Flowtech Industrial Projects Pvt. Ltd., Flow Tech Chemicals Private Limited, Sukhbir Singh Dahiya, Jagbir Singh Ahlawat, Jatin Dahiya and Parerna Ahlawat made an offer to acquire additional 26% stake in Punjab Alkalies & Chemicals Limited (BSE:506852) from Punjab State Industrial Development Corporation Ltd. and other public shareholders for approximately INR 280 million on August 5, 2020. Under the terms, the size of this offer is 7.05 million fully paid up equity shares representing 26% of the total outstanding share capital of Punjab Alkalies & Chemicals and the offer per share is INR 39.1 and it will be payable in cash. As on September 14, 2020, the terms were revised and Flowtech Industrial Projects Pvt. Ltd., Flow Tech Chemicals Private Limited, Sukhbir Singh Dahiya, Jagbir Singh Ahlawat, Jatin Dahiya and Parerna Ahlawat will acquire additional 34% stake in Punjab Alkalies & Chemicals Limited (BSE:506852) from Punjab State Industrial Development Corporation Ltd. and other public shareholders for approximately INR 414 million. Under the terms the offer price was revised to INR 45 from INR 39.1 per equity share and the size of offer was revised to 9.2 million shares from 7.05 million shares. In a related transaction, Flowtech Industrial Projects Pvt. Ltd., Flow Tech Chemicals Private Limited, Sukhbir Singh Dahiya, Jagbir Singh Ahlawat, Jatin Dahiya and Parerna Ahlawat acquired 24.39% stake in Punjab Alkalies & Chemicals. The acquisition will be financed through internal accruals. The Offer is not a conditional to minimum level of acceptances and no statutory or other approvals required to complete the Offer. As of September 14, 2020, the Committee of Independent Directors of Punjab Alkalies recommended the open offer. The Tendering Period of the Offer shall commence on September 17, 2020 and close on September 30, 2020. NitiN Somani and Anchal Lohia of Sundae Capital Advisors Private Limited acted as financial advisor to the acquirers in this transaction. S P Gupta of Beetal Financial & Computer Services Private Limited acted registrar for Flow Tech Group of Industries and Flowtech Industrial Projects Private Limited. Corporate Professionals Capital Private Limited acted as financial advisor for Committee of Independent Directors.