Description

BSE publishes a corrigendum to the Letter of Offer for the open offer acquisition window 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 under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 for Nirbhay Colours India Limited (CIN: L46411GJ1992PLC017863). The corrigendum revises the offer opening and closing dates and updates the full schedule of major activities, along with a replacement of Clause 7 relating to delays in the offer process.

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 major activities has been updated with revised dates for key milestones.
  • Clause 7 (page 06 of LoF) has been replaced with updated language covering delays due to pending regulatory approvals, litigation, or SEBI instructions.
  • If payment of consideration is delayed, the Acquirer may be required to pay interest for the delayed period as directed by SEBI under Regulation 18(11) of SEBI (SAST) Regulations, 2011.
  • All capitalized terms carry the same meaning as defined in the original Letter of Offer dated 7th February 2026.

Regulatory Changes

  • Clause 7 of the Letter of Offer has been replaced to clarify conditions under which the offer process may be delayed: (a) regulatory approvals not received in a timely manner, (b) litigation to stay the offer, or (c) SEBI instruction to not proceed.
  • In case of delay in statutory approvals, SEBI has power to grant extension of time for payment of consideration, subject to Acquirer paying interest for the delayed period per Regulation 18(11) of SEBI (SAST) Regulations, 2011.
  • This corrigendum is issued under Regulation 18(7) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Compliance Requirements

  • Shareholders of Nirbhay Colours India Limited must note the revised offer schedule and tender their shares within the updated Tendering Period: 16th February 2026 to 2nd March 2026.
  • This corrigendum must be read in continuation with and in conjunction with the original Letter of Offer dated 7th February 2026.
  • Acquirers must comply with the revised schedule and, in case of delays, adhere to SEBI’s directions on interest payments.

Important Dates

ActivityOriginal DateRevised Date
PA DateFriday, 12-Dec-2025Friday, 12-Dec-2025
Publication of DPS in newspapersFriday, 19-Dec-2025Friday, 19-Dec-2025
Filing of DLoF with SEBIFriday, 26-Dec-2025Friday, 26-Dec-2025
Last date for competing offerFriday, 09-Jan-2026Friday, 09-Jan-2026
Last date for SEBI observations on DLoFFriday, 16-Jan-2026Friday, 16-Jan-2026
Identified DateThursday, 29-Jan-2026Thursday, 29-Jan-2026
Date LoF dispatched to shareholdersThursday, 05-Feb-2026Saturday, 07-Feb-2026
Last date for independent directors’ recommendationTuesday, 10-Feb-2026Thursday, 12-Feb-2026
Last date for revising Offer Price / Offer SizeWednesday, 11-Feb-2026Friday, 13-Feb-2026
Last date for publication of opening announcementThursday, 12-Feb-2026Friday, 13-Feb-2026
Offer Opening Date (Tendering Period Start)Thursday, 12-Feb-2026Monday, 16-Feb-2026
Offer Closing Date (Tendering Period End)Thursday, 26-Feb-2026Monday, 02-Mar-2026
Date by which all requirements including payment completedTuesday, 17-Mar-2026Tuesday, 17-Mar-2026
Post Offer AdvertisementWednesday, 25-Mar-2026Wednesday, 25-Mar-2026

Impact Assessment

This corrigendum has a narrow but material impact limited to public shareholders of Nirbhay Colours India Limited who intend to participate in the open offer. The revised tendering window (16th February – 2nd March 2026) gives shareholders additional clarity on participation timelines. The update to Clause 7 introduces explicit language on interest liability for the Acquirer in case of delayed payments, offering additional protection to tendering shareholders. There is no broader market-wide impact.

Impact Justification

Corrigendum affects only shareholders of one specific small-cap target company (Nirbhay Colours India Limited) by revising the open offer schedule; no broad market impact, but critical for tendering shareholders to note revised dates.