Patel Ghanshyambhai N and Patel Pareshbhai Nanjibhai made an offer to acquire 26% stake in Parsharti Investment Limited (BSE:511702) for INR 6.1 million on December 17, 2021. Under the terms Patel Ghanshyambhai N and Patel Pareshbhai Nanjibhai will acquire 872,898 shares for INR 7 per share. The Offer Price will be paid in cash.

In a related transaction Patel Ghanshyambhai N and Patel Pareshbhai Nanjibhai entered into Share Purchase Agreement to acquire 58.36% stake in Parsharti Investment Limited from a group of sellers for INR 13.7 million on December 17, 2021. Upon completion of this Offer, assuming full acceptances, the Acquirers will hold 28,32,385 Equity Shares representing 84.36% of the Voting Share capital of Parsharti Investment Limited. The Offer is not conditional upon any minimum level of acceptance.

There are no statutory or other approvals required for implementing the Offer. If any statutory approvals are required or become applicable prior to completion of the Offer, the Offer would be subject to the receipt of such statutory approvals. The offer period begins on February 9, 2022 and ends on February 22, 2022.

As per revised schedule, Offer will open on February 10, 2022 and ends on February 23, 2022. Tanmoy Banerjee and Pankita Patel of CapitalSquare Advisors Private Limited acted as financial advisors to Patel Ghanshyambhai N and Patel Pareshbhai Nanjibhai and Sumeet Deshpande of Link Intime India Private Limited acted as registrar to Patel Ghanshyambhai N and Patel Pareshbhai Nanjibhai.