Gopal Trilokchand Agrawal, Shyam Trilokchand Agrawal and Sanjay Trilokchand Goyal made an offer to acquire a 26% stake in Acrow India Limited (BSE:513149) for approximately INR 110 million on July 19, 2022. The offerors will pay INR 659 cash per share to acquire 1,66,400 shares, representing a 26% stake in Acrow India Limited. In a related transaction, Gopal Trilokchand Agrawal, Shyam Trilokchand Agrawal and Sanjay Trilokchand Goyal entered into a share purchase agreement to acquire a 54.59% stake in Acrow India Limited from Harshavardhan B Doshi, Nihal Doshi, Lalan Ajay Kapadia, Lamya H Doshi, Carina Finvest Limited and The Ravalgaon Sugar Farm Limited for approximately INR 230 million.

Assuming full acceptance in the open offer and completion of SPS, the offerors will own approximately 80.61% stake in Acrow India Limited. The open offer is not subject to any minimum level of acceptance. The tender offer period shall be from September 14, 2022 to September 27, 2022.

As per the update on September 28, 2022, The tender offer period shall be from October 6, 2022 to October 19, 2022. The transaction is subject to satisfaction of relevant conditions and approvals from various regulatory authorities. Uday S. Patil of Keynote Financial Services Limited acted as financial advisor to Gopal Trilokchand Agrawal, Shyam Trilokchand Agrawal and Sanjay Trilokchand Goyal.

Bigshare Services Pvt. Ltd. acted as registrar for the offer.