Maneesh Parmar, Ravindran R and Sunil Khetpalia("acquirers") made an offer to acquire 26% stake in Kumbhat Financial Services Limited (BSE:526869) for INR 35.8 million on March 31, 2021. Under the terms of the consideration, acquisition will be done for INR 10 per share. The transaction will be settled in cash. In a related transaction, the acquirers entered into a share purchase agreement to acquire 4.7% stake in Kumbhat for INR 6.5 million and the Board of Directors of Kumbhat approved issuance of 9 million equity shares to the acquirers on a preferential basis. Offer period will start from May 31, 2021, and end on June 11, 2021. Gaurav Khandelwal of Saffron Capital Advisors have been appointed as the manager to the offer and Sreepriya. K of Cameo Corporate Services Limited appointed as registrar to the offer.

Maneesh Parmar, Ravindran R and Sunil Khetpalia terminated the offer to acquire 26% stake in Kumbhat Financial Services Limited (BSE:526869) on April 5, 2023. The offer was not approved by RBI.