Duke Offshore Limited reported a net loss of ₹28.06 lakh for the quarter ended June 30, 2026, narrowing from a loss of ₹39.56 lakh in the corresponding quarter of the previous year. The company recorded zero revenue from operations, with total income of ₹5.96 lakh derived solely from other income. Total expenses for the period stood at ₹34.02 lakh.

The Board of Directors approved the unaudited financial results for Q1FY26 at a meeting held on July 17, 2026. The results were reviewed by the Audit Committee and are prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under the Companies Act, 2013. The statutory auditors, Kirtane & Pandit LLP, reviewed the results pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The company's financial performance for the quarter reflects a continued lack of operational revenue. Employee benefits expense accounted for the largest share of costs at ₹13.91 lakh, followed by other expenses at ₹15.53 lakh and depreciation at ₹4.17 lakh.

For the financial year ended March 31, 2026, the company reported a net loss of ₹64.82 lakh with a total income of ₹155.48 lakh. The paid-up equity share capital remained constant at ₹985.72 lakh. The company operates in a single segment focused on offshore business, hence segment-wise reporting is not applicable.

Aspect Global Ventures Private Limited has launched 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 ₹7,68,86,160, is being made pursuant to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following a Share Purchase Agreement dated June 11, 2026.

The acquirer has agreed to purchase 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—at ₹30 per share. This transaction, valued at ₹20,87,94,000, will result in a change of control, triggering the mandatory open offer for public shareholders. Upon completion of the underlying transaction, the sellers will cease to be promoters and will be declassified from the promoter category.

Saffron Capital Advisors Private Limited has been appointed as the manager to the offer, while Cameo Corporate Services Limited will act as the registrar. The acquirer has deposited the entire offer consideration of ₹7,68,86,160 in an escrow account with ICICI Bank Limited, complying with the requirement to maintain 100% of the consideration in escrow. The offer is not conditional upon any minimum level of acceptance.

The tentative schedule indicates that the offer will open on Tuesday, August 04, 2026, and close on Monday, August 17, 2026. The identified date for determining eligible shareholders is July 21, 2026. Equity shares of the target company are listed on BSE Limited under the scrip code 531471.

Key Offer Details

The offer price of ₹30 per share was determined in accordance with Regulation 8 of the SEBI (SAST) Regulations, 2011, based on the highest negotiated price under the Share Purchase Agreement and the volume-weighted average market price of ₹21.30 for the 60 trading days preceding the public announcement. The acquirer has reserved the right to revise the offer price upwards prior to the commencement of the tendering period.