Jolly Mayank Suresh, Irfan A Qureshi and Nisha Securities Limited made an offer to acquire a 25% stake in IO System Limited (BSE:523752) for INR 4.2 million on January 31, 2022. Offerors will acquire 4.225 million shares of IO System Limited at a price of INR 1 per share in cash. In a related transaction, Jolly Mayank Suresh, Irfan A Qureshi and Nisha Securities Limited entered into a share purchase agreement to acquire a 74.82% stake in IO System Limited from Smart Bharat Private Limited for INR 5.1 million on January 31, 2022.

The Offer is not conditional upon any minimum level of acceptance. Offer is subject to the necessary approvals from Reserve Bank on India, under the Foreign Exchange Management Act, 1999. No other statutory approvals required for the Offer.

As per the letter on April 13, 2022 the transaction is subject to statutory approvals. Offer will open on March 25, 2022 and will close on April 7, 2022. As per the letter on April 13, 2022, Offer will open on April 22, 2022 and will close on May 06, 2022.

Kritika Rupda and Krunal Pipalia of Shreni Shares Private Limited acted as financial advisors to Jolly Mayank Suresh, Irfan A Qureshi and Nisha Securities Limited. Deepali Dhuri of Purva Sharegistry (India) Pvt. Ltd. acted as registrar to the offer.