Vijay Kumar Jatia along with the promoter/promoter group entities of Modern made an offer to acquire the remaining 25% stake in Modern India Limited (BSE:503015) for INR 4.3 billion on January 21, 2021. Under the terms of the consideration, the remaining 93.9 million shares will be acquired for INR 45.9 per share which is the floor price set for the proposed transaction. The transaction will be financed from internal sources. Post completion of the transaction, Modern will be delisted from BSE. The transaction is subject to customary closing conditions, including receipt of all regulatory approvals, Modern's board and shareholder approvals, minimum number of 56.314 million being tendered. As on February 3, 2021, a meeting of the Modern India Limited Board is scheduled to be held on Monday February 8, 2021. As on February 8, 2021, Board of Modern India Limited has taken on record the due diligence report of Keynote Financial Services Limited, Board discussed, approved and consented to the delisting proposal and delisting regulations is subject to approval of the shareholders of the Modern India Limited, Board recommended that the Modern India Limited shall seek the approval of the shareholders by way of special resolution for the delisting proposal through Postal Ballot and e-voting. As of February 17, 2021, the remote e-voting period commences from February 19, 2021 and ends on March 20, 2021. Bid opening date is April 26, 2021 and closing date is April 30, 2021. Michael Monteiro of Satellite Corporate Services Private Limited acted as registrar and Pooja Sanghvi and Shashank Pisat of Keynote Financial Services Limited has been appointed as due diligence provider. Vijay Kumar Jatia along with the promoter/promoter group entities of Modern made completed the acquisition of an additional 1.56% minority stake in Modern India Limited (BSE:503015) for approximately INR 270 million on April 30, 2021. Under the Offer, 5.867911 million shares have been validly tendered, which satisfies the minimum acceptance condition and thus delisting proposal is deemed to be successful. Under the transaction, offerors will now pay INR 46.5 per share in cash.