Madhusudan Kela made an offer to acquire16.34% stake in Ikab Securities & Investment Limited (BSE:514238) for INR 28.5 million on November 2, 2021. As per terms, Madhusudan Kela shall acquire 0.558373 million shares for INR 51 per share for the consideration to be paid in cash. In related transaction, which triggered this tender offer, Madhusudan Kela signed three different share purchase agreement to acquire 83.66% stake on November 2, 2021. The completion of the Offer is subject to receipt of statutory and other regulatory approvals if any. The Offer is not conditional upon any minimum level of acceptance. The completion is subject to the approval of the Reserve Bank of India. The offer period opens on December 28, 2021 and closes on January 10, 2022. As on January 20, 2022, offer period was revised and offer commences from January 28. 2022 to February 10, 2022. As on January 25, 2022, IDC members unanimously approved the transaction. Yash Kadakia of Fedex Securities Private limited acting as a manager to the offer. Michael Monterio of SATELLITE CORPORATE SERVICES PRIVATE LIMITED acted as registrar.

Madhusudan Kela cancelled the acquisition of 16.34% stake in Ikab Securities & Investment Limited (BSE:514238) on February 10, 2022.