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.

Antariksh Industries has announced its unaudited financial results for the first quarter, along with several corporate actions approved by its Board of Directors. The company, which operates in the manufacturing sector, reported a significant decrease in revenue and profit compared to the same quarter last year.

Financial Performance

For the quarter, Antariksh Industries reported:

The company's revenue from operations saw a substantial decline of 77.14% year-over-year, dropping from ₹614.55 lakhs to ₹140.48 lakhs. Net profit also decreased significantly by 99%, from ₹13.99 lakhs to ₹0.14 lakhs during the same period.

Board Meeting Outcomes

In a board meeting held on August 2, 2025, Antariksh Industries' Board of Directors approved several key items:

1. The annual report for the previous financial year
2. Unaudited financial results for the quarter
3. Secretarial audit report for the previous fiscal year
4. Appointment of Mr. Piyush Bharat Jain as scrutinizer for the 50th Annual General Meeting
5. Notice for the 50th Annual General Meeting
6. Closure of the Register of Members and Share Transfer books
7. Constitution of an Independent Directors Committee for an open offer related to equity shares acquisition
8. Cut-off date for E-voting

Auditor's Review

The company's statutory auditors, M/s. DMKH & Co, Chartered Accountants, have issued an unmodified audit report on the standalone financial results for the quarter. This indicates that the auditors found no material misstatements or discrepancies in the financial statements.

Open Offer and Corporate Actions

Antariksh Industries has approved the constitution of a Committee of Independent Directors in response to an open offer to shareholders. This open offer is related to the acquisition of equity shares/voting rights under Regulation 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Upcoming 50th Annual General Meeting

The company is preparing for its 50th Annual General Meeting. Details regarding the date, venue, and agenda of the AGM will be communicated to shareholders in due course.

Investors and stakeholders should note that while the company has experienced a significant decline in revenue and profit this quarter, the management continues to focus on corporate governance and regulatory compliance. The upcoming AGM and the open offer situation may provide more insights into the company's future strategies and potential changes in ownership structure.