Hemant Amrish Parikh entered into a share purchase agreement to acquire a 24.48% stake in Adline Chem Lab Limited (BSE:524604) from Kamlesh J. Laskari HUF, Ranak K. Laskari, Rohan K. Laskari and Sohan K. Laskari for INR 7.5 million on May 17, 2023. The offer price is INR 5.25 cash for each equity shares of Adline Chem Lab. In a related transaction, Hemant Amrish Parikh made an open offer to acquire a 26% stake in Adline Chem Lab Limited for INR 8 million on May 17, 2023.

Prior to open offer and SPA, acquirer held a 1.37% stake in Adline Chem Lab. Pursuant to SPA, acquirer will acquire 1,432,040 equity shares, representing approximately 24.48% in Adline Chem Lab and post-closing of SPA and offer his ownership stake will increase to 51.85%.