Nature of the Event

This is a mandatory open offer made pursuant to Regulations 3(1) and 4 of SEBI (SAST) Regulations, 2011. The offer is triggered by the acquisition of shares through a Share Purchase Agreement and proposed preferential allotment that would result in the acquirers obtaining control of Antariksh Industries Limited.

Key Quantitative Figures

  • Offer Size: 631,785 fully paid-up equity shares
  • Offer Percentage: 26.00% of Emerging Voting Share Capital
  • Offer Price: ₹86 per equity share
  • Total Maximum Consideration: ₹5,43,33,510
  • Escrow Amount Deposited: ₹165.00 lakhs (30.36% of maximum consideration)
  • Face Value of Shares: ₹10 per share
  • Existing Paid-up Capital: ₹20,49,400 (204,940 shares)
  • Emerging Voting Share Capital: ₹2,42,99,400 (2,429,940 shares after preferential issue)

Dates of Action

  • Share Purchase Agreement Date: June 26, 2026
  • Public Announcement Date: June 26, 2026
  • Detailed Public Statement Published: July 03, 2026
  • Draft Letter of Offer Date: July 09, 2026
  • Identified Date: August 04, 2026
  • Offer Opening Date: August 18, 2026
  • Offer Closing Date: September 01, 2026
  • Last Date for Payment: September 16, 2026

Parties Involved

Acquirers:

  • Mr. Alpitkumar Pravinchandra Gor (Individual)
  • Riddhi Infocom Solutions LLP (PAC)

Seller: Mrs. Gitaben Nitinbhai Patel (Promoter Seller)

Target Company: Antariksh Industries Limited

Manager to Offer: Mark Corporate Advisors Private Limited

Registrar to Offer: Purva Sharegistry (India) Private Limited

Escrow Bank: Axis Bank Limited

Buying Broker: SW Capital Private Limited

Stock Exchange: BSE Limited

Transaction Details

Share Purchase Agreement (June 26, 2026):

  • Acquisition of 150,599 equity shares (6.20% of Emerging Voting Share Capital)
  • Purchase consideration: ₹1,29,51,514 (₹86 per share)
  • Earnest Money Deposit: ₹5,00,000 paid
  • Balance consideration payable after completion of takeover formalities

Preferential Allotment (Board Approved June 26, 2026):

  • Total shares to be allotted: 2,225,000 equity shares at ₹86 per share
  • Breakdown:
  • Mr. Alpitkumar Gor: 778,750 shares (32.05%)
  • Riddhi Infocom: 634,800 shares (26.12%)
  • Non-Promoters: 811,450 shares (33.39%)

Financial Arrangements

  • Firm financial arrangements made through own resources
  • No borrowings from banks/financial institutions
  • Cash Escrow Account with Axis Bank Limited: ₹165.00 lakhs deposited
  • Certificate from CA Vaibhav N. Shah confirming adequate resources dated June 26, 2026

Capital Structure Impact

Pre-Transaction Shareholding:

  • Promoter (Gitaben Patel): 150,599 shares (73.48%)
  • Public Shareholders: 54,341 shares (26.52%)

Post-Transaction Shareholding (assuming full acceptance):

  • Acquirers (Gor + Riddhi Infocom): 2,195,934 shares (90.37%)
  • Public Shareholders: 234,006 shares (9.63%)

Emerging Voting Share Capital Composition:

  • Existing shares: 204,940 (8.43%)
  • Preferential allotment: 2,225,000 (91.57%)
  • Total: 2,429,940 (100%)

Risk Factors

1. Offer Withdrawal: Acquirer may withdraw offer if statutory approvals are refused

2. Over-subscription: Acceptance will be on proportionate basis if oversubscribed

3. Public Shareholding: Post-offer public shareholding may fall below 25% requirement

4. Lock-in Period: Preferential allotment shares will be subject to lock-in as per SEBI (ICDR) Regulations

5. Non-Resident Shareholders: Must obtain RBI approvals for tendering shares

6. Market Price Risk: Share price may fluctuate during offer period

7. Tax Implications: Different tax treatments for resident and non-resident shareholders

Conditions and Approvals

  • No statutory approvals required as on date
  • Offer may become subject to approvals if required later
  • Preferential issue subject to shareholder and regulatory approvals
  • Acquirer undertakes to maintain minimum public shareholding if it falls below requirements

Settlement Procedure

  • Settlement through stock exchange mechanism via BSE
  • Separate acquisition window will be provided
  • Both demat and physical shares can be tendered
  • Payment through banking channels directly to shareholders
  • Unaccepted shares will be returned

Financial Impact

  • Total cash outflow for acquirers: ₹5.43 crore (maximum)
  • Promoter seller will receive ₹1.29 crore for her shares
  • Target Company will receive ₹19.14 crore from preferential issue
  • No impact on Target Company's financials from the offer itself

Forward-looking Statements

  • Acquirers intend to expand/diversify operations into new areas
  • May reorganize capital structure and strengthen board
  • No plans to alienate significant assets for two years except in ordinary course
  • Future policy for asset disposal subject to shareholder approval