Indorama Netherlands B.V. made an offer to acquire 24.5% stake in Indo Rama Synthetics (India) Limited (BSE:500207) for INR 2.4 billion on January 15, 2019. Under the offer, Indorama Netherlands B.V. shall acquire 65.44 million shares at INR 36 per share. The consideration shall be payable in cash. Indorama Netherlands B.V. have adequate resources to meet the financial requirements of this offer by way of cash. In a related transaction, Indorama Netherlands B.V. will carry out a preferential allotment in Indo Rama Synthetics (India) Limited. KPMG Phoomchai Audit Limited vide its letter dated January 14, 2019, certified that Indorama Netherlands B.V. has adequate resources and capability to meet the financial obligations under the open offer. Indorama Netherlands B.V. shall be entitled to nominate up to three Directors on the Board. Indorama Netherlands B.V. appointed Sudhindra Rao Narayan Maganti and Udey Paul Singh Gill to Board of Indo Rama Synthetics (India) Limited. At the closing, Indorama Netherlands B.V. shall nominate two Directors for appointment by the Board and shall have the right to nominate the third Director at any time thereafter. The transaction is subject to approval of Competition Commission of India, receipt of approval of relevant anti-trust regulators and in-principle approvals from the Stock Exchanges for listing of equity shares to be issued pursuant to the preferential issue. The offer is not conditional upon any minimum level of acceptance. As of January 22, 2019, there are no statutory and regulatory approvals required for the offer. However, in case any other statutory approvals become applicable and are required at a later date before the closure of the tendering period, the open offer shall be subject to receipt of such further approvals. Committee of Open Offer Review believed the offer is fair and reasonable. The offer will begin on March 11, 2019 and will close on March 25, 2019. As of May 10, 2019, offer period will begin on May 14, 2019 and close on May 27, 2019. Abhishek Sureka of Ernst & Young Merchant Banking Services Private Limited acted as manager and Sumeet Deshpande of Link Intime India Private Limited acted as the registrar to Indorama Netherlands B.V. Shailesh Bafna of HSBC Securities & Capital Markets (India) Private Limited acted as the broker to Indorama Netherlands B.V. MCS Limited, Registry Business acted as registrar to Indo Rama Synthetics (India) Limited. Indorama Netherlands B.V. completed the acquisition of 6.78% stake in Indo Rama Synthetics (India) Limited (BSE:500207) for approximately INR 640 million on May 27, 2019. Indorama Netherlands B.V. acquired 17.7 million shares.