Description
BSE publishes a corrigendum to the Letter of Offer for the open offer (takeover) of Nirbhay Colours India Limited, revising the offer opening date to 16th February 2026 and closing date to 2nd March 2026, along with an updated schedule of activities.
Summary
BSE has published a corrigendum to the Letter of Offer (LoF) dated 7th February 2026 for the open offer (acquisition window/takeover) of Nirbhay Colours India Limited (CIN: L46411GJ1992PLC017863), issued under Regulation 18(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The corrigendum revises the offer opening and closing dates and updates the tentative schedule of major activities.
Key Points
- The Offer Opening Date has been revised from 3rd February 2026 to 16th February 2026.
- The Offer Closing Date has been revised from 16th February 2026 to 2nd March 2026.
- The full schedule of activities has been updated to reflect revised timelines, while early-stage milestones (PA Date, DPS publication, DLoF filing, SEBI observation deadline) remain unchanged.
- Clause 7 of the LoF has been amended to clarify delay provisions: if regulatory approvals are delayed, litigation stays the offer, or SEBI instructs the acquirers to halt, payment of consideration and return of unaccepted shares may be delayed. SEBI may grant extensions subject to interest payment by the acquirers under Regulation 18(11) of SEBI SAST Regulations, 2011.
- This corrigendum must be read in conjunction with the original Letter of Offer dated 7th February 2026.
Regulatory Changes
- Revised activity schedule under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- Amended Clause 7 of the LoF to explicitly address scenarios where the offer process may be delayed due to regulatory approvals, litigation, or SEBI directions.
- Interest liability on acquirers confirmed for delayed payment of consideration if directed by SEBI under Regulation 18(11).
Compliance Requirements
- Shareholders of Nirbhay Colours India Limited must note the revised tendering period and submit shares accordingly within the updated offer window (16th February – 2nd March 2026).
- Acquirers must adhere to the revised schedule and pay interest for any delayed consideration if instructed by SEBI.
- All capitalized terms in this corrigendum retain meanings as defined in the original Letter of Offer dated 7th February 2026.
Important Dates
| Activity | Original Date | Revised Date |
|---|---|---|
| PA Date | Friday, 12-Dec-2025 | Friday, 12-Dec-2025 |
| Publication of DPS in newspapers | Friday, 19-Dec-2025 | Friday, 19-Dec-2025 |
| Filing of DLoF with SEBI | Friday, 26-Dec-2025 | Friday, 26-Dec-2025 |
| Last date for competing offer | Friday, 09-Jan-2026 | Friday, 09-Jan-2026 |
| Last date for SEBI observations on DLoF | Friday, 16-Jan-2026 | Friday, 16-Jan-2026 |
| Identified Date | Thursday, 29-Jan-2026 | Thursday, 29-Jan-2026 |
| Date LoF dispatched to shareholders | Thursday, 05-Feb-2026 | Saturday, 07-Feb-2026 |
| Last date for independent directors’ recommendation | Tuesday, 10-Feb-2026 | Thursday, 12-Feb-2026 |
| Last date for revising Offer Price/Size | Wednesday, 11-Feb-2026 | Friday, 13-Feb-2026 |
| Last date of opening announcement publication | Thursday, 12-Feb-2026 | Friday, 13-Feb-2026 |
| Offer Opening Date (Tendering Period Commences) | Thursday, 12-Feb-2026 | Monday, 16-Feb-2026 |
| Offer Closing Date (Tendering Period Expires) | Thursday, 26-Feb-2026 | Monday, 02-Mar-2026 |
| Date by which all requirements including payment completed | Tuesday, 17-Mar-2026 | Tuesday, 17-Mar-2026 |
| Post Offer Advertisement | Wednesday, 25-Mar-2026 | Wednesday, 25-Mar-2026 |
Impact Assessment
This corrigendum has a limited and targeted impact, affecting only the shareholders and acquirers involved in the open offer for Nirbhay Colours India Limited, a small-cap Gujarat-based company. The revision of the tendering window by approximately two weeks (opening shifted to 16th February 2026 and closing to 2nd March 2026) provides shareholders additional time to evaluate and respond to the offer. The post-offer payment and advertisement deadlines remain unchanged (17th March and 25th March 2026 respectively), indicating the acquirers intend to complete settlement within the original final timeline. There is no broader market or systemic impact.
Impact Justification
Corrigendum affects only shareholders of a single small-cap target company (Nirbhay Colours India Limited); revises tendering period dates and activity schedule for an ongoing open offer under SEBI SAST Regulations, with no broad market impact.