Duke Offshore open offer 2026: Aspect bids ₹30

Change of control triggers mandatory offer

Duke Offshore Limited has seen a change in control after Aspect Global Ventures Private Limited acquired a 70.61% stake in the company. The acquisition was executed through a Share Purchase Agreement (SPA) dated June 11, 2026. The acquirer bought 69,59,800 equity shares from three promoter family members: George Albert Donald Duke, Avik George Duke, and Komal Duke. The transaction is stated to have been completed on July 21, 2026. Following this takeover of the promoter holding, a mandatory open offer has been announced for public shareholders under SEBI takeover rules.

The open offer provides an exit route for minority investors at a fixed price, alongside a formal process timeline. The offer is described as mandatory and is linked directly to the promoter stake purchase. The company has also indicated that the board has been reconstituted, reflecting the shift in control.

Who the acquirer is and what it bought

Aspect Global Ventures Private Limited is identified as the acquirer. The stake acquired from promoters is 70.61% of Duke Offshore’s equity, totalling 69,59,800 shares. The underlying transaction value for this promoter stake purchase is stated as ₹20,87,94,000, implying the same per-share price referenced in the open offer disclosures.

This promoter transaction is the event that triggered the mandatory open offer for an additional 26% of the voting share capital. With 70.61% already acquired, the open offer is the key step that allows public shareholders to tender shares at the announced price if they choose to exit.

Open offer size, price, and maximum payout

The open offer is for up to 25,62,872 fully paid-up equity shares, representing 26% of Duke Offshore’s voting share capital. The offer price is stated as ₹30 per equity share (face value ₹10). The maximum consideration payable, assuming full acceptance, is ₹7,68,86,160. The same amount is also expressed as approximately ₹7.69 crore in the provided disclosures.

One section of the provided text also contains a conflicting line that states an offer price of ₹230 per equity share. However, across the rest of the details and tables, the offer price is repeatedly stated as ₹30 per share. Readers typically rely on the final Letter of Offer and stock exchange filings for the authoritative price and terms.

Tendering window: dates stated in the disclosures

The tendering period is stated in two different ways in the provided material. One set of details says the offer opens on Thursday, August 06, 2026 and closes on Wednesday, August 19, 2026. Another set of details states the tendering period as August 4, 2026 to August 17, 2026. An identified date is also provided as Thursday, July 23, 2026.

The schedule also mentions September 1, 2026 as the last date for payment of consideration (or return of shares) in the offer timeline. Because the tendering dates are inconsistent within the supplied text, shareholders should cross-check the final timeline in the official offer schedule/Letter of Offer before acting.

Escrow deposit and funding comfort

The disclosures state that the full maximum consideration of ₹7,68,86,160 has been deposited in escrow. The escrow is mentioned as being maintained with ICICI Bank Limited. A 100% escrow deposit against maximum offer consideration is presented as a funding assurance for shareholders who tender, subject to the terms of the offer process.

For investors, escrow funding is a key operational detail because it indicates that the acquirer has set aside funds for the maximum payable amount, assuming all eligible shares are tendered and accepted.

Offer conditions and whether it is competing

The open offer is described as not conditional upon any minimum level of acceptance. In other words, it does not require a threshold tender level to proceed, based on the information provided. It is also stated to not be a competing offer.

These points matter because they clarify that the offer is part of the statutory takeover process rather than a bid contingent on reaching a specific ownership threshold through public tender.

Board reconstitution and governance reset

Alongside the change in shareholding, the board has been reconstituted, according to the provided text. Board changes are commonly associated with a change in control, particularly after a promoter stake sale that results in a new controlling shareholder.

While the disclosures do not detail the names of new directors or the exact structure of the reconstituted board, the stated board reset signals operational control shifting to the new acquirer.

What the offer means for public shareholders

For public shareholders, the open offer is framed as an exit opportunity at ₹30 per share. The disclosures also state that the offer price provides a premium over recent market trading levels, though the underlying market price figures are not provided in the text.

Shareholders who want liquidity at the offer price can consider tendering during the stated window, subject to final timelines and procedural requirements. Others may choose not to tender, in which case their holding continues in a company that now has a new controlling shareholder.

Regulatory basis cited in the offer

The open offer is stated to be made pursuant to Regulations 3(1) and 4 of the SEBI (SAST) Regulations, 2011. The trigger event cited is the SPA dated June 11, 2026, under which Aspect Global Ventures agreed to acquire the promoter stake.

This regulatory framing is significant because it situates the open offer as a compliance-driven action following a control acquisition, rather than a voluntary buyback or a negotiated minority purchase.

Key facts table

What to watch next

The next practical milestones are the final confirmation of the tendering dates in the official offer schedule, followed by completion of the tendering process. Investors will also track the payout timeline, which is stated as September 1, 2026 as the last date for payment of consideration in the schedule.

Separately, the market will watch how the post-takeover governance and ownership structure stabilises, given the board reconstitution mentioned in the disclosures. Any further filings related to shareholding changes after the open offer acceptance would be relevant for shareholders monitoring promoter and public float levels.

Conclusion

Aspect Global Ventures Private Limited’s acquisition of a 70.61% promoter stake in Duke Offshore has triggered a mandatory open offer for an additional 26% at ₹30 per share, with a maximum payout of ₹7.6886 crore backed by a full escrow deposit. The tendering period is described with two different date ranges in the provided text, while the last date for payment is stated as September 1, 2026. Investors considering participation typically rely on the final Letter of Offer and exchange disclosures for the definitive timetable and operational steps.