Jolly Mayank Suresh, Irfan A Qureshi and Nisha Securities Limited agreed to acquire 74.82% stake in IO System Limited (BSE:523752) from Smart Bharat Private Limited for INR 5.05 million on January 31, 2022. Under the terms Smart Bharat Private Limited will sell 12.6 million shares for INR 0.4 per share. Post acquisition Jolly Mayank Suresh, Irfan A Qureshi and Nisha Securities Limited will hold 18.71%,19.45% and 36.6% stakes respectively in IO System Limited.

In a related transaction Jolly Mayank Suresh, Irfan A Qureshi and Nisha Securities made an offer to acquire 25% stake in IO System Limited.