Nikita D. Kothari made an offer to acquire 26% stake in Servoteach Industries Limited (BSE:531944) for INR 3.1 million on June 5, 2023. Under the offer, Nikita D. Kothari will acquire up to 10,21,450 equity shares of Servoteach Industries Limited from the public shareholders at an offer price per of INR 3 per share to be paid in cash. In a related transaction, Nikita D. Kothari entered into a share purchase agreement (SPA) to acquire 31.44% stake in Servoteach Industries Limited from Radhey Shyam Lahoti, Ram Awatar Lahoti, Lahoti Export Private Limited, and Quality Products Marketing Private Limited for INR 3.7 million on June 5, 2023. The offer will be funded from Nikita D. Kothari?s own resources and no borrowings from any bank and/or financial institutions will be made. On completion of the share purchase agreement and the open offer, Nikita D. Kothari will hold 57.44% stake Servoteach Industries Limited.

Completion of the offer and the underlying transaction is subject to satisfaction of the conditions precedent set out in the SPA and receipt of statutory approvals required, if any. As of date, no statutory approvals are required for implementation of the offer. The tendering period will commence on July 27, 2023 and end on August 10, 2023. As of August 31, 2023, the tendering period was revised to commence on September 1, 2023 and end on September 14, 2023.

Menka Jha and Sukant Goel of PNB Investment Services Limited acted as a manager to the offer for and on behalf of Nikita D. Kothari.