Sayee Sundar Kasiraman made an offer to acquire 26% stake in Indrayani Biotech Limited (BSE:526445) for INR 1.04 million on January 2, 2018. Under the terms of the transaction, Sayee Sundar Kasiraman will acquire 0.95 million shares at INR 1.1 per share. The purchase price will be paid in cash. In a related transaction, Sayee Sundar Kasiraman entered into a share purchase agreement to acquire 59.39% stake in Indrayani Biotech Limited from Prakash Ramachandra Bang, Ruchir Prakash Bang, Samita Jhavar, Malti Ramachandra Bang, Anuj Prakash Bang and Vrunda Prakash Bang for INR 2.4 million on January 2, 2018. Sayee Sundar Kasiraman has adequate financial resources to meet the offer obligations and has made firm financial arrangements for financing the transaction. The transaction is subject to statutory approval and regulatory approval if necessary. The transaction is not subject to minimum tender condition. Indrayani Biotech Limited has established the independent Directors committee comprising of Sanjay Kaswa as Chairman and Chanda Bedmuta as member of the committee. As of March 1, 2018, the independent Directors committee recommended that transaction is fair and reasonable. The tender offer will commence on February 27, 2018 and will end on March 13, 2018. As of February 26, 2018, the tender offer period will close on March 20, 2018. Sashi Singhvi and Yogesh Malpani of Vivro Financial Services Private Limited acted as the financial advisors to Sayee Sundar Kasiraman. Link Intime India Private Limited acted as registrar to Sayee Sundar Kasiraman.