Offer commencement reference) | July 10, 2026 |
| Offer Opening Public Announcement | July 23, 2026 |
| Closing of Tendering Period (Offer Closing Date) | August 06, 2026 |
| Last date for payment of consideration | August 20, 2026 |
The Acquirers stated that they have adequate financial arrangements to fulfill their obligations, including the commitment of Rs. 11,90,00,000 in an Escrow Account with Axis Bank Limited, which represents more than 25% of the total consideration payable under this Offer.
Stock Price Movement
As the market closed today, shares of Rikhav Securities Ltd settled at ₹47.00 after dipping 0.04%. The stock traded within an intraday range that spanned from a low of ₹46.50 to a high of ₹47.00.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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