Ravi Niranjan Pandya made an offer to acquire 26% stake in Yarn Syndicate Limited for INR 13.65 million on November 17, 2022. As per the terms, the offer is INR 14 per share for 0.975000 million shares . In a related transaction Ravi Niranjan Pandya has entered into the Share Purchase Agreement, for the acquisition of 1.313546 million fully paid-up Equity Shares of INR 10 each representing 35.03% of the existing fully paid up capital and voting Equity Share Capital of Yarn Syndicate at a Price of INR 4 per Equity Share aggregating to INR 5.254184 million. As of February 13, 2023, IDC members are of the view that the offer is fair and reasonable. Tender offer will commence on January 9, 2023 and will expire on January 20, 2023. As per the revised schedule, the offer will commence on February 15, 2023, and will close on February 28, 2023. As Kunvarji Finstock Pvt. Ltd acted as financial advisor to Ravi Niranjan Pandya.

Ravi Niranjan Pandya completed the acquisition of 0.003% stake in Yarn Syndicate Limited on February 28,2023.