Punjab Biotechnology Park Limited, Ajooni Biotech Pvt. Ltd., Jasjot Singh, Gursimram Singh, Charanjit Singh, Gurmeet Singh and Paramjit Kaur made an offer to acquire 79.1% stake in Prism Medico and Pharmacy Limited (BSE:512217) for INR 44.1 million in cash on October 7, 2016. Under the terms of the agreement buyers will acquire 1.58 million shares at INR 28 per share. The buyers have adequate funds for the transaction.

The transaction is not subject to minimum level of acceptance. The transaction is subject to approval from Reserve Bank of India. The offer will open on December 5, 2016 and will close on December 19, 2016. As of January 9, 2017 the offer will open from January 6, 2016 and close on January 19, 2017. Payment for consideration will be made on February 3, 2017 and final report of merchant banker will be received on February 10, 2017. Sarthak Vijlani of Navigant Corporate Advisors Limited acted as financial advisor and Harjeet Parvesh of Harjeet Parvesh & Co. acted as an accountant, Alacrity Securities Limited acted as broker and R.D. Raasamy of Cameo Corporate Services Limited acted as registrar for Punjab Biotechnology Park Limited, Ajooni Biotech Private Limited, Ajooni Biotech Pvt. Ltd., Jasjot Singh, Gursimram Singh, Charanjit Singh, Gurmeet Singh and Paramjit Kaur. Induslnd Bank Limited acted as escrow agent.

Punjab Biotechnology Park Limited, Ajooni Biotech Pvt. Ltd., Jasjot Singh, Gursimram Singh, Charanjit Singh, Gurmeet Singh and Paramjit Kaur cancelled the the acquisition of 79.1% stake in Prism Medico and Pharmacy Limited (BSE:512217) on October 7, 2017.