Avudari Engineering open offer gets zero tenders, stake 70.03%

Avudari Engineering Limited’s Rs 15-per-share open offer received zero tenders during October 19 to November 2, 2026, while the three acquirers reported holding 1,56,92,497 shares, or 70.03% of fully diluted equity share capital, after prior holdings, a share purchase agreement and preferential allotment.

What happened in Avudari Engineering’s open offer?

Avudari Engineering’s open offer received zero tendered and zero accepted shares. The offer sought up to 58,43,327 fully paid-up equity shares, representing 26% of the emerging paid-up equity share capital, at Rs 15 for each equity share. Since no shares were accepted, the post-offer advertisement marked payment of consideration as not applicable.

The offer opened on Monday, October 19, 2026, and closed on Monday, November 2, 2026. The filing shows the same Rs 15 offer price in the proposed offer documents and the actual outcome, but the actual acquisition through the offer was nil against a maximum proposed acquisition of 58,43,327 shares.

Assuming full acceptance, the stated maximum offer size was Rs 8.76 crore, based on 58,43,327 shares at Rs 15 each. The disclosure records aggregate tendered shares at zero and aggregate accepted shares at zero, so the actual value of shares acquired through the open offer was zero rather than the stated maximum offer size.

The post-offer advertisement was dated November 12, 2026, and Turnaround Corporate Advisors Private Limited submitted the related communication to BSE Limited on November 13, 2026. The advertisement was issued under Regulation 18(12) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, referred to as the SEBI (SAST) Regulations.

How did Avudari Engineering’s acquirers reach 70.03%?

Avudari Engineering’s acquirers reached 70.03% through 1,56,92,497 shares, with 1,40,56,300 shares acquired through preferential allotment. The disclosure identifies Radha Krishna Avudari, Sudha Rani Avudari and Nagabhyru Srikanth collectively as the acquirers and does not provide an individual split of the 1,56,92,497-share holding.

The final reported holding also included 4,20,129 shares that were held previously and 12,16,068 shares acquired under a share purchase agreement dated August 21, 2026. The open offer added zero shares, meaning the final 70.03% holding was built through the preferential allotment, the agreement and the prior holding rather than tendered shares.

The preferential allotment was the largest stated route to the acquirers’ position. Its 1,40,56,300 shares exceeded the combined 16,36,197 shares from the prior holding and the August 21, 2026 share purchase agreement. The offer route could have involved up to 58,43,327 shares, but it resulted in no acquisition.

The filing attributes responsibility for the information in the November 12, 2026 post-offer advertisement to the acquirers, jointly and severally. It also states that they are responsible for fulfilling obligations under the SEBI (SAST) Regulations in respect of the offer, which had a stated closure date of November 2, 2026.

What changed in Avudari Engineering’s public shareholding?

Avudari Engineering reported public shareholding of 67,15,169 shares, or 29.97% of fully diluted equity share capital, both before and after the offer. The identical pre-offer and post-offer figures reflect the fact that zero shares were tendered and accepted between October 19 and November 2, 2026.

The comparison differs sharply from the offer’s potential scale. The offer sought up to 58,43,327 shares, equivalent to 26% of the emerging paid-up equity share capital, but actual tenders and acceptances were both zero. The public holding therefore remained at 67,15,169 shares rather than falling through shares transferred in the offer.

The post-offer advertisement reports the acquirers’ 70.03% holding and the public’s 29.97% holding using fully diluted equity share capital. These two percentages total 100%, while the 26% offer size was calculated against emerging paid-up equity share capital and represented the maximum number of shares sought, not shares actually acquired.

The filing does not state why shareholders did not tender shares at Rs 15 each. It only records the outcome: zero shares tendered, zero shares accepted and no consideration payable under the offer, while the public shareholding stayed at 29.97% after the offer.

What were the offer’s dates and regulatory documents?

Avudari Engineering’s offer opened on October 19, 2026, closed on November 2, 2026, and had November 17, 2026 as the stated last date by which requirements, including payment of consideration, would have been completed. Payment was marked not applicable because no shares were accepted in the Rs 15-per-share offer.

The November 12, 2026 advertisement says it should be read with the public announcement dated August 21, 2026, the detailed public statement dated August 29, 2026, and the letter of offer dated October 12, 2026. It also refers to the draft letter of offer dated September 7, 2026 and a pre-offer advertisement and corrigendum dated October 14, 2026.

Turnaround Corporate Advisors Private Limited was the manager to the offer, while Mas Services Limited was the registrar to the offer. The advertisement says copies would be available through the websites of the Securities and Exchange Board of India, BSE Limited and the manager, as well as at Avudari Engineering’s registered office.

Avudari Engineering’s registered office was listed at Space No. 920, Kirti Shikhar Building, District Centre, Janakpuri B-1, New Delhi, 110058. The post-offer advertisement was issued from New Delhi on November 12, 2026, following the offer period that ended 10 days earlier on November 2, 2026.

Conclusion

Avudari Engineering’s open offer produced no share acquisition despite seeking up to 58,43,327 shares at Rs 15 each. The acquirers’ reported 70.03% stake instead comprised 4,20,129 previously held shares, 12,16,068 shares acquired under the August 21, 2026 agreement, zero open-offer shares and 1,40,56,300 preferentially allotted shares.

The next disclosed date was November 17, 2026, the deadline by which offer-related requirements including consideration payment would have been completed, although payment was not applicable. Subsequent disclosures may show whether the reported 1,56,92,497-share acquirer holding, 67,15,169-share public holding or fully diluted capital base changes after the November 12, 2026 advertisement.