IIFL Capital Services Ltd. announces an acquisition

The final acceptance ratio cannot yet be confirmed because the tendered shares remained subject to validation; the latest disclosed figure is a tender-to-offer-size ratio of 2.28%, not a confirmed final acceptance ratio ^[1].

As of 9 November 2026, public shareholders had tendered 22,84,779 shares ^[2]. Against the Letter of Offer’s maximum acquisition size of 10,01,44,112 shares ^[3]:

• Tendered as a percentage of maximum offer: 2.28% ^[2]
• Shares not represented by those tenders: 9,78,59,333 shares, derived from 10,01,44,112 less 22,84,779 ^{[3] [2]}

Thus, the tender volume was only about one-forty-fourth of the maximum proposed acquisition, subject to final validation and acceptance.

Neither figure can be confirmed as a completed-offer outcome from the cited disclosures.

• Shareholding: The latest ownership record shows FIH Mauritius Investments at 26.84% and HWIC Asia Fund at 3.29%; the reported promoter category is 30.49%. These are pre-completion holdings, not the revised post-offer percentage. The offer covers up to 100,144,112 shares ^[3]. The final percentage depends on the number of shares validly accepted and the precise acquirer/PAC share count after settlement.
• Cash outflow: The total cannot be calculated because the cited material does not establish both the final accepted shares and the offer price. The latest tender update reports 2,284,779 shares tendered, or 2.28% of the offer size, as of 9 November 2026 ^[2]; tendered shares may differ from shares ultimately accepted ^[4].

The correct calculation is:

`Post-offer acquirer/PAC holding = (pre-offer acquirer/PAC shares + validly accepted shares) ÷ total outstanding shares`

`Gross cash outflow = validly accepted shares × offer price`

Accordingly, the revised shareholding percentage and total cash outflow could not be confirmed from the available completion disclosures.

The comparison cannot be quantified from the cited filing because the final offer price per share and the 60-day pre-announcement VWAP could not be confirmed for this offer.

The filing confirms an open offer for up to 10,01,44,112 shares under the SEBI (SAST) Regulations, but the ₹2 figure mentioned is only the face value, not the offer price. ^[3]

The required calculation is:

`Premium/(discount) = (Final offer price ÷ 60-day VWAP − 1) × 100`

• Positive result: offer price is at a premium to the 60-day VWAP.
• Negative result: offer price is at a discount.
• Current conclusion: not confirmed, as both required price inputs are unavailable in the cited material.