Nusarwar Merchants Pvt Ltd entered into share purchase agreement to acquire 33.75% stake in Brescon Advisors & Holdings Limited (BSE:511628) from Brescon Consultants Private Limited and I-Tenable India Ltd for approximately INR 150 million in cash on September 29, 2012. Nusarwar agreed to acquire 11.8 million of Brescon Advisors. Brescon Consultants and I-Tenable India will sell 29.61% and 4.14% stake respectively. In a related transaction Nusarwar Merchants made an offer to acquire 26% stake in Brescon Advisors & Holdings Limited for approximately INR 110 million on September 29, 2012. As on December 12, 2012, Nusarwar Merchants filed a letter of offer with respect to the transaction.

Nusarwar Merchants Pvt Ltd completed the acquisition of 33.75% stake in Brescon Advisors & Holdings Limited (BSE:511628) from Brescon Consultants Private Limited and I-Tenable India Ltd on January 18, 2013.