Duke Offshore Limited public shareholders have been presented with an exit opportunity as Aspect Global Ventures Private Limited launches a mandatory open offer to acquire up to 26% of the company’s voting share capital. The acquirer has set the offer price at ₹30 per equity share, providing a premium over recent market trading levels and ensuring liquidity for minority stakeholders amidst a significant change in corporate control. The tendering period for the open offer commences on Thursday, August 06, 2026, and closes on Wednesday, August 19, 2026.

The open offer is mandated under Regulations 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI SAST Regulations). This obligation was triggered by Aspect Global’s acquisition of 69,59,800 equity shares, constituting 70.61% of the voting share capital, from the existing promoters—George Albert Donald Duke, Avik George Duke, and Komal Duke—through a Share Purchase Agreement dated June 11, 2026. The underlying transaction was consummated on July 21, 2026, resulting in Aspect Global acquiring management control and reconstituting the Board of Directors on July 27, 2026.

Saffron Capital Advisors Private Limited serves as the Manager to the Open Offer, while Cameo Corporate Services Limited acts as the Registrar. The total maximum consideration payable under the offer, assuming full acceptance, is ₹7,68,86,160. Aspect Global has deposited this entire amount in an escrow account with ICICI Bank Limited in compliance with Regulation 17 of the SEBI SAST Regulations. The offer is not conditional upon any minimum level of acceptance and is not a competing offer.

The offer price of ₹30 per share was determined based on the highest negotiated price paid by the acquirer in the Share Purchase Agreement. This represents a significant premium over the volume-weighted average market price of ₹21.30 per share recorded over the 60 trading days preceding the public announcement on June 11, 2026. On the day prior to the public announcement, the stock closed at ₹16.85 on the Bombay Stock Exchange (BSE), highlighting the substantial upside offered to public shareholders participating in the tender.

What the Numbers Show

The financial structure of the acquisition indicates a strategic consolidation rather than a leveraged buyout reliant on debt. Aspect Global Ventures reported a net worth of ₹661,45,63,812 as of March 31, 2026, certified by statutory auditors M/s. S. Satyaprakash & Co LLP. Furthermore, the acquirer holds liquid assets valued at ₹1,60,62,90,941 as of the same date, demonstrating sufficient financial capacity to meet the obligations of the open offer without immediate liquidity strain. The target company, Duke Offshore Limited, reported a loss before tax of ₹64.82 lakh for the financial year ended March 31, 2026, down from a profit of ₹36.64 lakh in FY24, suggesting the acquirer is positioning the firm for operational restructuring post-control.

Public shareholders holding equity shares in dematerialized form can tender their shares through their respective stockbrokers using the BSE’s acquisition window during normal trading hours. Shareholders holding physical shares must submit original share certificates, forms of acceptance, and other requisite documents to the Registrar. In the event that the number of shares tendered exceeds the offer size, acceptance will be determined on a proportionate basis. The acquirer reserves the right to revise the offer price upwards if it acquires shares at a higher price during the offer period or within 26 weeks thereafter, in compliance with Regulation 8(8) of the SEBI SAST Regulations.

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.