Pramod Jain and Pranidhi Holdings Private Limited made a hostile bid to acquire an additional 25% stake in Golden Tobacco Ltd. (BSE: 500151) for approximately INR 440 million in cash on November 12, 2009. Under the terms of the offer, Pramod Jain and Pranidhi will pay INR 101 per share for acquiring 4.4 million shares, plus simple interest of at the rate of 10% per annum. The payment will be made in Demand Draft/Pay Order/ECS credit to the shareholders of Golden and will be financed through internal sources. The transaction is subject to approval from Reserve Bank of India, under the Foreign Exchange Management Act and maximum tender and the offer is not subject to minimum level of acceptance or statutory approval. A Special committee of the directors of Golden Tobacco has been formed to advice on the transaction comprising of Bharat B. Merchant and Kokila Panchal. A meeting of the Board of Directors of Golden Tobacco will be held on December 1, 2009 for taking on record of the offer. The open offer will commence on December 30, 2009 and closes on January 18, 2010. As per the revised schedule the offer will commence on February 14, 2018, and closes on March 5, 2018. On April 26, 2018, as per the revised schedule the offer will commence on April 27, 2018, and closes on May 16, 2018. As of April 27, 2018, the special committee of the directors has decided that INR 60.25 per equity share should be paid to the original shareholders as interest for the period from June 12, 2012 till May 30, 2018 and INR 0.45 should be paid as interest from the last date of payment being May 15, 2018. As of May 14, 2018, National Company Law Tribunal advised to maintain status quo in respect of this offer. As of June 6, 2018, 4.4 million shares have been acquired by Pramod Jain and Pranidhi Holdings Private Limited. As of June 12, 2018, the offer is pending approval from National Company Law Tribunal, Kolkata bench and the hearing is expected by July 31, 2018. Anup Kumar Sharma of VC Corporate Advisors Pvt Ltd acted as financial advisor to Pramod Jain and Pranidhi Holdings Private Limited. S. Abbas of Niche Technologies Private Limited acted as the Registrar to the offer for Pramod Jain and Pranidhi Holdings Private Limited. In September 2017, Anchal Lohia and Manish Sharma of SPA Capital Advisors Limited are appointed as the manager to open offer in place of VC Corporate Advisors Private Limited for offeror. M/s PSRD & Co. Chartered Accountants is appointed as independent valuer to the Special Committee. J.P. Financial Services Ltd acted as manager to the offer for the acquirers. Pramod Jain and Plus Corporate Venture Private Limited completed the acquisition of 25% stake in Golden Tobacco Ltd. (BSE: 500151) on May 16, 2018. Under the terms of transaction, Pramod Jain and Plus Corporate Venture Private Limited acquired 4.4 million shares.