D & A Financial Services (P) Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer for the attention of the Public Shareholders of Antariksh Industries Ltd ("Target Company").
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D & A Financial Services, the Manager to the Offer, has submitted the Letter of Offer to BSE for an open offer in Antariksh Industries Ltd, triggered by a change in management control. Acquirer Mrs. Gitaben Nitinbhai Patel has entered a Share Purchase Agreement (SPA) dated July 3, 2025, to buy 1,03,400 equity shares (51.70% of voting capital) from existing promoters Bhagwanji Narsi Patel and Utkarsh Goyal at Rs. 96 per share, for Rs. 99.26 lakhs total. The mandatory open offer is to acquire up to 52,000 additional shares (26% of voting capital) at Rs. 96 per share, totaling about Rs. 49.92 lakhs. The tendering period runs from October 3 to October 16, 2025. The target company operates in real estate and trading, with FY25 revenue of Rs. 4,379 lakhs and profit after tax of Rs. 55 lakhs.
Public shareholders of Antariksh Industries can tender their shares at Rs. 96 per share in cash during the tendering window. Post-offer, the acquirer will hold 77.70% of the company, changing the promoter; the acquirer has undertaken to reduce holdings if needed to maintain the 25% minimum public shareholding rule. Shares are infrequently traded on BSE, so liquidity for exit may be limited.