Venkateswara Rao Davarapalli, Sreevani Kancharla and other promoters proposed to acquire remaining 25.16% stake in CES Limited (BSE:512341) for approximately 850 million on December 27, 2024. On completion, CES Limited shares will be delisted from the Bombay Stock Exchange. The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board and approval of offer by target shareholders. On January 8, 2025, After discussion of the Due Diligence Report and the Audit Report and after taking cognizance of various other factors relevant to the circumstances, the Board approved the Delisting Proposal, in accordance with Regulation 10 of the Delisting Regulations, subject to further approval by shareholders, BSE Limited and others.

Finshore Management Services Limited acted as manager to the offer for Venkateswara Rao Davarapalli and Sreevani Kancharla.