PPMS Real Estates LLP has successfully completed a significant acquisition in AVI Products India Limited, purchasing 11,48,121 equity shares representing 34.72% of the company's voting share capital. The transaction was consummated on April 10, 2026, through off-market purchase agreements that were originally executed on February 14, 2026.

Acquisition Details

The acquisition was structured through two separate agreements executed on the same date. PPMS Real Estates acquired 7,83,091 equity shares from promoter sellers, representing 23.68% of the voting capital, and an additional 3,65,030 equity shares from non-promoter sellers, representing 11.04% of the voting capital.

Shareholding Changes

Prior to this acquisition, PPMS Real Estates LLP held 8,19,868 shares representing 24.79% of AVI Products' voting capital. Following the completion of this transaction, the company's total shareholding has increased substantially.

Open Offer Requirements

In compliance with SEBI (SAST) Regulations, 2011, PPMS Real Estates LLP has triggered an open offer for the acquisition of up to 8,59,769 equity shares, representing 26.00% of AVI Products' voting share capital. The open offer is priced at ₹33.00 per equity share, with a total consideration of ₹283.72 lakhs payable in cash.

The acquirer has deposited the entire consideration amount equivalent to the full acceptance of the open offer in accordance with regulation 22(2) of SEBI (SAST) Regulations, 2011. Mark Corporate Advisors Private Limited is serving as the Manager to the Offer.

Company Information

AVI Products India Limited's equity share capital remains unchanged at ₹3,30,68,020, divided into 33,06,802 equity shares of ₹10 each. The company's shares are listed on BSE Limited. PPMS Real Estates LLP is now positioned as the proposed promoter/acquirer following this substantial acquisition, having crossed the regulatory threshold that triggered the mandatory open offer requirements.

AVI Products India Limited has announced a comprehensive board meeting scheduled for April 23, 2026, to address significant corporate governance and structural changes. The meeting, called under Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, comes after the acquirer has deposited 100% amount in the escrow account as per Regulation 22(2A) of SEBI (SAST) Regulations, 2011, enabling the acquirer's induction on the board.

Key Agenda Items

The board meeting will address multiple critical corporate matters that require board approval and subsequent member consent:

Corporate Restructuring Initiatives

The meeting agenda reflects significant organizational changes following the takeover regulations compliance. The company plans to appoint new leadership with a new managing director, subject to necessary approvals. Additionally, the board will consider changing the registered office location and amending the main object clause of the Memorandum of Association, indicating potential business direction shifts.

Audit and Compliance Framework

AVI Products India Limited will establish a new audit framework for the financial year 2026-27. The board will appoint both an internal auditor and a new secretarial auditor, ensuring robust compliance and internal control mechanisms. The reconstitution of various committees will align governance structures with the new ownership and management framework.

Regulatory Compliance and Approval Process

All proposed changes are subject to necessary regulatory approvals and will require member consent through a postal ballot process. The board will consider and approve the postal ballot notice during the meeting, enabling shareholders to vote on the comprehensive transformation agenda. The company has notified BSE Limited of the meeting schedule, maintaining transparency with stock exchange requirements.

The meeting represents a pivotal moment for AVI Products India Limited as it transitions under new ownership while ensuring compliance with all applicable regulations and maintaining corporate governance standards.