Madhuri S Pitti and Pitti Electrical Equipment Private Limited made an offer to acquire upto 20% stake in Pitti Laminations Ltd. (BSE: 513519) from existing shareholders for approximately INR 110 million on September 9, 2011. As part of the transaction, 2.7 million shares of Pitti Laminations are to be acquired by Madhuri and Pitti Electrical at INR 41. The transaction would be financed from their existing cash and bank balance. The tender offer would open on October 31, 2011, and closes on November 19, 2011. As of September 9, 2022, Madhuri S Pitti and Pitti Electrical Equipment Private Limited revised an offer to acquire upto 20% stake in Pitti Laminations Ltd. (BSE: 513519) from existing shareholders for approximately INR 580 million. As part of the transaction, 6.41 million shares of Pitti Laminations are to be acquired by Madhuri and Pitti Electrical at INR 90. The tender offer would open on September 23, 2022, and closes on October 12, 2022.

The transaction is subject to approval of Reserve Bank of India as required under Foreign Exchange Management Act, banks and financial institution. Kotak Mahindra Bank and State Bank of India have approved the transaction and other others banks need to approve. As on December 31, 2012, SEBI vide letter dated December 17, 2012, issued its observations in terms of the proviso to Regulation 18(2) of the regulations on the draft letter of offer submitted on September 19, 2011 that the offer price be revised. SEBI has a statutory right to appeal the SAT Order before the Hon'ble Supreme Court of India. SEBI has, by its letters dated December 5, 2013 and January 2, 2014 directed to not proceed with the offer because it intends to pursue an appeal to challenge the SAT Order. Preeti Swaroop and Venkata Raveendra R of BOB Capital Markets Ltd. acted as financial advisor and Bigshare Services Pvt. Ltd. acted as registrar for Madhuri S Pitti and Pitti Electrical Equipment. National Securities Depository Ltd. acted as depository bank for Madhuri S Pitti and Pitti Electrical Equipment. D. V. Aditya & Co. acted as the accountant for Madhuri S Pitti and Pitti Electrical Equipment.

Madhuri S Pitti and Pitti Electrical Equipment Private Limited completed the acquisition of upto 20% stake in Pitti Laminations Ltd. (BSE: 513519) from existing shareholders on October 12, 2022.