The Sheths, along with the Mahindras launched the counter-offer. The alliance has restricted itself to 45 per cent of the total equity capital as part of the counter-offer under Sebi rules.

MRIDL director Arun Nanda, when contacted, opined: "We are entitled to acquire shares at five per cent per year as per the existing norms and we may consider it later."

GESCO, which faced a hostile takeover attempt from Renaissance Estates' Abhishek Dalmia last month, is keen on consolidating the promoters' stake to over 51 per cent.

However, according to GESCO managing director Ghanshyam Sheth, who was more cautious in his opinion, "the decision of counter-offer was taken after a lot of collective thinking. We have taken a decision and are not thinking anything beyond it," he said.

If the Sheths' counter-offer for a total of 45 per cent of GESCO's equity of Rs 28.76 crore goes through, it will take the promoters another two years to up their stake to 51 per cent. The promoters' stake in GESCO stood at 11.5 per cent and that of the Dalmias is at 10.4 per cent, when the open offer was first made by Abhishek Dalmia.

GESCO, which is part of GE Shipping, is a Rs 16.58-crore real estate major with strengths in project management. The company made a net profit of Rs 5.14 crore last year.