AIAvishkar Infra Realty508929Open offer announcement

Open Offer for 26.00% of Voting Capital at Rs. 23 per Share; SPA Pegged at Rs. 17.84

Open offer for up to 58,24,853 shares (26.00%) of Avishkar Infra Realty at Rs. 23/- per share in cash; aggregate Rs. 13,39,71,614/-.

By ScoutQuest · Wed 14 Oct 2026, 5:49 PM IST · 2 min read

Open Offer Size

up to 58,24,853 shares (26.00%)

Open Offer Price

Rs. 23/- per share

Aggregate Consideration

Rs. 13,39,71,614/-

Open offer at a glance

• The acquirer, Nalin Ramaniklal Shah, together with 10 persons acting in concert ("PACs"), is making an open offer to the public shareholders of Avishkar Infra Realty Limited.
• Offer size: up to 58,24,853 equity shares of face value Rs. 10/- each, representing 26.00% of the voting share capital.
• Offer price: Rs. 23/- per share, payable in cash.
• Aggregate consideration, assuming full acceptance: Rs. 13,39,71,614/-.

Why this offer is being made

• The PACs had acquired 60,00,000 equity shares, representing 26.78% of the voting share capital, pursuant to the preferential allotment of 2,00,00,000 equity shares by the target company.
• This took the acquirer and the PACs past the 25.00% threshold prescribed under Regulation 3(1) of the SEBI (SAST) Regulations, 2011, so this is a triggered mandatory open offer.
• The obligation to make the open offer arose on February 13, 2024. The offer price is stated to include interest at the rate of 10% per annum for the period from February 13, 2024 up to January 06, 2027, the assumed date of payment of consideration.
• The offer is also being made pursuant to the execution of a Share Purchase Agreement dated October 14, 2026 for acquisition of control over the target company.

The share purchase agreement

• The Share Purchase Agreement dated October 14, 2026 was executed between the acquirer and the seller, promoter Mr. Kapil Jeetendra Kothari.
• Under it, the acquirer has agreed to acquire 22,88,838 equity shares of face value Rs. 10/- each, being 10.22% of the voting share capital, at Rs. 17.84/- per equity share.
• Total consideration for these shares: 4,08,32,870.

Shareholding movement

• The selling shareholder's holding moves from 28,88,838 shares (12.89%) before the transaction to 6,00,000 shares (2.68%) after it.
• The acquirer's proposed shareholding after the acquisition that triggered the open offer, assuming full acceptance, is 81,13,691 shares (36.22%).
• Together with the PACs, the total proposed shareholding is 1,41,13,691 shares (63.00%).

Other points to note

• The acquirer and the PACs do not intend to delist the target company pursuant to this offer.
• The offer is not conditional upon any minimum level of acceptance.
• The offer is not being issued pursuant to a competing offer.
• Payment to public shareholders whose shares are validly accepted is to be in cash.
• "Public shareholders" for this offer means all equity shareholders of the target company other than the promoters and members of the promoter group, and the PACs.
• The Detailed Public Statement is to be published in newspapers within 5 working days of this Public Announcement, i.e. on or before October 22, 2026.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

About ScoutQuest · Logos provided by Logo.dev