Kaushik Jagannath Joshi launches open offer for Trio Mercantile
A new acquirer group is moving to seize control of the nano-cap firm, offering to buy 50% of the company at ₹1.25 per share.
— 3 earlier stories on Trio Mercantile & Trading Ltd. →What's new
- Kaushik Jagannath Joshi and associates are launching a mandatory open offer for 50% of Trio Mercantile.
- The offer price of ₹1.25 per share follows a deal to buy a 4.81% stake from promoter Hiren Shantilal Kothari.
- The acquirer group could reach a 61.44% stake if the offer is fully subscribed.
Why this matters
This is a change-of-control event for a company with a market cap of only ₹7 crore. The offer is not conditional on minimum acceptance, meaning the acquirer is set to take majority control regardless of how many public shareholders tender their shares.
What we're watching
- The response from remaining public shareholders to the ₹1.25 offer price.
- Any further changes to the board or management following the ownership shift.
- The final shareholding pattern once the open offer period concludes.
The full read
Kaushik Jagannath Joshi and his associates are moving to take control of Trio Mercantile & Trading. Following a 4.81% stake purchase from promoter Hiren Shantilal Kothari on May 26, the group has launched a mandatory open offer for 50% of the company at ₹1.25 per share. The total offer is valued at ₹4.25 crore. Given that Trio Mercantile has a market capitalization of roughly ₹7 crore, this deal is a significant shift in ownership. The acquirer group already holds 6.63% of the firm and, should the offer be fully subscribed, they will control 61.44% of the equity. Because the offer is not conditional on a minimum acceptance level, the transition of control is effectively locked in. This is a rare, high-stakes event for a nano-cap company, and it will fundamentally alter the firm's ownership structure.
Questions answered
- What triggered this mandatory open offer?
- The offer was triggered by a share purchase agreement signed on May 26, where the acquirer group bought a 4.81% stake from promoter Hiren Shantilal Kothari.
- How much of the company is being targeted?
- The acquirer group is offering to buy up to 50% of the company's equity. They already hold 6.63% and could reach 61.44% if the offer is fully accepted.
- Is the offer conditional on a minimum number of shares?
- No, the open offer is not conditional on a minimum acceptance level.
- How does the offer value compare to the company's size?
- The offer is valued at ₹4.25 crore, which represents more than 60% of the company's total market capitalization of ₹7 crore.
Trio Mercantile & Trading Ltd.
Latest quarter · Jun 2026
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Story so far
All notes on TRIOMERC →- 26 May 2026 · 7:31 PM IST Kaushik Jagannath Joshi launches open offer for Trio Mercantile
- today Trio Mercantile board to formalise takeover; Joshi set for Chairman role
- 3d ago Trio Mercantile acquirers take executive board control
- 53d ago A family group just bought 18% of Trio Mercantile's entire market cap