Bajrang Finance Limited (BSE:511139), Remi Securities Limited (BSE:511149), Remi Finance & Investment Pvt Ltd and Vishwakarma Jobworks Ltd made an offer to acquire remaining 37.57% stake in Remi Edelstahl Tubulars Limited (BSE:513043) for INR 80.1 million on October 19, 2020. Bajrang Finance Limited, Remi Securities, Remi Finance and Vishwakarma Jobworks will acquire 4.13 million shares at price of INR 19.71 per share. Remi Edelstahl Tubulars Limited will be delisted from BSE Limited. The deal is subject to approval from Board of Remi Edelstahl, appointment of investment banker to undertake due diligence, approval from Remi Edelstahl shareholders, minimum of 90% acceptance and approval from Stock Exchange, a minimum number of 30,28,108 Offer Shares being tendered, The Promoter Acquirers obtaining all requisite regulatory approvals,
The transaction was approved by Board of Bajrang Finance Limited. As of November 12, 2020, Board Directors of Remi Edelstahl and regulatory authorities approved the transaction. The tender offer period opens on February 23, 2021 and closes on March 1, 2021. Systematix Corporate Services Limited (BSE:526506) provided due diligence service for Remi Edelstahl. Amit Kumar of Systematix Corporate Services Limited acted as manager to the acquirers. Arvind Tandel of Bigshare Services Private acted as registrar to the offeror.

Bajrang Finance Limited (BSE:511139), Remi Securities Limited (BSE:511149), Remi Finance & Investment Pvt Ltd and Vishwakarma Jobworks Ltd cancelled the acquisition of remaining 37.57% stake in Remi Edelstahl Tubulars Limited (BSE:513043) on March 1, 2021. The total number of Offer Shares validly tendered by the Public Shareholders in the Delisting Offer is 25,12,705 Offer Shares, which is less than the minimum number of Offer Shares required 30,28,108 to be accepted by the Promoter Acquirers in order for the Delisting Offer to be successful. Thus, the Delisting Offer is deemed to have failed. In view of failure of the Delisting Offer of Remi Edelsthal Tubulars Ltd all shares tendered in the Delisting Offer shall be returned to the respective investors or public shareholders by Clearing Corporation (ICCL) on March 03, 2021 on best effort basis.