Aftertrade Broking Private Limited ("Manager to the Open Offer") has submitted to BSE a copy of Detailed Public Statement in terms of Regulations 13(4), 14(3) and 15(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amended thereof ("SEBI (SAST) Regulations, 2011") to the public shareholders of Avishkar Infra Realty Ltd ("Target Company").

DETAILED PUBLIC STATEMENT IN TERMS OF REGULATIONS 13(4), 14(3) AND 15(2) OF SECURITIES AND EXCHANGE BOARD OF TNDIA (SUBSTANTIAL ACQUISTTTON OF SHARES AND TAKEOVERS) REGULATIONS, 2011, AND SUBSEQUENT AMENDMEI{TS THEREOF ("SEBI (SAST) REGULATIONS,201l") TO THE EQUTTY SHAREHOLDERS OF: AVISHKAR INFRA REALTY LIMITED (Formalll'Knurvn as Joy Realtl Limited) Rcgistcre d Ollice : I.Jllit No. 301 Vile Parlo lWest), Mumbai, Murnbai, Maharashtra, India, 400056. Tel. No. +9l-7276080909; E-mail: u.:illr,lilr..c i(,r,rvirltyig* Websi tc : -!l t! ll, ill_isl*Al.lS_: eltpnS11.rlr, C IN: OPEN OFFER FoR ACQUISITION OF UP TO 58,2.t,853 EQUITY SHARES OF FACE VALUE OF < 10/- (RUPEES TEN ONLY) EACTI ("OFFER SHARES") REPRESENTING 26.0070 OF THE VOTTNG SHARE CAPITAL (AS DEFINED BELOW) OF AVISHKAR TNFRA REALTY LIMITED ("TARGET COMPAI{Y"), FROM PUBLTC S}IAREHOLDERS (AS DEFINED BELOW) AT AN OFFER PRICE OF { 23l-, PAYABLE IN CASH, BY NALIN RAMANIKLAL SHAH ("ACQU[RER"), ALONG WITH ATUL RAMANIKLAL SHAH (HUF) ("PAC.I"), RAMANIKLAL KUNVARJI SIiAH (HUF) ("PAC-2"), NALIN R SHAH (HUF) ("PAC-3"), MANCHHABEN R SHAH ("PAC--I"), IIEf,NA NALIN SHAH C'PAC-s"), MANSI DIIRWIN MODI ("PAC.6"), DHRUVI NALIN SHAH ("PAC.7"), HIMALI ATUL SHAH ("PAC.8''), KTIUSBOO ATUL SHAH ("PAC-9'') AND NISHITA HARSH SHAH ("PAC-IO"), (COLLECTIVELY REFERRED TO AS THE "PERSONS ACTING IN CONCERT" OR "PAC's") PURSUANT TO AND IN COMPLIANCE WITI{ THE REQUIREMENTS OF THE SECURITIES AND EXCHANGE BOARD OT' INDIA (SUBSTANTIAL ACQUISITTON OF SHARES AND TAKEOVERS) REGULATTONS, 2OI I, AS AMENDED ('SEBI (SAST) REGULATIONS") C.OFFBR" OR *OpEN OFFER"). 'l his Dctailed Public Statenient ("DPS") is trcing issued by Atlcrtradc Iiroking private Lirnited, the Manager to the (\rcn Otl'er ("Managcr"). tor and cxr behalf ol'all the Acquirer togetlrer uith PAC's to the Pubiic Slurreholders of the 'largct Cornpauv, in compliance u'itir ltcgulations l3(4), 14(3) arut l5(2) of tlie Slllll (SASI') Regulatious, 2011, ancl stLbscquertt atuendntent thercto l)Lrrsuant to thc Public Aunounccureut ("PA") tlled u,ith tlie RSE Lirnitecl (..BSE") and MetrcPolit.ur Stock Exchauge ol India Liniited ("MSEI") ancl t'iled rvith the Securities and Exchange Boarcl of India ("SEBI") artd then scnt to thc Target Cornpany in terms ol li.egulation 3(1) and 4 of the SEIII (SAST) Regulations, 20 ll, at its registered ollce on {Jnit No. 301 Nestor Court ADJ to Vinayak Chs Baji, Irrabhu Deshpande Marg pond (iar,than. Vile Parle (West), Muurbai, Mumbai. Maharashtra, lndia, 4()0056. libr tl.tc purposes ol tliis DPS. the [bllou,ing tenns shall havc the meanings assigncd to ftem belorv: "Acr1uirer" lireans Nalin llamaniklal Shah ulirE" is thc abbreviation lix ISSE Linrited. " lloord of Directors" the IJoard ol Dircctors ol tlrc Targct Companl, thc abbreviatiolt lirr thc' terrtt ''Corporate ldenti.l'ical.iou Nlunber" issued uncler the provisions o1'the Culpanies Act. 1956/ 2013, and the rulcs made therewrder. "l),IN" is thc abbret'iation lirr thc ten.u 'l)ircctor Iclcntilication Number" issuecl an<l allotted under the ctunpanies Act 19561 2Ol -j. and the rules utade thcreurder. "Et1uiq, S'rnres"ttteittrs paid-up liquitl, Shares of thc l'arget Cuurpanv oll [.'ace Value {10/- (Rupees Ten Onlv) each. " Votitrg Sltare L-apitul" shall mean thc total voting licluitv Sliare capital o1' the I'arget Company on a 1ully diluterl basis cxllectcd as ot'the lt)th Working Dav ll'our the ckrsure of'the 'l'endering Period f<rrthe Otlbr. "ltlentitied Dtlre" ttleatts the date tidling on the l0d'Working l)a-r'prior to the commencernent of the Tenclering period lirr the Ollbr to detennitrc the l'}ublic Shareholders 1o u'hom tlrer l.,etter of Offlbr shall be sent. It is clarilied that all the Public Slurcholders (registercd or urrcgistcrctl) rvho clu,n lirluitv Strares are eligible to participate in this Offer at anl tinre bclore