Jitendra G. Raiyani and Rameshkumar Jivrajbhai Ranipa made an offer to acquire 26% stake in Angel Fibers Limited (BSE:541006) for INR 58.5 million on March 17, 2020. Under the term, Jitendra G. Raiyani and Rameshkumar Jivrajbhai Ranipa will acquire 6.5 million shares of Angel Fibers Limited for INR 9 per share. Consideration will be payable in cash. The tender offer period will start from May 18, 2020 and will end on June 1, 2020. In related transaction, tendra G. Raiyani and Rameshkumar Jivrajbhai Ranipa entered into a share purchase agreement to acquire Angel Fibers Limited from Ashok Mavjibhai Dudhagara and Prafulaben Ashokbhai Dudhagara on March 17, 2020. The transaction is not subject to the receipt of any statutory approvals. Last date of recommendation of committee of independent Directors is June 1, 2020. AS on June 1, 2020, committee of independent Directors give recommendation. The transaction is unconditional and not subject to any minimum level of acceptance from the shareholders. The transaction is expected to close on June 15, 2020. As of May 22, 2020, the revised tender offer period is from June 3, 2020, to June 16, 2020. Khushbu Shah of Beeline Broking Limited acted as a manager and Arvind Tandel of Bigshare Services Pvt. Ltd. acted as a registrar to the offerors.