Satnam Singh, Harjot Kaur Chawla and Parminder Kaur made an offer to acquire an additional 24.51% stake in Sea Gold Infrastructure Limited for INR 15.3 million on September 7, 2021. Offerors will acquire 15,31,330 shares of Sea Gold Infrastructure Limited at a price of INR 10 per share in cash. In a related transaction, Satnam Singh entered into a Share Purchase Agreement to acquire 56.84% stake in Sea Gold Infrastructure Limited from Radha Krishna Reddy Panati, Venkata Krishna Reddy Panati, PVK and PRK Technologies Private Limited and Anantha Power Projects Private Limited for INR 11.8 million on September 7, 2021, and Harjot Kaur Chawla and Parminder Kaur entered into a Business Succession Agreement wherein they will receive consideration (other than cash) by way of preferential allotment of Equity Shares of Sea Gold Infrastructure Limited. The Acquirers have adequate resources and have made firm financial arrangements for financing the acquisition of the equity shares under this Offer. Offer is not conditional offer subject to any minimum level of acceptance. Prabhhans Industries Limited established a Committee of Independent Directors comprising Syed Khaleel Ahmed and Sathaiah Bathula. Committee recommends that Open Offer is fair and reasonable.

The tendering period commences from October 28, 2021 to November 12, 2021. As of January 27, 2022, commencement of Tendering Period has been revised to start from January 28, 2022 and ends on February 10, 2022. Vikas Kumar Verma of Fast Track Finsec Private Limited acted as financial advisor to Satnam Singh, Harjot Kaur Chawla and Parminder Kaur. P V Srinivasa Rao of Venture Capital & Corporate Investments Private Limited acted as registrar to Satnam Singh, Harjot Kaur Chawla and Parminder Kaur.