UVS Hospitality Private Limited made an offer to acquire 26% stake in Thirdwave Financial Intermediaries Limited for INR 9.8 million on April 18, 2023. Under the offer, UVS Hospitality Private Limited will acquire upto 5,73,976 equity shares at a price of INR 17 per equity share. In a related transaction UVS Hospitality Private Limited also entered into a Share purchase agreement to acquire 45.6% stake in Thirdwave Financial Intermediaries Limited from Siddhant Agarwal, VKA Enterprises Private Limited and Prudent Management & Industrial Consultats Pvt Ltd for INR 14.1 million on April 18, 2023. UVS Hospitality Private Limited has deposited INR 2.5 million in an escrow account to fund the offer. Post completion of Offer and SPA, offeror will hold 71.6% stake in Thirdwave Financial Intermediaries. The offer is not conditional upon any minimum level of acceptances by the shareholders of Thirdwave Financial. The Independent Board Committee of Thirdwave Financial is of the view that the offer is fair and reasonable. However, the shareholders should independently evaluate the offer and take informed decision. The offer is scheduled to commence on June 7, 2023, and close on June 20, 2023. As per revised schedule on June 20, 2023, the offer will commence on June 27, 2023, and close on July 11, 2023. Vikas Kumar Verma of Fast Track Finsec Private Limited acted as manager to the offer on behalf of UVS Hospitality Private Limited. Deepali Dhuri of Purva Sharegistry (India) Pvt. Ltd.acted as registrar to UVS Hospitality.

UVS Hospitality Private Limited completed the acquisition of a 21.19% stake in Thirdwave Financial Intermediaries Limited (BSE : 531652) for INR 7.95 million on July 11, 2023.