Nature of the Event

Mark Corporate Advisors Private Limited, acting as the Manager to the Open Offer, has published a Detailed Public Statement (DPS) in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI SAST Regulations). This DPS pertains to an open offer made to the public shareholders of Antariksh Industries Limited.

Key Transaction Details and Parties Involved

Acquirer: The Acquirer is an individual with experience in strategic planning and business development, residing at 3rd Floor, Empire Tower, Near Associated Petrol Pump, Ahmedabad. The Acquirer's net worth is stated, but the specific figure is not quantified in the provided disclosure.

PAC (Person Acting in Concert): Riddhi Infocom Solutions LLP is the PAC. It is a Limited Liability Partnership incorporated on June 06, 2014, and has not carried out any business operations. Its designated partners are Alpitkumar and Bhadreswara.

Target Company: Antariksh Industries Limited is engaged in the business of manufacturing, supply, and erection of transmission line towers. Its registered office is in Ahmedabad. The company's shares are listed on BSE Limited. The Authorized Share Capital is ₹1,00,00,000 comprising 1,00,00,000 equity shares of ₹1 face value each.

Promoter Seller: The Promoter Seller is an individual residing at Parijat Eclate, Behind Iscon Temple, Ambli Bopal Road, Ahmedabad – 380054.

Basis and Structure of the Offer

The open offer obligation is triggered by two primary transactions:

1. Share Purchase Agreement (SPA): The Acquirer and PAC entered into an SPA with the Promoter Seller on June 26, 2026, to acquire 7,78,750 equity shares, representing 9.10% of the pre-preferential issue voting capital and 7.49% of the emerging voting share capital.

2. Preferential Allotment: The Board of Directors of Antariksh Industries, in their meeting held on June 26, 2026, approved the issue and allotment of 22,25,000 equity shares at a price of ₹15.50 per share. The Acquirer is to be allotted 14,13,550 shares, and the PAC is to be allotted 6,34,800 shares. This allotment is subject to shareholder and regulatory approvals.

The total purchase consideration for the Sale Shares under the SPA is an aggregate of ₹1,20,70,000. An earnest money deposit has been made, with the balance payable upon execution of the SPA.

Open Offer Details

  • Offer Price: The open offer price is set at ₹15.50 per share.
  • Offer Size: The Acquirer and PAC are making the open offer to acquire up to 6,31,785 equity shares, representing 26.00% of the pre-preferential voting share capital.
  • Rationale for Price: The offer price was determined based on several parameters, including the negotiated price under the SPA (₹15.50), the price of the preferential issue (₹15.50), and the volume-weighted average market price (VWAP) for the 60 trading days preceding the public announcement.
  • Timetable:
  • Date of Public Announcement: June 26, 2026
  • Date of publication of DPS: July 03, 2026
  • Date of Commencement of Tendering Period: August 18, 2026
  • Date of Closing of Tendering Period: September 01, 2026
  • Settlement Date: September 16, 2026
  • Stock Exchange: BSE Limited will be the designated stock exchange for the tendering process.
  • Escrow Mechanism: The Acquirer has established an escrow account with Axis Bank Limited. 1% of the total consideration amounting to ₹9,79,267 has been deposited into this account.

Financials of Target Company (as provided)

The document provides selected financials for Antariksh Industries Limited, but the specific numerical values for Total Revenue, Profit/(Loss), and EPS for FY2024, FY2025, and FY2026 are not fully legible in the provided data.

Future Plans and Impact

  • The Acquirer and PAC intend to gain control over the management of Antariksh Industries and become its promoters.
  • There are no current plans to make major changes to the existing line of business of the Target Company, except in the ordinary course. Plans include reorganizing the capital structure and strengthening the business.
  • Post-transaction, the public shareholding in the Target Company is expected to fall below the minimum requirement, and the Acquirer and PAC will undertake steps to comply with minimum public shareholding norms.

Other Key Disclosures

  • The equity shares of Antariksh Industries are frequently traded on BSE. The annualized trading turnover for the 12 months preceding June 2026 (June 2025 to May 2026) was 25,681 shares.
  • The Manager to the Offer is Mark Corporate Advisors Private Limited (SEBI Registration No.: INM000012128).
  • The Buying Broker appointed for the offer is SW Capital Private Limited.
  • The DPS was published in Business Standard (English & Hindi All Editions), Navshakti (Marathi, Mumbai Edition), and Loksatta Jansatta (Gujarati, Ahmedabad Edition).

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