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His popular movies are 'Yodha', 'Gandharvam' and 'Nirnayam'.
The actor was battling Parkinson's and Alzheimer's diseases.
Mammootty had previously stated during Vishu, that the film would premiere on June 13.
Nayanthara also extended congratulations to director Jithu Madhavan and producer Nazriya Nazim for their efforts.
The comment section of her post is flooded with remarks mainly about 'Aavesham'.
The audience award is conferred by pre-selected members of the audience, chosen from among the feature films showcased in the Official Feature Films Section of the festival.
According to the license, Ranga is 46 years old.
The event became a fabulous occasion of reliving the history of Malayalam cinema when the artists from the 1960s and 70s eras too joined.
While 'Aavesham' faced competition from other films like 'Varshangalkku Shesham' and 'Jai Ganesh' during its release, reports indicate that it emerged as the Vishu winner.
In a press release, Disney+ Hotstar said the film will be available on its platform in Hindi, Tamil, Telugu, Malayalam and Kannada languages.