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Latest filing: 2026-08-19 18:15
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6 announcements match the current filters (relevance ≥ 5).
Uday Narang Makes Open Offer to Acquire 26% Stake in Pasupati Fincap at ₹12/Share
Fintellectual Corporate Advisors has submitted the Draft Letter of Offer for an Open Offer made by acquirer Uday Narang to public shareholders of Pasupati Fincap Ltd. The acquirer proposes to buy up to 12,22,000 fully paid-up equity shares (representing 26.00% of voting share capital) at an offer price of ₹12.00 per share in cash. If fully accepted, the acquirer's aggregate shareholding may reach up to 37.55% of the company's voting capital. The tentative tendering period is scheduled to open on September 29, 2026, and close on October 13, 2026.
Confidence: HIGH
What changedAcquirer Uday Narang has formally filed the Draft Letter of Offer to execute a 26% mandatory open offer under SEBI SAST Regulations following an underlying Share Purchase Agreement dated August 05, 2026.
Why it mattersA change in control or substantial acquisition could lead to a restructuring of management and business operations for a micro-cap NBFC with negative net worth (-₹1 Cr).
Offer Shares: 12,22,000Offer Size (% of Voting Capital): 26.00%Offer Price per Share: ₹ 12Post-Offer Acquirer Holding: up to 37.55%Escrow Cash Deposit: ₹37,00,000
📅 Short termThe share price (trading near ₹12.1) is likely to anchor around the ₹12.00 open offer price until the tendering closure.
📈 Long termOutcome hinges on the incoming acquirer's strategic direction, capital infusion plans, and business revival strategy for the NBFC.
⚠ Risk flags
- Company currently operates with negative net worth (-₹1 Cr) and minimal historical revenues
- Execution risk regarding regulatory clearances and actual tendering acceptance
Key Highlights
Open offer to acquire up to 12,22,000 shares representing 26.00% voting share capital
Offer price fixed at ₹12.00 per share payable in cash
Acquirer's holding may increase up to 37.55% post-offer upon full acceptance
Cash deposit of ₹37,00,000 placed in escrow with YES Bank Limited
Tentative tendering period set for September 29, 2026 to October 13, 2026
👀 What to Watch
Track the receipt of SEBI observations on the Draft Letter of Offer and monitor the Independent Directors' Committee recommendation ahead of the September 29, 2026 offer opening.
Open Offer for 12.22 Lakh Shares by Uday Narang in Pasupati Fincap Ltd
Uday Narang (Acquirer) has initiated an open offer to acquire up to 12,22,000 fully paid-up equity shares of Pasupati Fincap Ltd. This follows the Detailed Public Statement (DPS) published on August 12, 2026, under SEBI Takeover Regulations. The company is a micro-cap NBFC with a market capitalization of just Rs 6 Cr and a negative net worth of Rs -1 Cr. Given the low promoter holding of 11.55%, this acquisition could lead to a significant change in control and management.
Confidence: HIGH
What changedA formal takeover process has been initiated by Uday Narang to acquire a substantial stake in Pasupati Fincap Ltd.
Why it mattersFor a company with a Rs 6 Cr market cap and negative net worth, a change in ownership is the only likely path to business revival or capital infusion.
Offer Size (Shares): 12,22,000Market Cap: Rs 6 CrNet Worth: Rs -1 CrPromoter Holding: 11.55%FY26 Revenue: Rs 0.11 Cr
📅 Short termThe stock price may align with the open offer price in the coming weeks as the tendering process begins.
📈 Long termThe long-term viability depends on whether the new acquirer can pivot the NBFC into a revenue-generating entity and repair the negative net worth.
⚠ Risk flags
- Negative net worth
- Zero to negligible revenue
- Low liquidity in micro-cap stock
- Execution risk of new management
Key Highlights
Open offer for acquisition of up to 12,22,000 equity shares from public shareholders.
Acquirer identified as Uday Narang, targeting a company with a current promoter holding of only 11.55%.
Detailed Public Statement published on August 12, 2026, in Financial Express and Jansatta.
Company reported a net loss of Rs -0.3 Cr for FY26 with a negative net worth of Rs -1 Cr.
TTM revenue stands at approximately Rs 0.11 Cr, indicating a largely dormant business state.
👀 What to Watch
Investors should monitor the specific offer price and the letter of offer for the acquirer's future business plans. The company's negative net worth and lack of revenue make this a high-risk situation dependent entirely on the new management's ability to infuse capital.
