Duke Offshore's promoters are selling their 70.61% stake to Aspect Global Ventures. This signifies a complete ownership transition, with an open offer to public shareholders mandated by SEBI regulations.

Duke Offshore Limited: Promoter Exit and Acquisition by Aspect Global Ventures

Duke Offshore Limited has announced a significant change in ownership with its current promoters executing a Share Purchase Agreement (SPA) to sell their controlling stake to Aspect Global Ventures Private Limited.

Reader Takeaway: Promoter exit with new ownership; mandatory open offer for shareholders.

What just happened

The company's promoters, Albert Donald Duke, Avik George Duke, and Komal Duke, have agreed to sell 69,59,800 equity shares, representing 70.61% of the total voting equity share capital, to Aspect Global Ventures Private Limited. The purchase price is set at ₹30 per share.

Why this matters

This transaction marks a complete change in control of Duke Offshore Limited. The current promoters will cease to exercise control, and the new acquirer will assume leadership. A mandatory open offer to public shareholders will follow, as per SEBI takeover regulations, providing an exit route.

The backstory

This deal involves the entire promoter group exiting the company. The transaction is governed by the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which mandates an open offer to public shareholders when control changes.

What changes now

Upon the transaction's closing, existing directors will resign, and nominees of Aspect Global Ventures will be appointed to the Board. The company will operate under new management.

Risks to watch

Until the transaction is completed, the company faces strict operational covenants. Promoters are restricted from undertaking new projects, altering existing businesses, issuing securities, disposing of significant assets, making loans, incurring further debt (beyond working capital), or declaring dividends without the acquirer's permission.

Peer comparison

Information not available in the filing.

Context metrics (time-bound)

• Transaction Date: June 11, 2026 (Agreement Date)
• Stake Sold: 70.61% (69,59,800 shares)
• Purchase Price: ₹30 per share
• Face Value: ₹10 per share

What to track next

Investors should closely monitor future filings for the 'detailed public statement' concerning the open offer and the subsequent timelines for the acquisition's completion. The terms of the open offer will be crucial for exiting shareholders.