Vijay Dhawangale and Sona Dhawangale made an offer to acquire 26% stake in Overseas Synthetics Limited (BSE:514330) from Kamal Aggarwal, Naresh Goyal, Minal Aggarwal, Subharangana Goyal, Navdeep Goyal and others for INR 8.1 million on June 24, 2019. The consideration is payable in cash. Vijay Dhawangale and Sona Dhawangale have to create an escrow for an amount equal to 25% of the offer consideration i.e. for INR 2.04 million. Vijay Dhawangale and Sona Dhawangale hold 0.6 million shares representing 8.51% stake and post completion will hold 54.89% stake in Overseas Synthetics Limited. Vijay Dhawangale will hold 10.19% stake and Sona Dhawangale will hold 10.18% stake post completion. Kamal Aggarwal holds 2.37% stake, Naresh Goyal holds 10.13% stake, Minal Aggarwal holds 4.11% stake, Subharangana Goyal holds 1.49% stake and Navdeep Goyal holds 2.27% stake in Overseas Synthetics Limited. The transaction is funded through internal funds. Pursuant to the acquisition of sale shares, Vijay Dhawangale and Sona Dhawangale will appoint its directors on the Board of Directors of the Overseas Synthetics Limited; shall acquire control of the Overseas Synthetics Limited and the sellers will resign from the Board of Directors of the Overseas Synthetics Limited. The offer is subject to regulatory approvals, and receipt of the requisite RBI approvals, if any, for acquisition of equity shares by the Acquirers from NRIs and OCBs. The Board of the Overseas Synthetics Limited is required to constitute a committee of Independent Directors who would provide its written reasoned recommendation on the offer to the Shareholders of the Overseas Synthetics Limited. As of September 2, 2019, the Committee of Independent Directors recommend that the offer price is fair and reasonable. The opening and closing date of offer are August 16, 2019 and August 29, 2019 respectively. As of September 3, 2019, the opening and closing date of offer are September 06, 2019 and September 20, 2019 respectively. Deepak Biyani of Aryaman Financial Services Limited acted as manager to the offer. Dilip C. Bagri acted as broker in the transaction for Vijay Dhawangale and Sona Dhawangale. Deepali Dhuri of Purva Sharegistry India Private Limited acted as registrar to the offer. Vijay Dhawangale and Sona Dhawangale completed the acquisition of 0.62% stake in Overseas Synthetics Limited (BSE:514330) from Kamal Aggarwal, Naresh Goyal, Minal Aggarwal, Subharangana Goyal, Navdeep Goyal and others for INR 0.19 million on September 20, 2019. Post completion of the offer, Vijay Dhawangale and Sona Dhawangale own 29.51% stake in Overseas Synthetics Limited.