Aspect Global Ventures Private Limited has initiated a mandatory open offer to acquire up to 25,62,872 fully paid-up equity shares, representing 26% of the voting share capital of Duke Offshore Limited , at a price of ₹30 per share. The offer, aggregating to ₹7.69 crore, is pursuant to a share purchase agreement dated June 11, 2026, through which the acquirer will purchase 69,59,800 shares, constituting 70.61% of the voting share capital, from the existing promoters. The offer is being made in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The offer price of ₹30 per share has been determined in accordance with SEBI regulations, representing the highest of the negotiated price under the share purchase agreement and the volume-weighted average market price. The acquirer has deposited the entire offer consideration of ₹7.69 crore into an escrow account with ICICI Bank Limited, confirming firm financial arrangements for the transaction. Saffron Capital Advisors Private Limited has been appointed as the manager to the offer.

Shareholding and Acquisition Details

The acquisition will result in a significant change in the shareholding structure of Duke Offshore Limited. The sellers, who are the current promoters, will exit the company entirely upon completion of the transaction.

Calculated on the basis of existing fully paid-up Equity Shares of the Target Company.

Offer Schedule and Process

The open offer is scheduled to commence on August 04, 2026, and will close on August 17, 2026. The designated stock exchange for the tendering process is BSE Limited, which will provide a separate acquisition window for shareholders. Public shareholders holding shares in dematerialized or physical form are eligible to participate. Choice Equity Broking Private Limited has been appointed as the buying broker for the offer.

The acquirer has stated that the primary objective is to acquire management control and position the company for enhanced operational efficiency. Upon completion, the existing promoters will be declassified from the promoter category. The offer is not conditional upon a minimum level of acceptance.

Duke Offshore Limited narrowed its net loss to ₹64.82 lakh for the financial year ended March 31, 2026, compared to a net loss of ₹219.77 lakh in the previous year. The company reported total income of ₹155.48 lakh for the year, while total expenses stood at ₹220.30 lakh. The board approved the audited standalone and consolidated financial results at a meeting held on May 30, 2026.

Financial Performance

The company's revenue from operations was nil for the year ended March 31, 2026, compared to ₹6.93 lakh in the previous year. Other income increased to ₹155.48 lakh from ₹66.74 lakh in FY25. Employee benefits expense rose to ₹104.17 lakh from ₹95.63 lakh, while depreciation and amortization expenses increased to ₹51.34 lakh from ₹46.51 lakh.

Board Decisions

The board approved the appointment of an internal auditor for the financial year 2026-27. The meeting commenced at 11:00 A.M. and concluded at 03:55 P.M. The statutory auditors, Kirtane & Pandit LLP, issued an unmodified opinion on the audited financial results.

Regulatory Disclosures

The intimation was submitted pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also disclosed related party transactions, including remuneration paid to the Managing Director and Key Managerial Personnel.

Publication of Results

Pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published its financial results in newspapers on May 31, 2026. The advertisements appeared in the Financial Express (English) and Mumbai Lakshadweep (Marathi).