Antariksh open offer targets 26% at ₹86 — a huge premium to its ₹2.48 market price
What's the deal? Alpitkumar Pravinchandra Gor and Riddhi Infocom Solutions LLPDealroom has a profile for this one. Try Dealroom → have launched a mandatory open offer for a 26% stake in Antariksh IndustriesDealroom has a profile for this one. Try Dealroom → at ₹86 per share. The acquirers aim to buy up to 631,785 shares for a maximum consideration of ₹5,43,33,510.
Why now? The offer follows a Share Purchase Agreement dated June 26, 2026, under which the acquirers bought 150,599 shares — a 6.20% stake — from existing promoter Gitaben Nitinbhai Patel. Alongside it, the company approved a preferential allotment of 2,225,000 shares to the acquirers and non-promoters at the same ₹86 price.
The price: At ₹86, the offer sits far above the volume-weighted average market price of ₹2.48 over the 60 trading days before the announcement. The acquirers say the price is justified under Regulation 8(2) of the SEBI (SAST) Regulations, 2011, based on the negotiated SPA and preferential issue prices.
What changes? Assuming full acceptance, the acquirers will hold 2,195,934 shares, or 90.37% of the emerging voting capital. The existing promoter will be reclassified as a public shareholder.
The financials: Antariksh's revenue fell sharply to ₹516.66 lakh in FY26 from ₹4,379.16 lakh in FY25. Net profit contracted to ₹6.15 lakh from ₹55.03 lakh, while earnings per share dropped to ₹3.00 from ₹27.51.
What the numbers show: Trade payables plunged to ₹1.03 lakh in FY26 from ₹547.09 lakh, suggesting a winding down of trading activity. Cash rose to ₹18.03 lakh from ₹2.13 lakh, improving liquidity despite weaker operations.
The timeline: The tendering period runs from September 2 to September 16, 2026, with payment due September 30. The acquirers have deposited ₹165 lakh in a cash escrow account with Axis BankDealroom has a profile for this one. Try Dealroom →, covering roughly 30.36% of the maximum obligation.
The signal: The steep gap between the ₹86 offer and a ₹2.48 market price points to a control-driven deal rather than a bet on current operations. With revenue collapsing and the promoter exiting, the transaction reads as a change of hands aimed at repurposing the listed shell.
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