IIFL Capital Services Ltd. announces an acquisition

The final Open Offer price is Rs 350 per share. It is reported as higher than the stock’s 60-trading-day VWAP, but the exact VWAP amount is not stated, so the premium over VWAP cannot be calculated from the cited material.^[1]

Against book value:

• Latest Q2 FY27 presentation figure: BVPS of Rs 109.8; Rs 350 therefore represents 3.19x book value, or a 218.76% premium. This is derived from Rs 350 and Rs 109.8.^[1][2]
• Structured Q1 FY27 figure: BVPS of Rs 48.90, which would imply 7.16x book value, or a 615.75% premium.^[3]

The book-value comparison has a material source discrepancy: the Q2 FY27 presentation report gives Rs 109.8, while the structured Q1 FY27 financial data gives Rs 48.90. The offer’s premium to the 60-day VWAP is directionally clear, but its exact magnitude—and the appropriate book-value multiple—requires reconciliation to the company’s underlying Pre-Offer Advertisement or latest financial filing.

• Maximum offer size: 10,01,44,112 equity shares (10.01 crore shares), representing 26.00% of the expanded voting share capital. ^[4]
• Projected post-offer promoter-group holding: Could not be confirmed from the disclosed extract. The Pre-Offer Advertisement states that the post-offer shareholding, assuming full acceptance, was updated in Annex IV of the Letter of Offer, on pages 106–107, but the percentage itself is not reproduced in the cited passage. ^[5]

No regulatory approval or condition precedent remained pending before the tendering period could commence, as of the Corrigendum dated October 29, 2026. The Acquirer had received:

• SEBI in-principle approval
• Competition Commission of India approval
• SEBI approval
• Approvals from NSE, BSE, MCX, NCDEX
• Clearing corporation approvals from NSE Clearing, ICCL, NCCL and MCX Clearing Corporation
• Depository approvals from CDSL and NSDL
• IRDAI approval

These were identified as the statutory and regulatory approvals required for both the underlying transaction and the open offer. The Corrigendum expressly stated that no other regulatory, statutory or other approvals were required to complete the acquisition of the offer shares at that stage. ^[6]

The Letter of Offer timeline was calculated from October 22, 2026, the date on which the last Required Statutory Approval was received. ^[7] Accordingly, the tendering period was scheduled to commence on November 2, 2026, and close on November 16, 2026. ^[4]

Two related points were also clarified:

• The Target Company’s shareholder approval for the preferential issue had already been obtained on June 1, 2026; the allotment was to occur after receipt of the requisite statutory approvals, which had subsequently been received. ^[6]
• The offer was not conditional on any minimum level of acceptance. ^[6]

The only residual caveat was that, if a new statutory or other approval became applicable before completion of the open offer, the offer would become subject to that approval. This was a contingent future requirement, not a pending clearance blocking commencement of tendering. ^[6]