KUBER UDYOG : IDC CALLS RS 74.65 CR OPEN OFFER FAIR AND REASONABLE AT RS 23.35/SHARE

• Open offer for 3,19,71,680 equity shares of ₹10 each, 26.00% of fully diluted share and voting capital • Offer price ₹23.35 per share; acquirers Manav Bahri, Dinesh Popli and Ajay Dutta with PACs Trimudra Trade & Holdings and Shraddha Gohil • Preferential allotment price to acquirers, PACs and others was ₹23.10 per share • IDC notes share price has risen above the offer price after the August 7, 2026 public announcement • Shareholders advised to independently evaluate the offer vis-a-vis current market price Impact: Neutral (IDC finds the price regulation-compliant and fair, but flags that the stock trades above the offer price, capping acceptance economics)

Kuber Udyog Ltd

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