Rs 33.83 Lakhs PAT in Q1 FY27; Promoter to Exit via Open Offer at Rs 12/Share
Pasupati Fincap reported a sharp turnaround in Q1 FY27, posting a net profit of Rs 33.83 Lakhs compared to a loss of Rs 7.28 Lakhs in the same quarter last year. Revenue surged to Rs 45 Lakhs, entirely from a new 'Service Income' segment, representing over 400% of the total FY26 revenue. Concurrently, the company announced a change in control as the promoter agreed to sell their entire 11.55% stake to Mr. Uday Narang. This has triggered a mandatory open offer for 26% of the company at Rs 12 per share, which is near the current market price.
Confidence: HIGH
What changedThe company has moved from a near-dormant state to generating revenue through services and is undergoing a complete change in promoter leadership.
Why it mattersFor a micro-cap with a market cap of only Rs 6 Cr and negative net worth, the entry of a new promoter and a sudden revenue stream are transformative events.
Q1 FY27 Revenue: Rs 45.00 LakhsQ1 Revenue vs FY26 Annual Revenue: 409%Open Offer Price: Rs 12.00Net Profit (Q1 FY27): Rs 33.83 LakhsPromoter Stake Sale: 11.55%
📅 Short termThe stock is likely to be influenced by the open offer price of Rs 12 and the positive earnings surprise in the coming weeks.
📈 Long termThe long-term trajectory depends on the new management's ability to scale the service business and address the company's negative net worth of Rs -1 Cr.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Negative net worth
- High concentration in a single new revenue segment
- Micro-cap liquidity risks
Key Highlights
Net Profit of Rs 33.83 Lakhs in Q1 FY27 vs a loss of Rs 7.28 Lakhs in Q1 FY26.
Revenue from operations reached Rs 45.00 Lakhs, a significant jump from zero in the prior year's quarter.
Open offer announced for 12,22,000 shares (26% stake) at a price of Rs 12.00 per share.
Promoter to sell entire holding of 5,42,925 shares (11.55% stake) to acquirer Uday Narang.
Company transitioned from a negative EPS of -Rs 0.15 to a positive EPS of Rs 0.72 YoY.
👀 What to Watch
Investors should monitor the completion of the open offer and the sustainability of the new 'Service Income' segment, which is currently the sole driver of the turnaround.
Pasupati Fincap reports Rs 33.83 Lakhs Q1 profit; Open Offer announced at Rs 12
Pasupati Fincap has reported a significant turnaround in Q1 FY27, posting a net profit of Rs 33.83 Lakhs compared to a loss of Rs 7.28 Lakhs in the same quarter last year. Revenue surged to Rs 45 Lakhs from zero, entirely attributed to a new 'Service Income' segment. Parallel to these results, the company announced a change in control: the current promoter is selling their entire 11.55% stake to Mr. Uday Narang. This has triggered a mandatory Open Offer for an additional 26% stake at Rs 12 per share, which is near the current market price.
Confidence: HIGH
What changedThe company has transitioned from a loss-making entity with negligible revenue to a profitable one through a new service segment, alongside a formal agreement for a change in promoter control.
Why it mattersFor a micro-cap company with a negative net worth of Rs 1 Cr, the entry of a new promoter and a sudden jump in revenue could signal a total business pivot or recapitalization of the NBFC license.
Q1 Net Profit: Rs 33.83 LakhsQ1 Revenue: Rs 45.00 LakhsOpen Offer Price: Rs 12.00Revenue vs FY26 Revenue: 409%Promoter Stake Sale: 11.55%
📅 Short termThe stock price is likely to be anchored around the Open Offer price of Rs 12.00 in the near term as the market processes the change in control.
📈 Long termThe long-term outlook depends entirely on the new promoter's ability to scale the 'Service Income' segment and repair the company's negative net worth position.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Negative net worth of Rs -1 Cr
- High concentration in a single new revenue segment
- Extremely low promoter holding (11.55%) prior to the exit
- Micro-cap liquidity risks
Key Highlights
Net Profit of Rs 33.83 Lakhs in Q1 FY27 vs a loss of Rs 7.28 Lakhs in Q1 FY26.
Revenue from operations reached Rs 45 Lakhs, which is 409% of the total revenue generated in the entire FY26 (Rs 11 Lakhs).
Open Offer announced for 12,22,000 shares (26% stake) at Rs 12.00 per share following a Share Purchase Agreement.
