Proficient Finstock LLP made an offer to acquire an additional 26% stake in KPIT Technologies Limited (NSEI:KPITTECH) for INR 4.7 billion on April 22, 2019. Proficient Finstock LLP will acquire 71.3 million shares of KPIT Technologies Limited at INR 66.5 per share in cash. Prior to the transaction, Proficient Finstock LLP holds 27.13 million shares amounting to 9.9% stake in KPIT Technologies Limited. In another transaction, Proficient Finstock LLP and Kishor Patil entered into an agreement to acquire 25.5% stake in KPIT Technologies Limited. Proficient Finstock LLP has adequate financial resources to meet its obligations under the offer and has made firm financial arrangements for the acquisition of the equity shares and to meet other obligations under the open offer. Proficient Finstock LLP has been sanctioned unconditional and irrevocable lines of credit of upto INR 420 million of which INR 50 million is already deposited in the escrow account with Kotak Mahindra Bank. Proficient Finstock LLP will have INR 490 million from credit lines and cash on hand to fund the offer. Completion of the offer is subject to satisfaction of certain conditions precedent. The open offer is not conditional upon any minimum level of acceptance. The committee of independent Directors of KPIT Technologies Limited recommended that the offer is a mandatory open offer in compliance with Regulation 3(1), and Regulation 4 of the SEBI (SAST) Regulations, 2011 and the offer price is in line with the parameters prescribed by SEBI as per SEBI (SAST) Regulations, 2011. The offer will open on June 14, 2019 and will close on June 27, 2019. As of July 3, 2019, offer opening date is July 12, 2019 and closing date is July 25, 2019. Ganesh Rane of Kotak Mahindra Capital Company Limited acted as the financial advisor to Proficient Finstock LLP. Ankush Singh of Kotak Securities Limited acted as broker, M. Muralikrishna of Karvy Fintech Private Limited acted as registrar and S.V. Shah & Associates acted as accountant for Proficient Finstock LLP. Proficient Finstock LLP completed the acquisition of an additional 0.004% stake in KPIT Technologies Limited (NSEI:KPITTECH) for INR 0.72 million on July 25, 2019. Proficient Finstock LLP acquired 10769 shares in the offer and will hold 38.6% stake along with PACs.