Jose Charles Martin made an open offer to acquire 40% stake in Onesource Techmedia Limited (BSE:535647) for INR 36.4 million on February 20, 2018. Jose Charles Martin propose to acquire 2.6 million shares in Onesource Techmedia Limited at INR 14 per share in cash. The funds required in relation to the offer have been met from own funds of Jose Charles Martin. Current Promoter of Onesource Techmedia will continue to be the Promoter after successful completion of the offer and Jose Charles Martin will become the part of promoter of Onesource Techmedia. A Committee of Independent Directors of the Board will be established for recommendation of offer. As on April 14, 2018, independent Board committee comprising of Baskaran Sathya Prakash and Vasudevan Sridharan is of the view that transaction is fair, reasonable and in line with the regulations. Completion of the offer is subject to receipt of statutory approvals required, if any. The transaction is subject to receipt of all approvals from the regulatory authorities. The transaction is expected to close on May 16, 2018. Amit Wagle and Shikha Jain of Saffron Capital Advisors Private Limited acted as manager to the offer on behalf of Jose Charles Martin. Rajesh Shah of Purva Sharegistry (India) Pvt. Ltd. acted as registrar to Onesource Techmedia Limited. Jose Charles Martin appointed Davendra Gaikwad and Bhavik Gandhi of Choice Equity Broking Private Limited as buying broker. Jose Charles Martin completed acquisition of 40% stake in Onesource Techmedia Limited (BSE:535647) on May 4, 2018.