Nadir Umedali Dhrolia made an offer to acquire an additional 35% stake in Lykis Limited (BSE:530689) for approximately INR 140 million on June 22, 2020. Under the terms of the offer, Nadir Umedali Dhrolia will acquire 6.78 million shares of Lykis at INR 20 per share payable in cash. In a related transaction, Nadir Umedali Dhrolia entered into an agreement to acquire 12.27% stake in Lykis Limited from Vijay Kishanlal Kedia for INR 47.5 million. Upon completion of the offer and agreement, assuming full acceptances in the Offer, Nadir Umedali Dhrolia will hold 13.82 million shares constituting 71.31% of share capital of Lykis. Nadir Umedali Dhrolia already holds 24.05% stake in Lykis Limited. Nadir Umedali made firm financial arrangements for financing the acquisition out of their own sources/ Networth. The prime object of the offer is to acquire substantial acquisition of shares/voting rights accompanied with the change in control and management of the Lykis. The transaction is subject to satisfaction of certain conditions precedent. The offer is not conditional upon any minimum level of acceptance. The Offer is subject to the receipt of statutory and regulatory approvals by Nadir Umedali Dhrolia. The Offer is subject to the receipt of necessary approvals, if any, from the Reserve Bank of India. Last date for competing offer is July 20, 2020. Last date by which Board of the Target shall give its recommendation is August 10, 2020. Last date for revising the Offer Price / Offer Size is August 11, 2020. The offer will commence from August 12, 2020 and is valid till August 26, 2020. On August 11, 2020, Lykis announced that the offer will commence from August 13, 2020. Tanmoy Banerjee of Capitalsquare Advisors Private Limited acted as manager to Nadir Umedali Dhrolia. Ratan Mishra of R&D INFOTECH PRIVATE LIMITED acted as registrar for Nadir Umedali.