Members of the Sethi family, namely Sangita Sethi, Sanjay Sethi, Sudhir B Sethi, Babulal Sethi and Soniya Sethi made an offer to acquire an additional 26% stake in Beryl Securities Limited (BSE:531582) from Beryl Drugs Limited (BSE:524606) and others for INR 22 million on January 23, 2020. Sangita Sethi, Sanjay Sethi, Sudhir B Sethi, Soniya Sethi and Babulal Sethi acquired an additional 5.15%, 6.19%, 6.19%, 5.15% and 3.32% stake in Beryl Securities Limited respectively. As part of the acquisition, the buyers will buy 1.26 million shares for INR 17.44 per share. As reported on August 19, 2020, offer per share was changed to INR 18.73. Post transaction, the acquirers will collectively hold 52.4% stake in Beryl Securities. The acquirers have adequate financial resources and have made firm financial arrangements for the implementation of the offer in full out of their own sources/ net worth and financial commitments available with the acquirers. No separate borrowings from Indian Banks / Financial Institutions are envisaged by the acquirers.

As on the date of letter of offer, there are no statutory approvals required to implement this offer. However, the offer shall be subject to all statutory approvals that may become applicable on a later date. The Board of Beryl Securities is required to constitute a Committee of Independent Directors, to provide its written reasoned recommendation on the offer to the shareholders of Beryl Securities. Tendering period will commence on March 19, 2020, and close on April 8, 2020. As on August 17, 2020, the tender offer is valid from August 21, 2020 to September 3, 2020. First Overseas Capital Limited acted as manager to the offer appointed by the buyers whereas Adroit Corporate Services Private Limited acted as registrar to Beryl Securities Limited.