Darpan Shah made an open offer to acquire 26% stake in Nidhi Granites Limited (BSE:512103) for INR 5.7 million on November 19, 2020. As a part of the offer Darpan Shah will acquire up to 0.19 million shares for INR 29 per share in cash of Nidhi Granites. In a related transaction, Darpan Shah and Devan Pandya entered into a share purchase agreement to acquire an additional 62.09% stake in Nidhi Granites Limited (BSE:512103) from Nupur International Pvt Ltd., Anil Ratanlal Saraf, Nidhi Abhinav Aggarwal, Pushpa Rajkumar Thard and Rajkumar Manmal Thard for INR 12.1 million. The Open Offer was triggered as a result of this share purchase agreement. The Acquirer has confirmed that he has adequate financial resources to meet the obligations under the Offer and have made firm financial arrangements for financing the acquisition of the Offer Shares. The Offer is subject to the compliance of the terms and conditions as set out under the Share Purchase Agreement. As on date, to the best of the knowledge and belief of the Acquirer, there are no statutory approvals required to acquire equity shares that are validly tendered pursuant to this Offer. However, the Offer would be subject to all the statutory approvals that may become applicable at a later date but before the completion of the Offer. This Offer is unconditional and not subject to any minimum level of acceptance. The tendering period will run from January 13, 2020 to January 27, 2020. As of January 14, 2021, the tendering period will run from January 21, 2021 to February 4, 2021. Jigar Jain of Pantomath Capital Advisors Private Limited acted as manager to the Offer and Ravindra Utekar of Universal Capital Securities Private Limited acted as registrar to the Offer.