Bharat B. Jain offered to acquire an additional 26% stake in Grandma Trading & Agencies Ltd (BSE:504369) for INR 37.4 million in cash on January 7, 2013. Under the terms of the transaction, Bharat B. Jain will acquire 3.4 million shares for INR 11 each. In a related transaction, Bharat B. Jain signed a share purchase agreement to acquire 0.59% in Grandma Trading. Bharat B. Jain has adequate resources to meet the financial requirements of the open offer. No funds are being borrowed from any bank or financial institution for the purpose of this open offer by Bharat B. Jain. Bharat B. Jain already had 0.7 million shares representing 5.36% stake in Grandma Trading & Agencies.

The offer is not subject to any minimum level of acceptance from the shareholders. The offer is subject to maximum tender and receipt of the requisite RBI approval. There are no other statutory approvals required. However, in case of any regulatory or statutory or other approval being required at a later date before the closure of the tendering period,
the offer shall be subject to all such approvals. The offer will open on February 27, 2013 and close on March 12, 2013. The Committee of Independent Directors has been formed to review the transaction. As of April 23, 2013, the committee recommended the offer. As on May 6, 2013, the shares can be tendered from May 9, 2013 to May 22, 2013. Mayuri Thakkar and Ankur Agarwal of Comfort Securities limited acted as the financial advisors to Bharat B. Jain. HDFC Bank Ltd acted as escrow agent in the transaction. BCB Brokerage Private Limited acted as depository participant and V. B. Shah of Purva Sharegistry (India) Private Limited acted as registrar to Bharat B. Jain. Sanjay Minda of AVS & Co., Chartered Accountants acted as an accountant to Bharat B. Jain and S.S. Rathi of Gupta Saharia & Co., Chartered Accountants acted as an accountant to Grandma Trading & Agencies.