Managing director of TCM Limited, namely, Joseph Varghese, and Director of TCM Limited, namely, George Varghese, made an offer to acquire an additional 20% stake in TCM Limited (BSE:524156) for INR 30.6 million on January 31, 2018. Under the terms of the transaction, Joseph Varghese and George Varghese offered to acquire 0.68 million shares at INR 44.73 per share in cash. Joseph Varghese, and George Varghese, made an offer to acquire an additional 26% stake in TCM Limited (BSE:524156) for INR 40.2 million on May 15, 2018. Joseph Varghese, and George Varghese will acquire 0.88 million shares at INR 45.5 million. Joseph Varghese and George Varghese holds 21.06% stake and 13.55% stake in TCM Limited before the transaction. In the case of equity shares tendered in the open offer by the eligible shareholders are more than 20%, acceptance would be determined on a proportionate basis. No change in management control is proposed pursuant to the offer. No changes in the Board of Directors of TCM Limited is proposed to be made pursuant to the offer. The transaction is not subject to minimum level of acceptance and statutory approval. Committee of Independent Directors consisting of Tripunithura Subramanian Rajagopalan and Ramesh Babu has been formed to review the offer. Committee of Independent Directors on May 25 2018, recommended that the offer is fair and reasonable. The offer period will be from January 31, 2018 to April 25, 2018. As of May 15, 2018, the offer period will close on June 11, 2018. Amit Wagle and Shikha Jain of Saffron Capital Advisors Private limited acted as manager and K. Priya of Cameo Corporate Services Limited acted as registrar to Joseph Varghese and George Varghese. Managing director of TCM Limited, namely, Joseph Varghese, and Director of TCM Limited, namely, George Varghese completed the acquisition of 2.16% stake in TCM Limited (BSE:524156) for INR 3.2 million on June 21, 2018. Pursuant to the acquisition, Joseph Varghese and George Varghese acquire 0.01 million at INR 24.4 per shares and 0.07 million at INR 45.5 per shares. Post completion, Joseph Varghese and George Varghese will hold 36.79% stake in TCM Limited.