Avi Products India Ltd Announces Change in Management and Control Following Major Promoter Acquisition

Avi Products India Ltd Announces Change in Management and Control Following Major Promoter Acquisition​

Avi Products India Ltd conducted its Board of Directors meeting on April 23, 2026, approving significant changes in the company's management, control, board composition, and operational structure. The primary focus of the board meeting centered on the change of management and control through major share transactions involving PPMS Real Estates LLP.

Change in Control and Share Acquisition​

The board approved the transfer of significant equity shares, establishing PPMS Real Estates LLP as the new promoter of the company. This process was initiated under an open offer framework.

Key Transactions:

1. Open Offer: PPMS Real Estates LLP, identified as the Acquirer/Proposed Promoter, made an open offer for up to 8,59,769 Equity Shares, representing 26% of the Voting Share Capital of Avi Products India Limited. The offer price set for public shareholders was Rs. 33 per Equity Share.
2. Existing Promoter Share Sale: The Existing Promoters—Avinash Dhirajlal Vora, Parth Avinash Vora, Vikram Avinash Vora, and Daksha Avinash Vora—entered into a Share Purchase Agreement (SPA) with PPMS Real Estates LLP. This agreement covered the transfer of 7,83,091 equity shares, representing 23.68% of the total paid-up equity share capital, along with management rights and control.
* The total consideration for these shares was INR 2,58,42,003, which translates to INR 33.00 per equity share.
* The Existing Promoters are set to cease being the promoters of the company upon the consummation of the transaction.
3. Non-Promoter Share Purchase: Furthermore, PPMS Real Estates LLP finalized a Share Sale/Purchase Confirmation (SSPC) with Non-Promoter Sellers, acquiring a total of 4,69,710 equity shares, representing 14.20% of the Voting Share Capital. The acquisitions from various entities were processed as follows:

Board and Executive Appointments and Resignations​

The board approved multiple appointments and accepted several resignations, reflecting the change in management control.

New Appointments:

The board appointed several professionals to key roles for a term of five consecutive years (April 23, 2026, to April 22, 2031), subject to requisite member approval:

• Additional Executive Director & Chairman: Mr. Parthh K Mehta (DIN: 05251177).
• Additional Executive Director: Mr. Ameya Tandulkar (DIN: 10570619).
• Additional Non-Executive Non-Independent Director: Mr. Bankim Mehta (DIN: 09833941).
• Additional Non-Executive Independent Woman Director: Ms. Malvika Jagani (DIN: 11409166).
• Additional Non-Executive Independent Director: Mr. Dayashankar Patel (DIN: 05171043).
• Additional Non-Executive Independent Director: Mr. Aditya Soni (DIN: 08998880).

Furthermore, operational key roles were filled:

• Chief Financial Officer (CFO): Mr. Nikunj Bharatbhai Gandhi was appointed.
• Company Secretary and Compliance Officer: Ms. Renu Choudhary was appointed.
• Internal Auditor: M/S K. C. Shrimanker & Associates was appointed for the financial year 2026-2027.
• Secretarial Auditor: M/s. Pooja Gala & Associates was appointed for the financial year 2025-2026 until the next annual general meeting.

Key Resignations:

The board accepted multiple resignations, including:

• Ms. Hemali Pankaj Patel resigned as Chief Financial Officer (CFO), effective April 23, 2026.
• Ms. Shreyana Satyashodhak Koyande resigned as Company Secretary and Compliance Officer, effective April 23, 2026.
• VKMG & Associates LLP resigned as the Secretarial Auditor.
• Director resignations were accepted from Daksha Nilesh Vora, Abhishek Nilesh Vora, Manas Ranjan Palo, and Saroj Kumar Choudhury, all effective April 23, 2026.

Corporate Governance and Structural Changes​

The board also approved several structural and governance updates:

1. Reconstitution of Committees:
The following committees were reconstituted following the change in the board's composition:


2. Registered Office Change:
The company resolved to change its registered office from 110, Manish Ind Estate No.4, Navghar Road Vasai (East), Thane, Maharashtra, to 201 Nivan CTS No. E/751, S.V. Road, Khar (West), Mumbai - 400052 Maharashtra.

3. Alteration of Main Objects:
The company proposed altering its main object clause of the Memorandum of Association. The revised main objective includes carrying on the business of Builders, Developers, Contractors, Lessors, and dealers in Real Estate Business, including activities related to development, construction, and trading in both freehold and leasehold land.

4. Material Related Party Transactions (MRPT):
The board approved Material Related Party Transactions under Section 188 of The Companies Act, 2013, and Regulation 23 of SEBI (LODR) Regulations, 2015, to be undertaken during the Financial year 2026-2027 (April 1, 2026, to March 31, 2027).

5. Postal Ballot Notice:
The board approved circulating a Postal Ballot Notice to shareholders for approval on several key matters, including the alteration of the main object clause, shifting of the registered office, and the regularization of the appointments of the new directors.

Stock Price Movement​

Monday’s close saw shares of Avi Products India Ltd settle flat at ₹45.28, recording a neutral 0.00% change. Throughout the entire trading session, the stock was completely locked at that ₹45.28 level, indicating no movement between its intraday high and low.