Rekha Soni, Harendra Gupta and Shankar Das Vairagi made a mandatory offer to acquire 26% stake in Svaraj Trading and Agencies Limited for INR 2 million in cash on September 3, 2012. Rekha Soni, Harendra Gupta and Shankar Das offered to acquire 26,000 shares of Svaraj Trading for INR 75 per share. The offer is triggered from the share purchase agreement of Rekha Soni, Harendra Gupta and Shankar Das to acquire 61.1% stake in Svaraj Trading and Agencies Limited for INR 3.1 million on September 3, 2012. As on September 8, 2012, Rekha Soni owns 12.22% stake, Harendra Gupta owns 12.22% stake and Shankar Das Vairagi owns 36.66% stake in Svaraj Trading and Agencies Limited. The offerors have deposited INR 0.5 million in escrow. Rekha Soni, Harendra Gupta and Shankar Das intend to make changes in the Board of Directors of Svaraj Trading and Agencies Limited.

The date by which draft letter of offer will be filed with the SEBI is September 17, 2012, the last date for a competitive bid is October 3, 2012, the date of receipt of the comments on draft letter of offer from SEBI is October 10, 2012, the date by which letter of offer will be dispatched to the shareholders of Svaraj Trading and Agencies is October 19, 2012, the last date for revising the offer price/number of equity shares is October 22, 2012 and the last date of announcement containing reasoned recommendation by committee of independent directors of Svaraj Trading and Agencies is October 23, 2012. Tender offer will open on October 30, 2012 and close on November 12, 2012.

The offer would be subject to all other statutory approvals that may become applicable at a later date before the completion of the offer. The transaction is not conditional upon minimum level of acceptance. As on December 12, 2012, the tender offer period has been revised to December 27, 2012 to January 9, 2013. Kailashprasad Govardhanlal Maheshwari and Abirchand Shreeniwas Joshi Members of the Committee of Independent Directors believe the offer is fair and reasonable and recommended to accept the offer. V B Shah of Purva Sharegistry (India) Pvt. Ltd. acted as registrar for Rekha Soni, Harendra Gupta and Shankar Das. Rishabh Jain and Nikesh Jain of Intensive Fiscal Services Private Limited acted as managers for Rekha Soni, Harendra Gupta and Shankar Das Vairagi. Anil Sanklecha of Anil Sanklecha & co. Chartered Accountants acted as valuer in the transaction. Manish Dani of Manish Dani & Co., Chartered Accountants acted as accountant for the offerors.

Rekha Soni, Harendra Gupta and Shankar Das Vairagi cancelled the acquisition of 26% stake in Svaraj Trading and Agencies Limited on January 9, 2013.