Aspect Global Ventures Private Limited has published a reminder advertisement for its mandatory open offer to acquire a 26% stake in Duke Offshore Limited at ₹30 per share, urging public shareholders to tender their equity shares before the window closes on Wednesday, August 19, 2026. The reminder, issued by Manager to the Open Offer Saffron Capital Advisors Private Limited and published in newspapers including Financial Express, Jansatta, and Navshakti on August 11, 2026, serves as a final call for eligible shareholders to participate in the exit opportunity triggered by Aspect Global’s acquisition of management control.

The open offer is mandated under Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following Aspect Global’s purchase of a 70.61% stake from promoters George Albert Donald Duke, Avik George Duke, and Komal Duke via a Share Purchase Agreement consummated on July 21, 2026. Aspect Global seeks to acquire up to 25,62,872 fully paid-up equity shares, representing ₹7,68,86,160 in maximum consideration, which has been fully deposited in an escrow account with ICICI Bank Limited as required under Regulation 17.

Key Offer Parameters

The following table outlines the critical dates and financial terms of the open offer:

The Committee of Independent Directors (IDC) of Duke Offshore, comprising Vaibhav Agarwal, Rajesh Chunilal Bhojani, and Arjun Bikas Datta, recommended the offer as fair and reasonable under Regulation 26(7). However, the IDC cautioned shareholders that the stock is currently trading on the Bombay Stock Exchange (BSE) at a price higher than the ₹30 offer price, advising independent evaluation against current market rates.

Guidance for Physical Shareholders

A significant portion of the reminder advertisement addresses shareholders holding equity shares in physical form. Eligible physical shareholders who have not received the physical copy of the Letter of Offer (LOF) are instructed to request a soft copy from the Registrar to the Open Offer, Cameo Corporate Services Limited, via email at rights@cameoindia.com . Alternatively, shareholders may download the LOF from the websites of SEBI ( www.sebi.gov.in ), the Manager ( www.saffronadvisor.com ), or BSE ( www.bseindia.com ).

Shareholders must refer to the "Procedure for Acceptance and Settlement of the Offer" section on page 48 of the LOF for detailed tendering instructions. Those holding dematerialized shares may tender through their stockbrokers using the BSE’s acquisition window during normal trading hours. Physical shareholders must submit original certificates, Form SH-4, and acceptance forms to the Registrar, ensuring documents reach them no later than 5:00 PM IST within two days of the offer closing date. The offer is not conditional upon minimum acceptance levels and will be allocated proportionately in case of oversubscription.

Duke Offshore Limited has executed a comprehensive governance reset following its acquisition by Aspect Global Ventures Private Limited. In a Board meeting held on July 27, 2026, in Mumbai, the company appointed six new directors to replace the outgoing management team. The restructuring marks the integration of the offshore energy firm into the Aspect Group ecosystem, with new leadership bringing extensive experience in financial services, regulatory compliance, and strategic expansion. This shift signals a strategic realignment for shareholders as the company transitions under new ownership.

The Board approved the appointment of Ashutosh Janak Kumar Thakar as Executive Whole Time Director, effective July 27, 2026. Thakar, who oversees strategic management and liaisoning for the Aspect Group, joins alongside three non-executive directors: Aksha Mohit Kamboj, Sukumar Anand Shetty, and Rajesh Chunilal Bhojani. Additionally, Vaibhav Anjinikumar Agarwal and Arjun Bikas Dutta were appointed as Additional Independent Directors for five-year terms. All appointments are subject to shareholder approval at the ensuing Annual General Meeting, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the Companies Act, 2013.

Concurrently, the Board accepted the resignation of Avik George Duke as Managing Director and Director, citing the acquisition as the primary reason. Duke stepped down effective close of business on July 27, 2026. The Board also accepted the resignations of Executive Director Vipul Patel due to health reasons, and Independent Directors Pranay Mehta, Revati Ganesh Pambala, and Ameet Avinash Kimbahune, all of whom cited personal commitments. Chief Financial Officer Venkatesham Gangadhar Busa also resigned due to personal commitments.

The reconstitution of the Board necessitated the restructuring of key statutory committees. Vaibhav Agarwal was appointed Chairperson of the Audit Committee, joined by Arjun Bikas Dutta and Sukumar Anand Shetty as members. Sukumar Anand Shetty was named Chairperson of the Stakeholder Relationship Committee, with Rajesh Chunilal Bhojani and Arjun Bikas Dutta serving as members. Rajesh Chunilal Bhojani leads the Nomination and Remuneration Committee, supported by Arjun Bikas Dutta and Sukumar Anand Shetty.

New Board Composition

Resigned Officials

What the Numbers Show

The simultaneous resignation of the Managing Director, CFO, and all Independent Directors, coupled with the appointment of six new directors closely tied to the acquiring entity, Aspect Global Ventures, indicates a comprehensive governance reset. The new board composition heavily favors individuals with deep experience in financial services, regulatory compliance, and strategic expansion, suggesting that Duke Offshore Limited will likely align its operational and risk management frameworks more closely with the Aspect Group’s broader corporate strategy. The retention of Sukumar Anand Shetty, an Aspect Group associate, as Chairperson of the Stakeholder Relationship Committee further underscores this integration.