Ashish Joshi and Chetankumar Chovatiya made an offer to acquire an additional 26% stake in Nishtha Finance And Investment (India) Limited (BSE:539311) for INR 26 million in cash on August 16, 2016. Under the terms of the transaction, Ashish Joshi and Chetankumar Chovatiya will pay INR 13 in cash for each Nishtha's share tendered. In a related transaction, Ashish Joshi and Chetankumar Chovatiya agreed to acquire an additional 5.19% stake in Nishtha Finance And Investment (India) Limited (BSE:539311) from Lavekush Gadiya and Snehlata Gadiya for INR 4.4 million. After the completion of the offer and share purchase agreement, Ashish Joshi and Chetankumar Chovatiya will collectively hold 55.73% stake in Nishtha Finance And Investment and on individual basis hold 33.60% and 22.13% stake respectively. In order to fund the acquisition, Ashish Joshi and Chetankumar Chovatiya have deposited INR 26.1 million in the open offer escrow account. The offer is not conditional upon any minimum level of acceptance. The offer will commence on October 13, 2016, and will end on October 26, 2016. As of August 31, 2016, a detailed Draft Letter of Offer was sent to all shareholders of Nishtha Finance And Investment (India) Limited. As on February 2, 2017, the tender offer commencement has been revised to February 14, 2017, and will end on February 28, 2017. As of February 9, 2017, an independent director committee comprises of Sanjaybhai Chovatiya and Chunilal Chovatiya has been established. Independent director committee recommends acceptance of the offer is fair and reasonable. As on March 23, 2017, the payment for the acquired shares was made on March 10, 2017. DLOO got delayed due to additional clarification sought by SEBI. Anand Rawal of Intensive Fiscal Services Pvt. Ltd. acted as financial advisor to Ashish Joshi and Chetankumar Chovatiya. Virender Rana of Skyline Financial Services Pvt. Ltd. acted as the registrar to the offer. Ashish Joshi and Chetankumar Chovatiya completed the acquisition of an additional 13.57% stake in Nishtha Finance And Investment (India) Limited (BSE: 539311) for INR 13.6 million on February 28, 2017. The consideration is paid in cash. Ashish Joshi and Chetankumar Chovatiya acquired 1.05 million shares at INR 13 per share. After completion, Ashish Joshi and Chetankumar Chovatiya holds 3.33 million shares representing 43.30% stake in Nishtha Finance And Investment (India) Limited.