Duke Offshore deal: Aspect buys 70.61% in 2026

What changed at Duke Offshore

Duke Offshore Limited has seen a change of control after Aspect Global Ventures Private Limited acquired a 70.61% stake in the offshore services provider. The stake was bought through a block transfer of 69,59,800 equity shares from three members of the promoter family: George Albert Donald Duke, Avik George Duke, and Komal Duke. With this transaction, Aspect Global moved into the promoter category and is set to exercise control over the company’s management and policies. The development is significant for shareholders because a change in control under India’s takeover rules typically requires an open offer to public shareholders. Duke Offshore was incorporated in 1985 and operates in the marine offshore business and related activities.

Parties to the transaction

The acquirer is Aspect Global Ventures Private Limited, which held nil shares in Duke Offshore prior to the deal. The sellers are the existing promoters named in the disclosures, who are transferring a controlling stake. The transaction was documented via a Share Purchase Agreement (SPA) executed on June 11, 2026 between the acquirer, the sellers, and the target company. The share transfer was consummated on July 21, 2026. Following consummation, Aspect Global is classified as a promoter with effect from July 21, 2026.

Key dates and regulatory disclosures

The acquisition was intimated to BSE Limited on July 23, 2026, citing compliance with Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Disclosures also reference a Detailed Public Statement dated June 18, 2026 and a Draft Letter of Offer dated June 27, 2026. The open offer tendering window is scheduled from August 4, 2026 to August 17, 2026. The last date for payment of consideration mentioned in the offer schedule is September 1, 2026.

Shareholding and capital structure after the deal

Aspect Global now holds 69,59,800 shares carrying voting rights, representing 70.61% of Duke Offshore’s total share capital and 70.61% of total diluted share and voting capital. Duke Offshore’s equity share capital is stated as ₹9.8572 crore, divided into 98,57,200 fully paid-up equity shares of ₹10 each. The total diluted share and voting capital is also 98,57,200 shares. The disclosures state that the acquisition did not involve warrants, convertible securities, or other instruments that could entitle the acquirer to additional shares. They also state there are no encumbrances such as pledges or liens on the acquired shares.

Valuation and consideration: ₹30 per share

The promoter stake sale is referenced at a negotiated price of ₹30 per share. The consideration for the 70.61% block (69,59,800 shares) is stated as ₹20.8794 crore in the open offer-related disclosures. A separate reference also describes the deal value as INR 208.79 million, which aligns with ₹20.879 crore. The open offer price is also stated as ₹30 per share for public shareholders.

Mandatory open offer: size, price, and escrow

Aspect Global has announced a mandatory open offer to acquire up to 25,62,872 equity shares, representing 26% of Duke Offshore’s voting share capital, at ₹30 per share. The maximum open offer consideration is stated as ₹7.69 crore, and the offer size is also provided as ₹7,68,86,160 (₹7.6886 crore). The offer is described as not conditional on minimum acceptance, and disclosures note there were no competing offers as of the filing date. An escrow cash account with ICICI Bank Limited is stated to have been funded with ₹7.6886 crore, described as 100% of the offer consideration requirement.

Duke Offshore financial snapshot

Recent financial disclosures show Duke Offshore reported a net loss of ₹0.2806 crore for the quarter ended June 30, 2026, narrowing from a net loss of ₹0.3956 crore in the corresponding quarter of the previous year. Revenue from operations is stated as zero for the quarter, while total income is ₹0.0596 crore derived from other income. For the financial year ended March 31, 2026, the company reported a net loss of ₹0.6482 crore and total income of ₹1.5548 crore.

Stock price context cited in the disclosures

A price reference notes Duke Offshore’s share price at ₹23.47 as of June 26, 2026. Another price snapshot in the material states the stock was at ₹19 in a “latest trading session”, with an intraday range of ₹18.01 to ₹19.80. A separate data point references BSE price of ₹19.64 as of April 24, 2026 (and NSE shown as ₹0.00 in that line).

Key facts table

Open offer schedule and mechanics

Why the change of control matters

The disclosures describe the transaction as a substantial transfer from the existing promoter group to an external entity, resulting in a revised promoter classification and a change in control. From a market standpoint, such transactions are closely tracked because the acquirer’s controlling stake can reshape board composition, oversight, and strategic priorities, while the open offer provides public shareholders an exit opportunity at a fixed price. The stated open offer structure, escrow funding, and defined timetable set the formal process for how public shareholders can tender shares. Separately, Duke Offshore’s reported zero revenue from operations in the June 2026 quarter and continued losses provide context on the company’s recent operating position at the time of the control change.

What to watch next

The key near-term milestone is the open offer tendering window from August 4 to August 17, 2026, followed by the stated payment timeline. Investors will also monitor subsequent exchange filings related to promoter reclassification, any board or management changes, and periodic financial disclosures as the company moves into the post-acquisition phase.