Kothari and Jaiswal seize 74.44% of Arco Leasing as open offer draws just 300 shares
What's the deal? Jitesh Kothari and Atul Ramshankar JaiswalDealroom has a profile for this one. Try Dealroom → have concluded their mandatory open offer for BSEDealroom has a profile for this one. Try Dealroom →-listed Arco LeasingDealroom has a profile for this one. Try Dealroom →, taking a combined 74.44% stake in the company. The pair now hold 80,78,900 shares after the process wrapped up, with the post-offer report filed with BSE on 6 August 2026.
How the stake was built: Kothari and Jaiswal secured most of their control through off-market deals — a share subscription agreement for 79,50,000 shares (73.25%) and a share purchase agreement for 1,28,600 shares (1.18%).
The open offer flopped: Mandated under SEBI's takeover regulations, the offer sought up to 27,74,970 shares — 25.57% of the expanded capital — at ₹10 per share. Just one of 108 public shareholders tendered, offering only 300 shares. The acquirers paid ₹3,000, against a potential ₹2,77,49,700 had the offer been fully taken up.
Why so little? The stock is barely traded. Classified as "infrequently traded" on the BSE, only 2,000 shares changed hands in the 12 months to 28 February 2026 — 0.83% of listed shares. No market price was recorded on the announcement date, the tendering start, or its close.
What changes: The former promoters, who held 53.57%, have ceased to be promoters. Public shareholding stands at 25.56%, still above the 25% minimum required for a continued listing. JJ IPO AdvisorsDealroom has a profile for this one. Try Dealroom → managed the offer, with Integrated Registry Management ServicesDealroom has a profile for this one. Try Dealroom → as registrar.
The signal: The deal shows how India's takeover code can bolt a mandatory open offer onto a change of control that is really executed off-market. When a stock is this illiquid, the open offer becomes a formality — a regulatory box to tick rather than a route for public shareholders to cash out.
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Image credit: Niyantha
