Gavis Pharma LLC made an open offer to acquire 43.26% stake in Wintac Ltd. (BSE:524758) for approximately INR 260 million in cash on January 28, 2013. Gavis Pharma will acquire 2.61 million shares at INR 100 per share in cash. Gavis Pharma has adequate financial resources to make the acquisition. The offer is subject to completion of a preferential allotment of 4 million common shares of Wintac at INR 100 per share for gross proceeds of INR 400 million to Gavis Pharma, statutory approval and receipt of regulatory approvals including Foreign Investment Promotion Board approval. The offer is not subject to any minimum level of acceptance.

The date of filing of draft letter of offer with SEBI is February 11, 2013, the last date for competing offer is February 18, 2013, the Late date for SEBI observations on draft letter of offer is March 5, 2013, the date by which letter of offer will be dispatched to the shareholders of Wintac is March 14, 2013, the late date by which the Board of Wintac shall give its recommendation is March 18, 2013 and the date by which all requirements including payment of consideration would be completed is April 25, 2013. The offer period is from March 21, 2013 to April 8, 2013. The date by which all requirements including payment of consideration would be completed will be April 24, 2013.

The offer is not subject to any minimum level of acceptance from the shareholders. Gavis Pharma has deposited INR 6.65 million by way of cash, being more than 25% of the entire amount of the consideration (assuming full acceptance by the shareholders) in an escrow account with ICICI Bank. Gavis Pharma has adequate resources to meet the financial requirements of the offer. The fund requirements will be met from own sources/net worth and with the financial support.

As on May 16, 2013, Arihant Capital Markets Ltd. announced the revised schedule for the transaction. The Late date for SEBI observations on draft letter of offer is May 10, 2013, the date by which letter of offer will be dispatched to the shareholders of Wintac is May 21, 2013, the late date by which the Board of Wintac shall give its recommendation is May 23, 2013 and the date by which all requirements including payment of consideration would be completed is June 21, 2013. The offer period is from May 27, 2013 to June 7, 2013. The date by which all requirements including payment of consideration would be completed will be April 24, 2013. As on May 23, 2013, the independent directors committee of Gavis Pharma has approved the transaction.

Amol Kshirsagar and Maqbool Kauchali of Arihant Capital Markets Ltd. (BSE:511605) acted as financial advisors to Gavis Pharma. James A. Toto of WeiserMazars LLP acted as accountant for Gavis Pharma LLC. Ashok Shetty of Bigshare Services Pvt. Ltd. acted as registrar and HDFC Bank Ltd, Depository Arm acted as depository bank for Gavis Pharma LLC. Vidya Sunderam and S Sathyanarayanan of FoxMandal acted as legal advisor for Gavis Pharmaceuticals, LLC and Murali Ananthasivan of J. Sagar Associates acted as legal advisor for Wintac Ltd.