MinebeaMitsumi Inc. (TSE:6479) made an offer to acquire 26% stake in Jay Ushin Limited (BSE:513252) for approximately INR 510 million on May 20, 2020. Pursuant to the terms, MinebeaMitsumi will offer INR 510.44 per share and will acquire approximately 1 million shares. As of May 28, 2020, MinebeaMitsumi increased the offer per share amounts to INR 589.94 by adding the enhancement amount of INR 79.5 per share and the total consideration assuming full acceptance is approximately INR 600 million. The transaction consideration is payable in cash and is subject to adjustments. The transaction will be funded from the internal accruals of MinebeaMitsumi. The completion of the Open Offer is subject to receipt of statutory approvals as will be set out in the DPS and the LOF, proposed to be issued in accordance with the SEBI (SAST) Regulations. The offer is not subject to any minimum acceptances. The tender offer will commence from July 13, 2020 to July 24, 2020. As per announcement of July 23, 2020, the tender offer will commence from July 31, 2020 and will close on August 13, 2020. Ranjit Lal & Associates, Chartered Accountants acted as accountant to MinebeaMitsumi in the transaction. Praveen Sangal and Gaurav Rana of Ambit Capital Private Limited acted as manager to the offer. Sumeet Deshpande of Link Intime India Pvt. Ltd. acted as registrar to the offer.

MinebeaMitsumi Inc. (TSE:6479) completed the acquisition of 0.05% stake in Jay Ushin Limited (BSE:513252) for INR 1.1 million on August 13, 2020.