Hemant Amrish Parikh made an open offer to acquire a 26% stake in Adline Chem Lab Limited (BSE:524604) for INR 8 million on May 17, 2023. The open offer is being made at INR 5.25 cash for each equity shares of Adline Chem Lab. In a related transaction, Hemant Amrish Parikh entered into a share purchase agreement to acquire a 24.48% stake in Adline Chem Lab Limited for INR 7.5 million from Kamlesh J. Laskari HUF, Ranak K. Laskari, Rohan K. Laskari and Sohan K. Laskari on May 17, 2023. Prior to open offer and SPA, offeror held a 1.37% stake in Adline Chem Lab. Pursuant to offer, offeror will acquire 1,521,000 equity shares, representing 26% in Adline Chem Lab and post-closing of SPA and offer his ownership stake will increase to 51.85%. The offeror has made firm financial arrangements for financing the acquisition of the offer shares. The offer is not a competing offer and not conditional upon any minimum level of acceptance. As of August 31, 2023, the revised scheduled for tender period starts on September 7, 2023 and ends on September 21 ,2023.

Atul Chokshi, Jiten Patel and Prasann Bhat of Kunvarji Finstock Private Limited acted as manager to the offer on behalf of Hemant Amrish Parikh.