Duke Offshore Open Offer 2026: ₹30 for 26% stake

What the open offer means for Duke Offshore shareholders

Aspect Global Ventures Private Limited has launched a mandatory open offer for Duke Offshore Limited, offering public shareholders an exit at ₹30 per equity share. The offer follows Aspect Global’s acquisition of a controlling promoter stake, resulting in a change in control of the listed offshore services provider. Under the offer, Aspect Global seeks to acquire up to 26% of Duke Offshore’s voting share capital from public shareholders. The open offer is structured under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Disclosures state the offer is not conditional on any minimum level of acceptance. They also state it is not a competing offer as of the filing date. For minority shareholders, the key decision is whether to tender shares at ₹30 or continue holding amid a new promoter group.

Change in control: 70.61% promoter stake acquired

Aspect Global Ventures acquired 70.61% of Duke Offshore through a Share Purchase Agreement (SPA) executed on June 11, 2026. The acquisition covers 69,59,800 equity shares that were sold by three members of the promoter family: George Albert Donald Duke, Avik George Duke, and Komal Duke. Disclosures state the transaction was completed on July 21, 2026. Following the consummation of the share transfer, Aspect Global is classified as a promoter with effect from July 21, 2026. The acquisition was intimated to BSE on July 23, 2026, citing compliance with Regulation 29(1) of the SEBI Takeover Regulations. The reported consideration for the 70.61% block is ₹20.8794 crore, which is also referenced as INR 208.79 million in one disclosure.

Offer price and why ₹30 matters

The open offer price is set at ₹30 per share. Disclosures state the offer price was determined based on the highest negotiated price paid by the acquirer under the SPA. The offer is positioned as providing a premium over recent trading levels, and it is intended to provide liquidity to public shareholders during the transition in control. One disclosure also notes Duke Offshore’s share price was ₹23.47 as of June 26, 2026. The ₹30 offer price, in that context, represents a higher exit level than the cited market price. Shareholders should still check the latest traded price and the final letter of offer schedule before taking action, since tendering decisions typically depend on current market pricing and settlement timelines.

Open offer size, escrow, and total consideration

Aspect Global’s offer is to acquire up to 25,62,872 equity shares, representing 26% of Duke Offshore’s voting share capital. Assuming full acceptance, the maximum consideration is ₹7,68,86,160, which is ₹7.69 crore when rounded. Disclosures also mention the figure as ₹7.68 crore in summary form. The offer consideration has been deposited in escrow, with disclosures stating an escrow cash account with ICICI Bank Limited has been funded with ₹7.6886 crore, described as 100% of the offer consideration requirement. The offer price is payable in cash.

Conflicting tender dates: what the documents show

The provided disclosures mention two different tendering windows for the open offer. Several parts of the text state the tendering period is August 6, 2026 to August 19, 2026. Other open offer schedule disclosures state August 4, 2026 to August 17, 2026, along with a last date for payment of consideration of September 1, 2026. An identified date is stated as July 23, 2026. Given the difference across references, shareholders typically rely on the official offer timetable communicated through exchange filings and the registrar’s instructions.

How to tender shares: demat and physical process

Public shareholders holding shares in dematerialised form can tender through their stockbrokers using the BSE acquisition window during normal trading hours. This is the standard mechanism used for open offers in listed companies on BSE. Shareholders holding physical shares must submit original share certificates, the form of acceptance, and other required documents to the registrar. The registrar mentioned in the disclosures is Cameo Corporate Services Limited. The manager to the open offer is Saffron Capital Advisors Private Limited. Investors generally need to track broker cut-offs, document requirements, and any revisions communicated through the registrar.

Key dates and milestones mentioned across disclosures

The timeline below summarises the main dates mentioned in the provided information, including the two tendering windows.

Company snapshot: Duke Offshore’s business and listing details

Duke Offshore Limited was founded in 1985 and operates in the marine transportation industry. The company provides crew transfer and marine survey vessels, according to the disclosures. Duke Offshore is headquartered in Mumbai and its equity shares are listed on BSE. The BSE scrip code is 531471 and the scrip ID is DUKEOFS. The ISIN for the equity shares is INE397G01019. The marketable lot is stated as 1 share. These details matter for investors who may need to verify the correct security for tendering.

What Aspect Global has said about delisting and offer conditions

Disclosures state that the open offer is not conditional upon any minimum level of acceptance. This means the offer is intended to proceed even if the response from shareholders is below the maximum size. The filings also note there were no competing offers as of the relevant filing date. Aspect Global has also clarified that it does not plan to delist Duke Offshore’s shares. For public shareholders, that clarification indicates the company is expected to remain listed on BSE after the control change, subject to ongoing compliance with listing regulations.

Why the open offer is a key market event

A control transaction in a micro or small-cap listed company often changes governance, board composition, and strategic priorities. In this case, disclosures state Duke Offshore’s board has been reconstituted following the acquisition. The open offer provides a defined price and a defined route for public shareholders to exit during the control transition. The escrow deposit of the full stated offer consideration is a key compliance detail because it is intended to backstop payment obligations if shares are tendered and accepted. For investors evaluating liquidity, the open offer mechanism can be particularly relevant when daily trading volumes are limited.

Conclusion

Aspect Global Ventures’ acquisition of 70.61% of Duke Offshore has triggered a mandatory open offer for up to 26% at ₹30 per share, with maximum consideration of about ₹7.69 crore funded in escrow. Shareholders who want to participate must tender within the official offer window, which is referenced with two different date ranges across the provided disclosures, and track the payment schedule that includes a stated last date of September 1, 2026.