Promoter to exit completely by selling 5,42,925 equity shares (11.55% stake) to the acquirer, Mr. Uday Narang.
Total Assets increased to Rs 60.83 Lakhs as of June 2026, up from Rs 11.96 Lakhs in March 2026.
👀 What to Watch
Investors should monitor the completion of the Open Offer and regulatory approvals for the change in management. The sustainability of the new 'Service Income' segment is the primary operational factor to watch in upcoming quarters.
11.55% Stake Sale: Promoter Dinesh Pareekh to Sell Entire Holding to Uday Narang
Promoter Dinesh Pareekh has entered into a Share Purchase Agreement (SPA) on August 05, 2026, to sell his entire 11.55% stake (5,42,925 shares) to Uday Narang. This transaction triggers a mandatory Open Offer under SEBI (SAST) Regulations as it involves a change in control of the company. Pasupati Fincap is currently a distressed entity with a negative net worth of Rs -1 Cr and negligible TTM revenue. Upon completion, the existing promoter directors will resign, and the acquirer will take over management control.
Confidence: HIGH
What changedThe company is undergoing a complete change in ownership and management control from Dinesh Pareekh to Uday Narang.
Why it mattersFor a micro-cap company with a market cap of only Rs 5 Cr and negative net worth, a change in promoter is a critical event that could lead to capital infusion or a complete change in business direction.
Shares to be sold: 5,42,925Stake percentage: 11.55%Acquirer prior holding: NilMarket Cap: Rs 5 CrNet Worth: Rs -1 Cr
📅 Short termThe stock price may be influenced by the Open Offer price announcement; however, liquidity remains a significant concern given the small size.
📈 Long termThe long-term viability depends entirely on the new promoter's ability to recapitalize the business and generate revenue, which has been near zero for years.
⚠ Risk flags
- Negative net worth
- History of consistent losses
- Low promoter holding (11.55%) being transferred
- Execution risk of business turnaround
Key Highlights
Sale of 5,42,925 equity shares representing 11.55% of the total voting share capital
Acquirer Uday Narang held 0% shares prior to this agreement
Mandatory Open Offer triggered for public shareholders under SEBI (SAST) Regulations
Existing promoter directors to resign from the Board upon completion of the transaction
Company reported a net loss of Rs -0.3 cr for FY26 with a negative net worth of Rs -1 cr
👀 What to Watch
Investors should monitor the Public Announcement (PA) for the Open Offer price and details regarding the acquirer's background and future business strategy for the company.
₹12 Open Offer for 26% Stake in Pasupati Fincap by Uday Narang
Uday Narang has entered into a Share Purchase Agreement (SPA) to acquire an 11.55% stake from the current promoter at ₹12 per share, triggering a mandatory open offer for an additional 26% stake at the same price. The offer price of ₹12 represents a slight premium over the current market price of ₹11.5. This transaction signals a complete change in control for the company, which currently has zero revenue and a negative net worth of ₹1 Cr. Investors should note that the total potential holding of the acquirer could reach 37.55% post-offer.
Confidence: HIGH
What changedA new individual acquirer, Uday Narang, is taking over the promoter's stake and seeking majority control through a mandatory open offer.
Why it mattersThis is a change-in-control event for a micro-cap shell company; it is the only significant catalyst for a business turnaround given the current lack of operations and negative net worth.
Offer Price: ₹12Offer Size (%): 26.00%SPA Stake (%): 11.55%Total Potential Stake: 37.55%Offer Value vs Market Cap: ~29%Net Worth: ₹-1 Cr
📅 Short termThe stock price is likely to align closely with the open offer price of ₹12 in the coming weeks.
📈 Long termStructural significance depends entirely on the new management's ability to pivot the business and infuse capital, as the current entity has no functional operations.
⚠ Risk flags
- Negative net worth
- Zero revenue operations
- Execution risk under new management
Key Highlights
Open offer price of ₹12 per share for up to 12,22,000 equity shares (26% stake).
Acquirer Uday Narang to purchase 5,42,925 shares (11.55%) from promoter Dinesh Pareekh via SPA.
The company reported zero revenue and a net loss of ₹0.3 Cr for FY26.
Target company has a negative net worth of ₹-1 Cr as per latest financial context.
Detailed Public Statement (DPS) to be published by August 12, 2026.
👀 What to Watch
Monitor the Detailed Public Statement for the acquirer's future business plans and potential capital infusion. Compare the market price with the ₹12 offer price during the tendering period to evaluate the exit opportunity.
