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Kumbhat Financial Services, a Chennai-based non-deposit accepting non-banking finance company (NBFC), will be taken over by investors Sunil Khetpalia, Maneesh Parmar and Ravindran R for a cash consideration of ₹9 crore. The company will make a preferential issue of 90,00,000 equity shares on a private placement basis.
The acquirers of the BSE-listed company have also floated an open offer for 35.75 lakh fully paid-up equity shares representing 26 per cent of Emerging Voting Share Capital of Kumbhat Financial as their collective holding post preferential share allotment is estimated to be over 65 per cent, triggering SEBI’s open offer clause.
According to SEBI’s Substantial Acquisition of Shares and Takeover (SAST) rules, when promoter holding and voting rights in the company crosses 25 per cent, it triggers an open offer.
The company has already filed a draft open offer letter with SEBI and is awaiting approval from the market regulator and the RBI.
Sunil Khetpalia and Maneesh Parmar are engaged in trading, real estate advisory and investments. According to details filed in open offer, Khetpalia and Parmar were directors and shareholders in realty firms such as KLP Projects Private Limited, Aadhi Enterprises Pvt Limited, KLP Townships Private Limited among others.
In a regulatory filing, the company said that the adjourned extra ordinary general meeting held on May 17, it was decided to increase the authorised share capital of the company from ₹10 crore to ₹15 crore, make consequent alteration in the Memorandum of Association (MOA) of the company and approved preferential allotment of 90,00,000 equity shares of ₹10 each.
The stocks of Kumbhat Financial were trading at ₹6.38 a piece on the BSE but trading has been restricted as it was placed under Graded Surveillance Measure (GSM), which is placed on securities that witness an abnormal price rise.
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