Gautam R. Bhandari, Executive Director & Chief Financial Officer and Jayantilal R. Bhandari, Chairman & Managing Director and Chief Executive Officer, Geeta G. Bhandari and Meena J. Bhandari made an offer to acquire remaining 50.60% stake of AVTIL Enterprise Limited (BSE:504390) for INR 30 million on September 9, 2020. The offerors own 49.4% stake in AVTIL Enterprise and will jointly acquire 0.2 million shares at an exit price of INR 148 per equity shares. The transaction is subject to receipt of all the necessary approvals and the successful completion of the delisting offer, to voluntary delist the Equity Shares of the AVTIL Enterprise from BSE in compliance with the delisting Regulations, subject to approval of Board of Directors and subject to shareholders approval. As on October 29, 2020, the Board of Directors approved the transaction and recommended to the shareholders. On November 23, 2020, the shareholders of the Company approved the Delisting Offer by way of a special resolution through postal ballot. The offer period will run from January 5, 2021 to January 30, 2021. This delisting offer will remain open for a maximum period of 75 working days from the date of the letter of offer or till consent of requisite majority of shareholders is received whichever is earlier. AVTIL Enterprise can delist the Equity Shares only on receipt of consent in writing for delisting from Public Shareholders, irrespective of their numbers, holding 90% or more of the public shareholding. Shashi Singhvi and Bhargav Parekh of Vivro Financial Services Private Limited acted as manager and Deepali Dhuri of Purva Sharegistry (India) Private Limited acted as registrar to the offer. Bathiya Legal acted as legal advisor to AVTIL Enterprise.