Bhadra Paper Mills Limited made an offer to acquire 26% stake in Sindu Valley Technologies Ltd. (BSE:505504) for INR 3.9 million on December 1, 2020. Under the terms of the transaction, Bhadra will acquire 0.18 million shares at INR 21.5 per share in cash. The consideration will be paid on February 22, 2021. In a related transaction, Bhadra Paper Mills Limited entered into a share and purchase agreement to acquire 73.55% stake in Sindu Valley Technologies Ltd. from Upendra Chandrashankar Shukla, Sunila Upendra Shukla, Sneha Upendra Shukla, Anand Raj Jain and Renu Anandraj Jain for INR 11 million on December 1, 2020. The offer will be funded from own resources. Bhadra Paper Mills Limited intends to pursue / undertake new business in line with the Bhadra Paper Mills Limited's existing business. The offer is not conditional to any minimum level of acceptance. In the event of over-subscription to the offer, the acceptance will be on a proportionate basis. As of December 15, 2020, no statutory approvals are required to be obtained for the purpose of offer. The offer would be subject to all the statutory approvals that may become applicable at a later date before the completion of offer. The Board of Sindu Valley Technologies Ltd. shall constitute a committee of independent directors who would provide its written reasoned recommendation on the offer to the shareholders of Sindu Valley Technologies Ltd. As of April 5, 2021, committee Recommended the offer to the shareholders. The offer will commence on January 22, 2021 and expire on February 5, 2021. As of March 26, 2021, offer will commence on April 8, 2021 and expire on April 26, 2021. Amol Kshirsagar and Satish Kumar of Arihant Capital Markets Limited acted as financial advisors to Bhadra Paper Mills Limited. Ravindra Utekar of Universal Capital Securities Ltd. acted as registrar to Bhadra Paper Mills Limited.