Kunvarji Finstock Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Public Announcement under Regulation 3(1) read with Regulations 13,14 and 15(1) and other applicable provisions ....
Awaiting price reaction for this filing.
Mr. Niraj Harsukhlal Sanghavi (along with persons acting in concert — his two daughters and Kenilworth Consultancy Services LLP) acquired 60,00,000 equity shares (26.78% of the expanded voting share capital) of Avishkar Infra Realty Ltd through a preferential allotment for a total consideration of Rs. 6 crore. Since this acquisition crossed the 25% threshold, it has triggered a mandatory open offer under SEBI Takeover Regulations. The acquirer is now making an open offer to public shareholders for up to 58,24,853 shares (26% of expanded share capital) at Rs. 16 per share, aggregating to a maximum consideration of Rs. 9.32 crore. The offer price includes 10% annual interest for the delay period starting from February 13, 2024. The company is currently listed on BSE (ESM Stage 2) under scrip code 508929.
Public shareholders can tender their shares in the open offer at Rs. 16 per share until the tendering period closes. A change in control is underway, with the acquirer's holding set to potentially reach ~52.9% if the offer is fully accepted. Existing public shareholders should evaluate whether to tender given the offer price and the company's ESM Stage 2 status (limited trading liquidity).