Rikhav Securities Open Offer: Lakhani Group Announces Acquisition of 26% Stake

Rikhav Securities Limited faces a mandatory open offer as the Lakhani group announces acquisition of up to 99,55,920 equity shares representing 26% of the company's voting capital. The open offer, triggered under SEBI SAST Regulations due to market purchases exceeding the 5% creeping acquisition limit, has been structured with an offer price of Rs. 47.77 per share.

Open Offer Structure and Pricing

The comprehensive acquisition involves four acquirers - B D Lakhani, B N Lakhani, H D Lakhani, and N D Lakhani - working alongside persons acting in concert including Hitesh Himmatlal Lakhani, Deep Hitesh Lakhani, Vaishali Rajendra Shah, and Bharti Hitesh Lakhani. The offer targets 99,55,920 equity shares of Rs. 5 face value each.

Parameter Details Offer Price Rs. 47.77 per share Total Shares Offered 99,55,920 equity shares Voting Capital Percentage 26% Total Consideration Rs. 47,53,95,180 Face Value Rs. 5 per share

Acquirer Financial Standing

The four partnership firms serving as acquirers demonstrate substantial financial capacity for the transaction. B D Lakhani reports a net worth of Rs. 7,05,35,664 as of March 31, 2026, while B N Lakhani maintains Rs. 6,64,12,680. H D Lakhani shows Rs. 4,31,93,854 in net worth, and N D Lakhani holds Rs. 7,25,41,546.

Acquirer Net Worth (Rs.) Business Focus B D Lakhani 7,05,35,664 Investment and advisory services B N Lakhani 6,64,12,680 Investment and advisory services H D Lakhani 4,31,93,854 Investment and advisory services N D Lakhani 7,25,41,546 Investment and advisory services

Financial Arrangements and Escrow

The acquirers have established comprehensive funding arrangements to support the open offer. They have secured credit facilities aggregating Rs. 20.00 crore from Total Holding and Finvest Pvt Ltd, with Rs. 5.00 crore sanctioned individually to each acquirer. The balance consideration will be met through internal accruals.

As per SEBI regulations, the acquirers have deposited Rs. 11,90,00,000 in the escrow account "ESCROW ACCOUNT-SCOPL-RSL-Open Offer" with Axis Bank Limited. This represents more than 25% of the maximum consideration payable under the offer.

Key Stakeholder Relationships

The transaction involves significant family connections within the target company's promoter group. Hitesh Himmatlal Lakhani serves as Chairman and Managing Director, holding 24,69,720 equity shares representing 6.45% of the company. His spouse Bharati Hitesh Lakhani holds 15,83,760 shares (4.14%), while their children Deep Hitesh Lakhani and Nidhi Hitesh Lakhani hold 22,89,960 shares (5.98%) and 14,49,000 shares (3.78%) respectively.

Regulatory Timeline and Process

Sobhagya Capital Options Private Limited has been appointed as Manager to the Offer, with the detailed public statement published on April 28, 2026. The tentative schedule indicates the tendering period will commence on June 15, 2026, and close on June 29, 2026. MUFG Intime India Private Limited serves as the Registrar to the Offer.

Milestone Date Public Announcement April 21, 2026 DPS Publication April 28, 2026 Tendering Period Start June 15, 2026 Tendering Period End June 29, 2026 Payment Completion July 13, 2026

The open offer will be implemented through BSE Limited's stock exchange mechanism, with Shreni Shares Limited appointed as the registered broker for purchases and settlement. All public shareholders holding equity shares in both dematerialized and physical form are eligible to participate in the offer during the tendering period.

Rikhav Securities Limited has filed its quarterly compliance certificate with BSE Limited under Regulation 74(5) of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026.

Regulatory Compliance Filing

The certificate was submitted on April 06, 2026, and signed by Hitesh Himatlal Lakhani, Managing Director of Rikhav Securities Limited. The filing pertains to the company's equity shares and includes the necessary regulatory confirmations for the quarter ended March 31, 2026.

Parameter Details Filing Date April 06, 2026 Quarter Ended March 31, 2026 Regulation SEBI (Depositories and Participants) Regulations, 2018 - Section 74(5) Signatory Hitesh Himatlal Lakhani, Managing Director

RTA Confirmation Certificate

The submission includes a confirmation certificate from MUFG Intime India Private Limited (formerly Link Intime India Private Limited), the company's registrar and transfer agent. The RTA certificate, dated April 01, 2026, was signed by Ashok Shetty, Sr. Vice President-Corporate Registry.

MUFG Intime India confirmed that securities received from depository participants for dematerialisation during the quarter ended March 31, 2026 were properly processed. The RTA verified that all security certificates received for dematerialisation were confirmed or rejected within prescribed timelines, and that certificates were mutilated and cancelled after due verification by the depository participant.

Company Information

Rikhav Securities Limited operates as a financial services company with memberships in BSE, NSE, and ICEX, along with depository participant services through CDSL. The company maintains its registered office at P.J. Towers, Dalal Street, Mumbai, and corporate office in Mulund West, Mumbai.

Corporate Details Information Managing Director Hitesh Himatlal Lakhani DIN 01457990 CIN L99999MH1995PLC086635 SEBI Registration INZ000157737 DP ID 12051500

The quarterly compliance certificate filing demonstrates the company's adherence to SEBI regulatory requirements for depositories and participants, ensuring proper governance and operational compliance in its role as a market participant.

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