Ravjibhai Patel, Krunal Patel, Rushabh Patel and Indiraben Patel made an offer to acquire 25.2% stake in Saptarishi Agro Industries Limited (BSE:519238) for INR 12.8 million on January 16, 2017. The buyers will acquire 8.6 million shares at an offer per share of INR 1.5. In a related transaction, Ravjibhai Patel, Krunal Patel, Rushabh Patel and Indiraben Patel entered into an agreement to acquire 99.96% stake in Calibre Rehabs Private Limited for INR 15 million in cash on January 16, 2017. The offer will commence on March 10, 2017 and will close on March 24, 2017. The transaction is subject to statuary approval, approval by regulatory board committee and approval by shareholders of Saptarishi Agro Industries Limited. As of January 23, 2017, the detailed public statement has been filed for tender offer. As of April 28, 2017, a committee of independent directors of Saptarishi Agro Industries have opined that offer price is fair and reasonable. As per the offer document, The offer will commence on May 2, 2017 and will close on May 16, 2017. Menka Jha of Hem Securities Limited acted as financial advisor for Ravjibhai Patel, Krunal Patel, Rushabh Patel and Indiraben Patel. K. Sreepriya of Cameo Corporate Service Limited acted as a registrar to Ravjibhai Patel, Krunal Patel, Rushabh Patel and Indiraben Patel.