Open offer at Rs. 23 per share for 26.00% of voting share capital
Open offer for up to 58,24,853 shares (26.00% of voting capital) at Rs. 23 per share in cash.
By ScoutQuest · · 2 min read
- Offer Size
- up to 58,24,853 shares (26.00% of voting capital)
- Offer Price
- Rs. 23 per share in cash
- Total Consideration
- up to Rs. 13,39,71,619
An open offer is an invitation to public shareholders to sell their shares at a stated price. Here the acquirer, Nalin Ramaniklal Shah, along with a set of persons acting in concert named in the update, is making that offer to shareholders of the company.
The offer in numbers
- Up to 58,24,853 equity shares
- That is 26.00% of the company's voting share capital
- Offer price Rs. 23 per share, payable in cash
- Maximum consideration if fully accepted: Rs. 13,39,71,619
Why the offer is being made
The update describes this as a triggered mandatory open offer. The persons acting in concert had acquired 60,00,000 equity shares through a preferential allotment, which took their holding past the limit that requires a mandatory open offer under the SEBI (SAST) Regulations. The obligation to make the offer arose on February 13, 2024, and the offer price includes interest for the delay period.
The share purchase agreement
- A share purchase agreement dated October 14, 2026 was signed between the acquirer and Kapil Jeetendra Kothari, a promoter of the company
- Under it, the acquirer has agreed to acquire 22,88,838 equity shares at Rs. 17.84 per equity share
- The open offer price of Rs. 23 per share is higher than that purchase price
Where the holding stands
- Before the offer, the acquirer together with the persons acting in concert holds 60,00,000 equity shares
- If the offer is fully accepted, they would hold 1,41,13,691 equity shares
- They would then be classified as the promoter and promoter group, subject to conditions in the listing regulations
Terms of the offer
- The offer is not conditional on any minimum level of acceptance, so it proceeds for whatever is tendered
- It is not a competing offer
- Shares tendered must be fully paid-up and free from liens, charges and encumbrances
- The acquirer and persons acting in concert state they have no plan to dispose of or otherwise encumber any significant asset of the company, other than in the ordinary course of business and with prior shareholder approval by special resolution where required
The company
It is listed on BSE and MSEI with the symbol AIRLTD, and operates in the real estate and construction segment, building housing, townships, commercial premises, roads and similar civil works.
How to read this
This is an exit window at a fixed cash price for shareholders who want to sell. The price being above the price agreed in the share purchase agreement is a factual point to note. Whether to tender is a personal decision based on the terms in the letter of offer when it is issued.
Also from Avishkar Infra Realty
Open Offer for 26.00% of Voting Capital at Rs. 23 per Share; SPA Pegged at Rs. 17.84
14 Oct 2026
More numbers
- Offer size - equity shares sought58,24,853
- Offer price per equity share₹ 23/-
- Offer size as % of voting share capital26.00%
- Maximum consideration for full acceptance₹13,39,71,619/-
- Equity shares under the share purchase agreement22,88,838
- Share purchase agreement price per equity share₹ 17.84/-
- Shares held by acquirer with persons acting in concert60,00,000
- Holding on full acceptance of the offer1,41,13,691
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