Anand Manoj shah, Kaushal Anand Shah, Milan Bhupendra Shah, Amisha Milan Shah and Hasmukh K Gala made an offer to acquire a 26.95% stake in Supremex Shine Steels Limited (BSE:534733) for INR 14 million on October 28, 2021. Offerors will acquire 85,00,000 fully paid up equity shares of Supremex at a price of INR 1.65 per share in cash. Offerors will fund the consideration under Offer from own sources/Net Worth and no borrowing. In a related transaction, Anand Manoj shah, Kaushal Anand Shah, Milan Bhupendra Shah, Amisha Milan Shah and Hasmukh K Gala entered into a share purchase agreement to acquire a 41.85% stake in Supremex Shine Steels Limited from a group of shareholders for INR 21.8 million on October 28, 2021. Offerors intend to exercise control and make changes to the board of directors of Supremex Shine Steels Limited under the Offer. The Offer is not subject to any minimum level of acceptance and no statutory approvals are required under the Offer. Offer will open on December 23, 2021 and will close on January 5, 2022. As of November 15, 2021, all requirements including payment of consideration would be completed by January 19, 2022. As per revised schedule, Offer will open on January 21, 2022 and will close on February 4, 2022. As on January 12, 2022, IDC recommended that transaction is fair and reasonable.

Sundar Rangan, Amol Kshirsagar and Satish Kumar P of Arihant Capital Markets Limited acted as financial advisors and Deepali Dhuri of Purva Sharegistry (India) Pvt. Ltd. acted as registrar to Anand Manoj shah, Kaushal Anand Shah, Milan Bhupendra Shah, Amisha Milan Shah and Hasmukh K Gala.

Anand Manoj shah, Kaushal Anand Shah, Milan Bhupendra Shah, Amisha Milan Shah and Hasmukh K Gala completed the acquisition of 3.302286% stake in Supremex Shine Steels Limited (BSE:534733) for INR 1.7 million on February 4, 2022.