Lorgan Lifestyle Ltd made a bid to acquire additional 26% stake in SVC Resources Ltd. (BSE:512449) for INR 45.2 million on January 8, 2014. Lorgan Lifestyle has made a bid for INR 2.5 per share. Under the terms of agreement, by acquiring 18 million shares no takeover can be triggered. Lorgan Lifestyle has adequate financial resources to meet the financial requirements of the offer. Lorgan Lifestyle has deposited INR 11.3 million in an escrow account with The Development Credit Bank Limited. The offer letter would be dispatched to shareholders by March 5, 2014 and upward revision in offer should be made by March 6, 2014. The offer would open on March 12, 2014 and close on March 26, 2014. The offer would be subject to receipt of statutory and other approvals and would not be conditioned on any minimum level of acceptance by equity shareholders of SVC Resources. The offer is subject to receipt of required RBI approvals, for acquisition of shares from Non-Resident Indians and Overseas Corporate Bodies. As reported on January 23, 2014, A committee of the Directors consisting of Vinay Poddar, Vinod Bansal and Divesh Koli as its members has been constituted as required under Regulation 26 of the SEBI Regulations to provide reasoned recommendations on such open offer, and to publish such recommendations and requested the Board to consider and decide on the same. As of March 8, 2014, Independent Directors of SVC Resources Ltd. recommended this open offer.

As of January 28, 2014, Corporate Professionals made an announcement saying that the disclosure given on January 8, 2014, by the target company is false and incorrect. It also announced further terms defining the share capital of the target company and the quota of shares that were frozen by the Company Law Board and the Bombay High Court.

As of May 27, Independent Directors of SVC Resources recommended that the offer per share is fair and reasonable. As of August 28, 2014, it was announced that the offer date has been changed and now the offer will start on September 2, 2014 and will end on September 15, 2014. Manoj Kumar and Ruchi Han of Corporate Professionals acted as financial advisor for Lorgan Lifestyle. Navin Gupta of Baheti & Somani acted as accountant in the transaction. Gogia Capital Services Ltd. acted as depository and N C Pal of MAS Services acted as registrar to Lorgan Lifestyle.

Lorgan Lifestyle Ltd completed the acquisition of additional 2.41% stake in SVC Resources Ltd. (BSE:512449) for INR 6.6 million on September 15, 2014. Under the tender offer, Lorgan Lifestyle accepted 2.65 million shares and now holds 19.94 million shares representing 28.67% in SVC Resources.