Vadasseril Chacko Georgekutty, Midhun Ittoop and Varghese Mathew made an offer to acquire 26% stake in Richfield Financial Services Limited (BSE:539435) for INR 22.5 million on June 16, 2021. Under the terms of the transaction, Vadasseril Chacko Georgekutty, Midhun Ittoop and Varghese Mathew will pay INR 23.1 per share to acquire 0.98 million shares in Richfield Financial Services Limited. In a separate transaction, Vadasseril Chacko Georgekutty, Midhun Ittoop and Varghese Mathew agreed to acquire a 33.05% stake in Richfield Financial Services Limited for INR 26 million. The open offer is subject to customary closing conditions, including receipt of statutory and regulatory approvals and approval from Reserve Bank of India. The open offer is not conditional upon any minimum level of acceptance. Upon completion of this Open Offer, assuming full acceptances in the Open Offer, the Acquirers will hold 2.214465 million Shares constituting 59.05% of the present issued, subscribed and paid-up Equity Share capital of the Richfield Financial Services Limited.
As of August 13, 2021, approval from Reserve Bank of India was received. The offer will open on August 6, 2021 and close on August 24, 2021. As of August 20, 2021, the offer will open on September 2, 2021 and close on September 16, 2021. The Deepali Dhuri of Purva Sharegistry (India) Private Limited acted as registrar to Vadasseril Chacko Georgekutty, Midhun Ittoop and Varghese Mathew. Tanmoy Banerjee of CAPITALSQUARE ADVISORS PRIVATE LIMITED acted as manager and Amith of A. John Moris & Co., Chartered Accountants acted as an accountant for Vadasseril Chacko Georgekutty, Midhun Ittoop and Varghese Mathew. Purva Sharegistry (India) Pvt. Ltd. acted as registrar.

Vadasseril Chacko Georgekutty, Midhun Ittoop and Varghese Mathew completed the acquisition of 14.5% stake in Richfield Financial Services Limited (BSE:539435) for INR 12.5 million on September 16, 2021.