Parmeet Singh Sood and Aveen Kaur Sood entered into a share purchase agreement to acquire a 75% stake in Siel Financial Services Limited (BSE:532217) from Mawana Sugars Limited (BSE:523371) for INR 1.1 million on February 25, 2021. The consideration comprises of acquisition of approximately 8.51 million shares for INR 0.13 per share paid in cash. Post completion, Parmeet Singh Sood will hold 56.25% and Aveen Kaur Sood will hold 18.75% in Siel Financial Serivces.

Mawana Sugars Limited will cease to be a shareholder of Siel Financial Services Limited. In a related transaction, Parmeet Singh Sood and Aveen Kaur Sood have made an open offer to acquire the remaining 25% stake as well. The transaction is subject to shareholders approval, Mawana Sugars shall, post completion of takeover formalities, relinquish the management control in favour of Parmeet Singh Sood and Aveen Kaur Sood.