Quebec Tech Solutions Private Limited made an offer to acquire 26% stake in Shalimar Agencies Limited (BSE:539895) for INR 9.4 million on August 27, 2018. Under the terms, Quebec Tech Solutions Private Limited will acquire 0.78 million shares at INR 12 per share in cash. In a related transaction, Quebec Tech Solutions Private Limited entered into a share purchase agreement to acquire 40.14% stake in Shalimar Agencies Limited (BSE:539895) from Arun Kumar Bhangadia, Arvind Kumar Bhangadia and Anil Kumar Bhangadia for INR 14.5 million on August 27, 2018. Completion of the offer is subject to satisfaction of the conditions precedent set out in the share purchase agreement and receipt of statutory approvals required, if any. The consideration will be funded through internal resources. The offer is not conditional upon any minimum level of acceptance. As per the update on September 7, 2018, a special committee of independent Directors is formed to provide recommendations on open offer in a meeting held on September 17, 2018. As of September 11, 2018, offer period will commence from October 23, 2018 to November 5, 2018. As of November 30, 2018, offer period will commence from December 7, 2018 to December 20, 2018. S. Ramakrishna Iyengar and Menka Jha of Finshore Management Services Limited and Alankit Assignments Ltd. acted as manager and registrar to the offer for Quebec Tech Solutions Private Limited, respectively. Quebec Tech Solutions Private Limited completed the acquisition of 20.43% stake in Shalimar Agencies Limited (BSE:539895) for INR 7.4 million on December 20, 2018. Quebec Tech Solutions received valid acceptances in respect of 0.61 million shares of Shalimar Agencies.