Jaikishan Rameshlal Ambwani, Chanderlal Bulchand Ambwani and Rameshlal Bulchand Ambwani made an offer to acquire an additional 26% minority stake in Maitri Enterprises Limited (BSE:513430) for INR 12.4 million on October 13, 2021. Under the terms Offerors will acquire 1.14 million shares for INR 10.8 per share. The Offer Price is payable in cash. The acquisition will be financed through internal resources of all the Offerors and PACs and no borrowings from any bank and/or financial institution are envisaged. As of October 20, 2021, Jaikishan Rameshlal Ambwani does not hold any stake and is Managing Director of Maitri Enterprises Limited, Chanderlal Bulchand Ambwani holds 0.149 million shares and is one of the Promoter, Rameshlal Bulchand Ambwani is also one on the Director and Chairman and holds 0.12 million shares in Maitri Enterprises Limited. In total the acquirers and PACs after the proposed preferential allotment and completion of the transaction will hold 88.99% stake. This offer is not a competitive offer and is not conditional upon any minimum level of acceptance. This offer is subject to the receipt of the statutory and other approvals. The Tender offer period will be between December 3, 2021 to December 17, 2021. Atul Chokshi, Niraj Thakkar and Ronak Dhruve of Kunvarji Finstock Pvt. Ltd acted as financial advisors to Jaikishan Rameshlal Ambwani, Chanderlal Bulchand Ambwani and Rameshlal Bulchand Ambwani. Arvind Tandel of Bigshare Services Private Limited acted as registrar to Jaikishan Rameshlal Ambwani, Chanderlal Bulchand Ambwani and Rameshlal Bulchand Ambwani.

Jaikishan Rameshlal Ambwani, Chanderlal Bulchand Ambwani and Rameshlal Bulchand Ambwani completed the acquisition of an additional 0.02% minority stake in Maitri Enterprises Limited (BSE:513430) for INR 0.01 million on December 24, 2021.