PPMS Real Estates LLP Announces Open Offer for 26% Stake in AVI Products India Limited

AVI Products India Limited is set to undergo a significant ownership change as PPMS Real Estates LLP launches a mandatory open offer to acquire additional shares from public shareholders. The acquirer has announced its intention to purchase up to 8,59,769 equity shares representing 26.00% of the company's voting share capital at ₹33.00 per share, with Mark Corporate Advisors Private Limited serving as the manager to the offer. Open Offer Structure and Pricing The open offer has been structured as a mandatory triggered offer under SEBI (SAST) Regulations following PPMS Real Estates LLP's acquisition of substantial voting rights in the target company. The offer price of ₹33.00 per equity share has been determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations, 2011, as the shares are frequently traded on BSE Limited. Parameter: Details Offer Size: 8,59,769 equity shares Percentage of Voting Capital: 26.00% Offer Price per Share: ₹33.00 Total Consideration: ₹2,83,72,377.00 Payment Mode: Cash Underlying Transaction Details The open offer obligation has been triggered by two separate acquisition agreements executed by PPMS Real Estates LLP on February 14, 2026. The acquirer entered into a Share Purchase Agreement (SPA) with four promoter sellers to acquire 7,83,091 equity shares representing 23.68% of the voting share capital at ₹33.00 per share, aggregating to ₹2,58,42,003.00. Additionally, PPMS signed a Share Sale/Purchase Confirmation (SSPC) with three non-promoter sellers to acquire 4,69,710 equity shares representing 14.20% of the voting capital in the price range of ₹29.00 to ₹32.50 per share, totaling ₹1,41,25,500.00. Transaction Type: Shares Acquired Percentage Consideration (₹ Crores) SPA with Promoters: 7,83,091 23.68% 2.58 SSPC with Non-Promoters: 4,69,710 14.20% 1.41 Total Underlying Transaction: 12,52,801 37.88% 3.99 Shareholding Pattern Changes Prior to the transaction, PPMS Real Estates LLP held 8,19,868 shares representing 24.79% of the voting share capital. Upon completion of the underlying transactions and assuming full acceptance of the open offer, the acquirer's shareholding will increase to 20,72,669 shares, representing 62.68% of the voting share capital, thereby gaining control of AVI Products India Limited. The promoter sellers involved in the transaction include Mr. Avinash Dhirajlal Vora, Mr. Parth Avinash Vora, Mr. Vikram Avinash Vora, and Ms. Daksha Avinash Vora, who will transfer their combined 23.68% stake to PPMS. The non-promoter sellers are Rajen H Gada (HUF), Mr. Saroj Kumar Choudhury, and Balaji Forex India Private Limited. Regulatory Compliance and Timeline The open offer is being conducted in strict compliance with Regulations 3(1) and 4 of the SEBI (SAST) Regulations, 2011. The Detailed Public Statement (DPS) will be published on or before February 23, 2026, within five working days of the public announcement dated February 14, 2026. The offer is not conditional upon any minimum level of acceptance and is not part of a competing offer scenario. PPMS Real Estates LLP, a Limited Liability Partnership with designated partners Parthh Kaushik Mehta and Ameya Vivek Tandulkar, has confirmed adequate financial resources to meet all obligations under the open offer. The acquirer has stated that it does not intend to delist AVI Products India Limited following the completion of this transaction. Viraaj Pradeep Joshi has completed the sale of his entire shareholding in avi products through an off-market transaction, as disclosed in a regulatory filing with BSE Limited. The transaction involved the sale of 72,000 equity shares of face value Rs. 10 each, executed on January 30, 2026. Transaction Details The sale represents a complete exit by Joshi from his investment in AVI Products India Limited. The transaction details are summarized below: Parameter: Details Shares Sold: 72,000 equity shares Face Value: Rs. 10 per share Percentage of Total Capital: 2.1773% Transaction Mode: Off-market Transaction Date: January 30, 2026 Shareholding Pattern Changes The sale has resulted in a complete divestment of Joshi's stake in the company: Holding Period: Number of Shares Percentage (%) Before Sale: 72,000 2.1773% After Sale: 0 0% Company Capital Structure AVI Products India Limited's equity share capital remains unchanged following this transaction. The company's capital structure consists of: Total Equity Share Capital: Rs. 3,30,68,020 Number of Equity Shares: 33,06,802 shares Face Value per Share: Rs. 10 Regulatory Compliance The disclosure was made pursuant to Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Joshi confirmed that he does not belong to the promoter or promoter group of the company. The filing was submitted to BSE Limited, where AVI Products India Limited shares are listed under scrip code 523896. Investor Profile Viraaj Pradeep Joshi, based in Mumbai, held the shares as a non-promoter investor. The disclosure indicates that he had no encumbrances, voting rights other than through shares, or convertible securities in the company before or after the transaction. This complete exit marks the end of his investment in AVI Products India Limited. We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better. 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