Shripal Sanghvi, Sarika Sanghvi, Shripal Sanghvi HUF and Mahipal Sanghvi HUF made an offer to acquire an additional 26% stake in RCL Retail Limited (BSE:534708) for INR 32 million on April 10, 2017. Under the terms, Shripal Sanghvi, Sarika Sanghvi, Shripal Sanghvi HUF and Mahipal Sanghvi HUF acquire 3.2 million equity shares at INR 10 per share. The payment of consideration shall be made to all the shareholders, who have tendered their shares in acceptance of the open offer within ten working days of the expiry of the tendering period. The transaction will be funded from own resources of the acquirers. In related transaction, Shripal Sanghvi, Sarika Sanghvi, Shripal Sanghvi HUF and Mahipal Sanghvi HUF entered into share purchase agreement to acquire 23.84% stake in RCL Retail Limited from a group of shareholders for INR 29.4 million on April 10, 2017. Date of commencement of tendering period starts from June 5, 2017 to June 16, 2017. As reported on June 7, 2017, the offer will open on June 16, 2017 and close on June 30, 2017. A committee of independent Directors was established for the offer. Independent Board committee has opined that the offer is fair and reasonable. Tanmoy Banerjee of Gretex Corporate Services Private Limited acted as financial advisor, Sreepriya K. of Cameo Corporate Services Limited acted as registrar, Sonal Jain of Sonal & Associates acted as an accountant, HDFC Bank Limited acted as escrow agent and Guness Securities Limited acted as broker for Shripal Sanghvi, Sarika Sanghvi, Shripal Sanghvi and Mahipal Sanghvi. Shripal Sanghvi, Sarika Sanghvi, Shripal Sanghvi HUF and Mahipal Sanghvi HUF completed the offer to acquire an additional 26% stake in RCL Retail Limited (BSE:534708) on June 30, 2017.