PPMS Real Estates Secures 62.83% Stake in AVI Products India

PPMS Real Estates LLP has acquired a 62.83% stake in AVI Products India Limited following the completion of an open offer aimed at purchasing up to 26% of the target company's voting share capital. The acquirer accepted 5,014 equity shares at a price of ₹33.00 per share, significantly increasing its holding from the pre-offer level of 24.79%. The offer was managed by Mark Corporate Advisors Private Limited and conducted in accordance with the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The open offer, which sought to acquire up to 8,59,769 fully paid-up equity shares, opened on May 13, 2026, and closed on May 26, 2026. A total of 5,714 equity shares were tendered by public shareholders, with 5,014 shares accepted after technical rejections. The payment of consideration and communication of acceptance or rejection were completed on June 05, 2026. The post-offer advertisement was published in Business Standard (English and Hindi) and Navshakti (Marathi) on June 10, 2026.

The acquisition involved multiple transaction methods, including a Share Purchase Agreement (SPA) and a Share Sale/Purchase Confirmation (SSPC), prior to the open offer. The following table summarizes the acquisition activity:

| Particulars | Method | Number of Shares | % of Voting Share Capital | |------------------------------|---------------------------------|-----------------|---------------------------| | Pre-Offer Shareholding | - | 8,19,868 | 24.79% | | Shares via SPA | Share Purchase Agreement | 7,83,091 | 23.68% | | Shares via SSPC | Share Sale/Purchase Confirmation| 4,69,710 | 14.20% | | Shares via Open Offer | Open Offer | 5,014 | 0.15% | | Post-Offer Shareholding | - | 20,77,683 | 62.83% |

The open offer resulted in a significant reduction of public shareholding in AVI Products India Limited. Prior to the offer, the public held 12,34,133 equity shares, representing 37.33% of the voting share capital. Following the completion of the offer, public shareholding decreased to 3,74,364 equity shares, or 11.32% of the voting share capital. The detailed public statement regarding the offer was initially published on February 23, 2026.

The transaction adhered to a strict timeline mandated by regulatory requirements. The offer opened on Wednesday, May 13, 2026, and closed on Tuesday, May 26, 2026. The finalization of payments and the communication of acceptance or rejection to shareholders occurred on Friday, June 05, 2026. The post-offer advertisement, confirming the completion of the acquisition process, was submitted to the stock exchange on June 10, 2026.

AVI Products India Limited also approved several key resolutions through a postal ballot, authorizing significant governance changes and financial flexibility. The company sought approval to increase its overall borrowing limits to ₹100 crore and to create charges on assets to secure borrowings. Shareholders also authorized the Board to provide loans, guarantees, and securities under Sections 185 and 186 of the Companies Act, 2013, up to ₹100 crore.

The postal ballot results confirmed the regularization of six additional directors appointed on April 23, 2026. Mr. Parthh K Mehta was appointed as Executive Director and Chairman, while Mr. Ameya Vivek Tandulkar was appointed as Executive Director. Mr. Bankim Pranjivan Mehta was regularized as a Non-Executive Director. Additionally, Ms. Malvika Jagani, Mr. Dayashankar Patel, and Mr. Aditya Soni were appointed as Independent Directors. All director appointments are for a term of five years ending April 22, 2031.

Shareholders approved material related party transactions with 45 entities for the financial year 2026-2027. The transactions, which include real estate activities, consultancy services, and investments, are valued at ₹25 crore per entity. Notable related parties include Paradigm Realty Private Limited, PPMS Real Estates LLP, and various entities where Mr. Parthh K Mehta and Mr. Ameya Vivek Tandulkar are partners or directors. The approval is valid until the date of the next general meeting.

The e-voting process, conducted by MUFG Intime India Pvt. Ltd., was open from April 29, 2026, to May 28, 2026. Out of 13,915 shareholders, 66 participated, representing 2,002,886 shares. For the special resolutions regarding borrowing limits and director appointments, 99.9979% of votes were cast in favor. The ordinary resolution for related party transactions received 99.8768% approval, with promoter group shares abstaining as interested parties. The scrutinizer, Aparna Tripathi & Associates, confirmed the results on May 30, 2026.

The company also approved the alteration of the object clause in its Memorandum of Association and the shifting of its registered office from Vasai (East) to Mumbai, effective April 23, 2026.