Kunvarji Finstock Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Detailed Public Statement in terms of Regulations 13(4), 14(3) and 15(2) of Securities and Exchange Board ....
Awaiting price reaction for this filing.
Kunvarji Finstock Pvt Ltd, the Manager to the Offer, has submitted a Detailed Public Statement to BSE regarding an open offer for Avishkar Infra Realty Ltd (formerly Joy Realty Limited). Mr. Niraj Harsukhlal Sanghavi (Acquirer), along with his two minor daughters and Kenilworth Consultancy Services LLP (PACs), are making a mandatory open offer to acquire up to 58,24,853 equity shares (26% of expanded voting share capital) at Rs. 16 per share, totalling Rs. 9.32 crore. The offer was triggered by a preferential allotment of 2 crore equity shares to the Acquirer and PACs by the target company. Post-offer, assuming full acceptance, the Acquirer and PACs will hold 52.91% of the company. The Acquirer has a notable history of SEBI penalties, including a Rs. 6 lakh penalty for manipulative trading in 2025 and a prior 6-month capital market debarment in 2010.
Public shareholders can tender their shares at Rs. 16 per share, which represents a significant premium given the stock's negligible trading volume on BSE. The acquirer is not seeking control of the company, and post-offer public shareholding will remain above the mandatory 25% threshold. Shareholders should note the Acquirer's regulatory history and the thinly-traded nature of the stock when deciding to tender.