Open Offer triggered for Avishkar Infra Realty at Rs 23 per share

Nalin Ramaniklal Shah and 10 PACs have made a mandatory Open Offer to buy up to 58,24,853 shares (26% of voting capital) of Avishkar Infra Realty at Rs 23 per share in cash, including 10% annual interest. The offer was triggered after PACs crossed SEBI's 25% threshold via a preferential allotment of 60 lakh shares (26.78%). A Share Purchase Agreement with promoter Kapil Kothari covers another 10.22% stake at Rs 17.84 per share. Maximum offer value is about Rs 13.40 crore. Post-offer, the acquirer group will hold 63% of the company.