Amit Bhandari, Ankit Bhandari, Hemakshi Manan Patel, Indu Omprakash Bhandari, Kirtiben Rajesh Kumar Patel, Manan Rajesh Patel and Omprakash Bhandari made an offer to acquire 26% stake in Shah Foods Limited (BSE:519031) for INR 15.5 million on May 15, 2023. The offer price per share is INR 100. The consideration will be paid in cash. In a related transaction, Amit Bhandari, Ankit Bhandari, Hemakshi Manan Patel, Indu Omprakash Bhandari, Kirtiben Rajesh Kumar Patel, Manan Rajesh Patel and Omprakash Bhandari entered into a share purchase agreement to acquire 48.94% stake in Shah Foods Limited from from group of sellers for INR 29.2 million. Following these transactions, the offerors will own 74.96% stake in target. The acquisition will be financed through internal resources and no funds are borrowed from banks or financial institution for the purpose of this open offer. The offer is not a competitive bid neither conditional upon any minimum level of acceptance. The offer period will start on August 3, 2023 and will end on August 18, 2023.

Mohit Baid of GYR Capital Advisors Private Limited acted as a manager to the offer and Ajay Sangle of Bigshare Services Private Limited acted as registrar to offeror.