Appu Financial Services Ltd made an open offer to acquire 26% stake in Velox Industries Limited (BSE:506178) for INR 33.4 million on June 29, 2022. On October 13, 2022, Appu Financial Services Ltd revised the offer to acquire a 25.75% stake in Velox Industries Limited for INR 20.53 million. Appu Financial Services will acquire approximately 2.05 million shares at INR 10 each. The tender offer is subject to statutory approvals. The tender offer will commence on August 24, 2022, and close on September 7, 2022. As of October 13, 2022, the tender offer will commence on October 19, 2022, and close on November 3, 2022. First Overseas Capital Limited acted as financial advisor to Appu Financial Services and Skyline Financial Services Private Limited acted as registrar to Skyline Financial Services Private Limited.

Appu Financial Services Ltd cancelled the acquisition of 2.23% stake in Velox Industries Limited (BSE:506178) on November 3, 2022.