Nalin Shah Launches Rs 13.40 Crore Open Offer for 26% Stake in Avishkar Infra Realty at Rs 23 Per Share

Nalin Ramaniklal Shah, in collaboration with ten persons acting in concert (PACs), has issued a public announcement for a mandatory open offer to acquire up to 58,24,853 fully paid-up equity shares of face value ₹10 each in Avishkar Infra Realty Limited. The offer represents 26.00% of the expanded voting share capital of the company at an offer price of ₹23 per share, payable entirely in cash.

Assuming full acceptance from public shareholders, the transaction will entail a total financial commitment of ₹13,39,71,619 (approximately ₹13.40 crore).

Key Transaction Highlights:

• Offer Size and Valuation: The open offer covers up to 58,24,853 equity shares, constituting 26.00% of the voting share capital. At ₹23 per share, the maximum payout stands at ₹13.40 crore.
• Delay Interest Included: The ₹23 per share offer price incorporates interest calculated at 10% per annum for a delay of 1,057 days originating from the initial triggering event on February 13, 2024.
• Promoter Stake Purchase: The open offer was triggered alongside a Share Purchase Agreement (SPA) dated October 14, 2026, to acquire 22,88,838 equity shares (10.22%) from promoter Kapil Jeetendra Kothari at a negotiated price of ₹17.84 per share.
• Post-Offer Shareholding: If the open offer is fully subscribed, the acquirer and the 10 PACs will hold an aggregate of 1,41,13,691 equity shares, representing 63.00% of the target company's total voting capital.

Regulatory Compliance and Management:

The open offer is being executed under Regulations 3(1) and 4, read alongside Regulations 13, 14, and 15 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Aftertrade Broking Private Limited is acting as the Manager to the Open Offer.

To satisfy SEBI financial security mandates, an escrow cash deposit of ₹3.40 crore has been placed with Kotak Mahindra Bank Limited to back the transaction.

The tendering period for eligible public shareholders is scheduled to open on December 9, 2026, and close on December 22, 2026.

Acquiring Group and Company Profile:

The acquirer, Nalin Ramaniklal Shah, is executing the takeover in concert with multiple family members and entities, including Atul Ramaniklal Shah (HUF), Ramaniklal Kunvarji Shah (HUF), Nalin R Shah (HUF), Manchhaben R Shah, Meena Nalin Shah, Mansi Dhruvin Modi, Dhruvi Nalin Shah, Himali Atul Shah, Khusboo Atul Shah, and Nishita Harsh Shah.

Avishkar Infra Realty Limited, formerly known as Joy Realty Limited, is a Mumbai-headquartered real estate development firm listed on BSE under the scrip code JOYREALTY. The company operates in infrastructure, redevelopment, and residential property construction. The successful execution of this open offer will formalise the transition of control to the Shah family group, positioning them as majority owners with a decisive 63.00% stake in the enterprise.

Tags: Avishkar Infra Realty SEBI BSE Real Estate Aftertrade Broking Takeover Code