Avishkar Infra Realty Announces Mandatory Open Offer

The open offer is priced at Rs 23 per share, with an acquisition size of 58,24,853 shares.
The total consideration for this mandatory offer stands at Rs 13.40 crore.

Reader Takeaway: Existing shareholders have an exit route at Rs 23; the deal marks a significant promoter group transition.

What just happened

Avishkar Infra Realty has initiated a mandatory open offer following a preferential allotment of 60,00,000 shares to Nalin Ramaniklal Shah and Persons Acting in Concert (PACs). This allotment, alongside a Share Purchase Agreement with existing promoter Kapil Jeetendra Kothari for an additional 10.22% stake, triggered the regulatory requirement under SEBI norms to offer minority shareholders an exit opportunity.

Why this matters

The transaction results in a complete shift in control. Nalin Ramaniklal Shah and the PAC group will become the new promoters of Avishkar Infra Realty. The acquirer has secured the necessary funds by depositing Rs 3.40 crore into an escrow account held with Kotak Mahindra Bank to guarantee the fulfillment of the offer obligations.

What changes now

Following the completion of the offer and underlying share transfers, the company will undergo a transition in leadership and promoter classification. The new promoters have committed to maintaining the company’s current asset base, stating they have no plans to dispose of significant assets for the next two years, except in the ordinary course of business or if approved by shareholders.

What to track next

Shareholders should monitor the key dates: the tendering period commences on December 9, 2026, and closes on December 22, 2026. The final date for payment or return of shares is set for January 6, 2027.