IIFL Capital Services open offer for 26% stake at ₹350 a share

The open offer in numbers

The offer price against recent market levels

The committee of independent directors says the offer price of ₹350 is higher than the 60-trading-day volume weighted average market price on NSE of ₹304.66 a share. The NSE closing price on 27 Oct 2026 was ₹340.75, which is below the offer price.

The committee unanimously approved its recommendation on 28 Oct 2026 that the offer is fair and reasonable, and advised public shareholders to evaluate the offer independently before deciding whether to tender.

Interest for late payment and approvals

Shares validly tendered and accepted will earn interest at 10% a year for payment delayed beyond the Scheduled Payment Date of 28 Oct 2026, up to ₹2.68 a share. The acquirer has made an additional escrow deposit of ₹2.69 crore, as confirmed by the escrow agent on 27 Oct 2026.

The acquirer has received the SE in-principle approval, the CCI approval and the identified statutory approvals, according to the filing. The Target Company's shareholders approved a preferential issue at an extraordinary general meeting on 1 Jun 2026.

What the open offer means for IIFL Capital Services' shareholders

Public shareholders can tender shares in the Tendering Period from 2 Nov 2026 to 16 Nov 2026 at ₹350 a share in cash. The Identified Date of 16 Oct 2026 decides which holders receive the Letter of Offer, and shareholders who buy after that date can also take part. The PAC holds 1,03,62,530 equity shares of the company, and the acquirer has undertaken not to sell shares of the company during the offer period.

The filing does not say how many shares public shareholders will tender, how many will be acquired, or why the acquirer is making the offer. The next dated step is the start of the Tendering Period on 2 Nov 2026.

Reference: Original filing (PDF)