Antariksh Industries Limited's Committee of Independent Directors (IDC) has unanimously recommended the open offer made by Mrs. Gitaben Nitinbhai Patel to acquire a significant stake in the company. The offer, which aims to purchase 52,000 equity shares representing 26% of the company's voting share capital, has been deemed fair and reasonable by the committee.

Offer Details

The open offer, priced at Rs 96.00 per share, comes under the purview of the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Regulations, 2011. D & A Financial Services is managing the offer as per SEBI guidelines.

Committee's Recommendation

The IDC, comprising Mr. Manish Heeralal Chandak (Chairman) and Mrs. Sandhya Krishna Karanjavkar (Member), based their recommendation on several key factors:

1. Infrequent Trading: The company's shares are infrequently traded on the BSE, as defined by SEBI regulations.
2. Fair Value Assessment: Chartered accountants conducted a fair value assessment, arriving at a value of Rs 95.34 per share.
3. Offer Price Justification: The offer price of Rs 96.00 per share is deemed justified under SEBI regulations.

Committee's Independence

The IDC emphasized that neither of its members holds equity shares in Antariksh Industries Limited or has any relationship with the acquirer, Mrs. Gitaben Nitinbhai Patel. This underscores the impartiality of their recommendation.

Shareholder Advisory

While the committee views the offer price as fair and reasonable, they advise shareholders to independently evaluate the offer and make informed decisions.

About Antariksh Industries Limited

Antariksh Industries Limited (CIN: L74110MH1974PLC017806) is headquartered at Mezzanine Area-G/54, Ground Floor, Eternity, Commercial Premises Co-Op, Society Ltd. Teen Hath Naka, L.B.S. Marg, Thane-(W), Maharashtra-400604. The company can be contacted at 022 25830011 or via email at antarikshindustrieslimited@gmail.com .

Shareholders and interested parties are encouraged to review the detailed offer documents for complete information regarding the open offer and its terms.

In a significant move in the real estate and trading sector, Mrs. Gitaben Nitinbhai Patel has announced an open offer to acquire up to 52,000 equity shares, representing 26% of the voting capital, of Antariksh Industries at Rs. 96 per share. This offer comes on the heels of a Share Purchase Agreement (SPA) to acquire a controlling stake in the company.

Key Details of the Open Offer

Background of the Acquisition

The open offer follows Mrs. Patel's agreement to acquire 1,03,400 shares (51.70% stake) from existing promoters Bhagwanji Narsi Patel and Utkarsh Goyal at the same price of Rs. 96.00 per share. This initial acquisition, valued at Rs. 99.26 lakh, triggered the mandatory open offer under SEBI regulations.

Financial Commitment and Escrow

To demonstrate her commitment to the offer, Mrs. Patel has deposited Rs. 56.00 lakh in an escrow account, which exceeds the total consideration payable under the open offer, assuming full acceptance.

About Antariksh Industries Limited

Antariksh Industries Limited, listed on the BSE, is engaged in real estate and trading activities. For the fiscal year 2025, the company reported:

Management Control and Future Plans

Upon successful completion of the SPA and open offer, Mrs. Gitaben Nitinbhai Patel aims to gain management control of Antariksh Industries. While specific plans have not been disclosed, the change in control could potentially lead to new strategic directions for the company.

Market Impact

It's worth noting that shares of Antariksh Industries are infrequently traded on the BSE. The open offer price of Rs. 96.00 represents a significant premium to the last traded price of Rs. 1.34 on April 4, 2022, potentially offering an attractive exit opportunity for existing shareholders.

Regulatory Compliance

The open offer is being made in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. D & A Financial Services (P) Limited is acting as the manager to the offer, while Purva Sharegistry (India) Private Limited has been appointed as the registrar.

Conclusion

This open offer marks a significant development for Antariksh Industries Limited and its shareholders. Investors are advised to carefully consider the offer details and consult financial advisors before making decisions regarding their shareholdings.

Note: Shareholders are encouraged to read the detailed Letter of Offer for complete information about the open offer and related procedures.