Dynamic Services & Security Limited (NSEI:DYNAMIC) made an offer to acquire 26% stake in Mehai Technology Limited (BSE:540730) for INR 130 million on October 18, 2021. Under the terms Dynamic Services & Security Limited will acquire 2.78 million shares for INR 46.54 per share. The Offer Price will be paid in cash. In a related transaction Dynamic Services & Security Limited entered into a share purchase agreement to acquire 71.95% stake in Mehai Technology Limited from Sudhir Ostwal, Sudhir Ostwal and sons and Shalini Jain for INR 15.4 million on October 18, 2021. Post completion of the Proposed Acquisition and the Open Offer, Dynamic Services & Security Limited will acquire 97.95% stake in Mehai and Mehai will become a subsidiary. Post completion, Offeror intends to make changes in the management of Mehai. This offer is not conditional upon any minimum level of acceptance. The board of Dynamic Services & Security Limited approved the transaction. The Board of Directors of Mehai has constituted a committee of independent directors comprising of Hitesh Dungarshibhai Vora, Akash Tak, Anand Mishra and Mukul Jain to provide reasoned recommendations on the captioned open offer. All the members of board committee unanimously voted in favour of the transaction and recommended that Offer is fair and reasonable.

Transaction is expected to close on January 11, 2021. Offer will open on December 14, 2021 and will close on December 27, 2021. Offer will open on January 28, 2022 and will close on February 10, 2022. S Ramakrishna Iyengar of Finshore Management Services Limited acted as financial advisor to Dynamic Services & Security Limited. Arvind Tandel of Bigshare Services Pvt. Ltd. acted as registrar to Dynamic Services & Security Limited.