Duke Offshore

Duke Offshore’s board approved a proposal to alter the company’s memorandum of association to include mining and natural resources, power and energy, marine resources, and artificial intelligence, data-centre and advanced-technology businesses, subject to shareholder approval. It also approved a proposed disposal of certain assets with no agreement, buyer or quantified book value disclosed, and recommended increasing authorised share capital from ₹30 crore to ₹100 crore. The company had generated recent revenue from marine vessel charter, crew-transfer and offshore survey work, reporting nine-month FY26 revenue of about ₹1.54 crore. Aspect Global Ventures acquired 70.61% of Duke Offshore in July, while the company reported a ₹28 lakh profit-before-tax loss in the first quarter of FY27.

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Duke Offshore's board approved a proposal to expand its object clause into mining and natural resources, power and energy, marine resources, artificial intelligence, data centres and advanced technology, subject to shareholder approval. It also approved a proposed sale of certain assets at market value; the book value was under final determination, no sale agreement had been signed and the assets had generated no identifiable revenue in FY26. The board proposed increasing authorised share capital from ₹30 crore to ₹100 crore, moving the registered office within Mumbai and placing resolutions on six directors before the 40th AGM scheduled for 30 September. Aspect Global Ventures acquired 70.61% of Duke Offshore in July at ₹30 a share, and the associated open offer later received no acceptances.

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Duke Offshore's open offer to acquire up to 25,62,872 shares at ₹30 apiece closed with no shares tendered by public shareholders. The offer had represented a potential consideration of ₹7.69 crore and was open from 6 August to 19 August 2026. Aspect Global Ventures therefore retained its 69,59,800 shares, representing 70.61% of Duke Offshore's voting share capital, while public ownership remained at 29.39%. Duke Offshore reported revenue of about ₹1.5 crore for the nine months of FY26 and a ₹64.8 lakh loss before tax.

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July 27 (Reuters) - Duke Offshore Ltd DUKE.BO:

• AVIK GEORGE DUKE RESIGNS AS MD

• VENKATESHAM GANGADHAR BUSA RESIGNS AS CFO

Source text: ID:nnAZN4TA5BC

Further company coverage: DUKE.BO

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Aspect Global Ventures Private Limited has made an open offer to acquire up to 26% of Duke Offshore Ltd's equity shares for ₹30 apiece, valuing the public offer at ₹7.68 crore. The offer follows the signing of a share purchase agreement to buy 70.61% of the company from its current promoters — George Albert Donald Duke, Avik George Duke and Komal Duke — for ₹20.87 crore. Upon completion, Aspect Global will take control of the company, and the selling promoters will exit entirely. The open offer opens for ten working days, with a detailed public statement to be published by June 18. The acquirer, whose promoters include trusts led by Sukumar Shetty, has confirmed adequate financial resources. The offer is not conditional on a minimum acceptance level.

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