the expiry t>l'the'lentJering [)eriod. "^L!7N" is thc abbrcviittior.r 1br iotcrnational Sccurities Idcntitication Nrunbcr. *MSEl" is thc abbreviation lirr Metropolitan Stock lixchange ol'Ltdia I..imited. "OlJbr" llleiuls an Opcn C)fter being nrade b-v the Accluiler along rvith l)ACs tbr accluisition of up to 58,24,853 Oft'er Sltarcs rc1'rresenting 26.0()% o1 the Voting Sharc Capital ol thc 'l'arget Contpanv, at an Of'ter Price of {23l- per Offer Sl'rarc^ inch-rding l0%r antrtnl interest lbr delay periotl, par,-able in cash to the hrblic Shareholders of the Target Page I o1' [7 -.c)\bY1 Contpany. assuning lbll acceptance aggregating to a maxiururn consideration of aggregating to an anrount of <13,39,71,619/- that r.vill be ot'l-ered to the l\blio Shareholders rvho validly tender tlrcir Oftbr slmres in the Oft-er. "Offer DttcumerLt" means this l\blic Announcement, and the Detniled Public Statement, Dratl Letter of Offer, Letter ol Ol-'ter, Ileoonrmendation of the Comrnittee of the Independent Directors of the Corupany, Pre-Offer Cum Corrigendturr to Detailed Public Statement, and Post Olfur Pr.rblic Announcement, and arry other notices, aclr,crrliscments, and corrigendrun issued by or on behalf ol the Manager. "Olfer Periot'uleans peritld tiour the &rte t.rn nhioh the Pr"rblic Announcernent rvas issued by the Acquirer together rvitlr PAC's. i.e . October 14,2026 and the date on utich the paymcllt tlt'consideration to the Public Shareholders r.vhose L',quitv Shares are validly aocepted in this Otter, is nrade, or the date on rvhich this Otter is r.vithdrawn, as the case may lrc. 'Public Shareholders" means all tlre Equity Shareholders of the Target Company excluding: (i1 the prornoters ancl nrenrbers ofthe prornoter group olthe 1'arget Cornpany; iii) the Acquire and any persons deemed to be acting in concert rvitir the Acquirer. "PAC" rllciills perso[s acting iu concert and has the meaning ascribed to sr.rch tenn as per Regulaticln 2(q) of tlre SEBI (SASI') Regulations i.e. Atul Rarnaniklal Shah (FIUF), Ramaniklzrl Kunva{i Shah (HU};, Nalin R Shah (IILIF), Marrr:hhaben It Shah, Meona Nalin Shah, Mansi Dhruvin Modi, Dhruvi Nalin Shah, Himali Atul Shah, Khusboo Atul Shah and Nishita tiarsh Shah. "pAN" istl.reabbrer.iationforPemranerlaccoturtnunberallottedurderthelncome laxAct, 1961. "Prtblic Announcemerl" means the Public Announcernent, issued in accordance and compliance with tlre provisions of Rcgulation 3il)rcadwithRegr.rlations l3 (l), 14, and l5 (1)of the SEBI (SAST)Regulations,20ll. "Prontoters" relers to the eristing prornoters of the Target Cornpany, in accordance with the provisions of Regulations 2(l)(s),and2(l)(t)of theSEIII(SAST)Regulations,20ll readrvithRegulations2(l)(oo)and2(1)(pp)of the Sf,Lll (ICDI?) Regulations,2(118. in this case. natnely being, Kapil .leetendra Kothari. Pooian Keyurbhai Mehta, Prit Kovr.u'bhai Mclrta,'I'arang I)er,endrakunar Slrah and'I'arm Dhanji Dhararnshi. "S'(..fifi" means Securities Cr.rntract (Regulation) Rules, 1957, as amended. "SEBP'rneans Securities aud Exchange Board ofIndia. "SEIII (ICDR) Regultttions" means Securities and Excharrye Iloard of Irulia [ssub of Capital and Disclosure Ilequireurents) Regulations. 20 I 8 and subsequent amendment thereto. "SEBI (LODR) Regulations" tnearls Securities and Exchange Board of India (-isting Obligations and l)isclosure l{cquircrnents) Regulations, 20 I 5. "SEl)l (SAST) Regulations,20l,1" rneans Securities and Exchange Board ollndia iSubstantial Acquisition of Shares and'l'akcovcrs) Regulations, 201 I ancl subsequent amendment therelo. urellert' "selling Sharelroklcr" shall nrean the Promoter Seller or Selling Shareholder viz, Mr. Kapil .Teetendra Kothari prolnotcr of the larget Cornparry. lr,ho have entered into the SPA 1as defined below) to sell part of his shareholding coustitr"rting 10.22o/o olthe Total Voting Share Capital of the Target Corupany. "Shure Purchsse Agreenent" or "SPA" rneans the Share Puclrase Agreement dated October 14, 2026 executed bctu.een tl.re Accluirer aml the Seller, pursuant to r.vhich the Acquirer has agreed to acquire 22,88,838 (Twenty-Iwo Lakhs liightv-E [Showing first 8,000 characters — download PDF for full document]