Jindal Leasefin Limited announced the withdrawal of the open offer made by Tirupati Agrotech Private Limited to acquire 7,82,314 equity shares, representing 26% of the company’s paid-up equity. The withdrawal follows the Reserve Bank of India’s (RBI) non-approval of the proposed change in management, which was a condition for the acquisition. Consequently, the proposed acquisition of control by the acquirer cannot proceed.
Open Offer Cancellation
Jindal Leasefin Limited has formally communicated the withdrawal of an open offer initiated by Tirupati Agrotech Private Limited. The offer aimed to acquire 7,82,314 equity shares, which constitutes 26% of Jindal Leasefin’s total paid-up equity. This development signifies a halt to the proposed takeover and change in the company’s ownership structure.
Regulatory Roadblock
The primary reason for the withdrawal is the non-approval of the proposed change in management by the Reserve Bank of India (RBI). The company received a communication from the RBI dated September 22, 2026, stating that the request for management changes was not acceded to. This regulatory decision directly impacts the feasibility of the acquisition.
Implications for Acquisition
As a result of the RBI’s communication and the subsequent non-approval of the management change, the proposed acquisition of control by Tirupati Agrotech Private Limited can no longer proceed. Consequently, the open offer stands withdrawn in accordance with the relevant SEBI regulations, specifically Regulation 23 of the SEBI SAST Regulations, 2011. The announcement was made on September 23, 2026.
Source: BSE
