Kunvarji Finstock Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of Avishkar Infra Realty Ltd ("Target Company").
Awaiting price reaction for this filing.
Kunvarji Finstock Pvt Ltd, acting as Manager to the Offer, has submitted the Letter of Offer to BSE for a mandatory open offer to the public shareholders of Avishkar Infra Realty Ltd. The offer was triggered under Regulation 3(1) of SEBI (SAST) Regulations, 2011 after Acquirer Mr. Niraj Harsukhlal Sanghavi, along with three persons acting in concert (PACs), received 60 lakh equity shares (26.78% of expanded voting share capital) through a preferential allotment in February 2024 at Rs. 10 per share. The open offer is for up to 58,24,853 equity shares (26% of expanded voting capital) at Rs. 16 per share in cash, implying a maximum outflow of roughly Rs. 9.32 crore. The tendering window runs from December 23, 2025 to January 6, 2026. The Acquirer has stated there is no intention to take control or become a promoter; this is purely a regulatory compliance open offer.
The offer price of Rs. 16 is dramatically below the current market price of Rs. 650–750, so there is little incentive for public shareholders to tender — acceptance is expected to be very thin. Shareholders should note the acquirer's past SEBI penalties for manipulative trading and the extraordinary, unexplained price surge since the preferential issue, which the Letter of Offer itself flags as a risk factor. The open offer does not signal any change of control or strategic direction for the company.