Mahesh Kumar Agarwal made an offer to acquire 26% stake in Devki Leasing and Finance Limited (BSE:530765) for INR 7.3 million on November 12, 2021. Mahesh Kumar Agarwal will acquire 0.91 million fully paid shares of Devki Leasing and Finance Limited at INR 8 per share in cash. The consideration payable to the shareholder of party paid-up equity shares would be subject to the amount due towards calls-in-arrears. The net amount per partly paid equity share shall be paid after reducing the pending calls money out of the offer price. Mahesh Kumar Agarwal has adequate financial resources to meet his obligations in relation to the offer. In a related transaction, Mahesh Kumar Agarwal entered into a Share Purchase Agreement to acquire a 47.34% stake in Devki Leasing and Finance Limited from a group of shareholders for INR 13.3 million on November 12, 2021. The offer is not subject to any minimum level of acceptance. As of November 22, 2021, there are no statutory approvals required for the transaction. However, offer shall be subject to all such statutory approval which may become applicable at a later date. Devki Leasing and Finance Limited established a Members of the Committee of Independent Directors comprises of Vijay Jaiswal and Brijkishor Singh. Board Committee is of the opinion that and recommends that the Offer and the Offer Price are in accordance with the Takeover Regulations and is fair and reasonable. The offer will open on January 5, 2022 and will close on January 18, 2022. The offer will open on January 7, 2022 and will close on January 20, 2022. Ajesh Dalal and Kinnari Mehta of Sun Capital Advisory Services Private Limited acted as the financial advisor and Arvind Tandel of Bigshare Services Private Limited acted as the registrar to Mahesh Kumar Agarwal.

Mahesh Kumar Agarwal completed the acquisition of 0.93% stake in Devki Leasing and Finance Limited (BSE:530765) for INR 0.26 million on January 20, 2022. 33,905 shares of Devki Leasing and Finance Limited were validly tendered and accepted under the Offer. Post closing, Offeror holds 16,94,357 shares representing 48.28% stake in Devki Leasing and Finance Limited.