Sreenivasa Sreekanth Uppuluri, Yerradoddi Ramesh Reddy and Edvenswa Tech Private Limited made an offer to acquire a 93.9% stake KLK Electrical Limited (BSE:517170) for INR 62.3 million on November 2, 2021. Under the terms of transaction, Sreenivasa Sreekanth Uppuluri, Yerradoddi Ramesh Reddy and Edvenswa Tech Private Limited will acquire 2.49 million shares at price of INR 25 per share in cash. The Offer would be subject to the receipt of statutory and other approvals including approval of BSE (Stock Exchange) and approval of shareholders of KLK Electrical Limited. This Offer is not conditional upon any minimum level of acceptance. The Board of Directors of KLK Electrical Limited has constituted a committee of independent directors comprising Abbina Naveen Kumar, Sujata Jonnavittula and Durgaprasada Rao Macharla to provide reasoned recommendations to the shareholders on the open offer.

As of November 19, 2021, the tendering period is from December 22, 2021 to January 11, 2022. As per update on January 18, 2022, offer period has been revised to February 8, 2022. As on January 14, 2022, IDC members recommends offer to be fair and reasonable.
S Ramakrishna Iyengar of Finshore Management Services Limited acted as financial advisor to Sreenivasa Sreekanth Uppuluri, Yerradoddi Ramesh Reddy and Edvenswa Tech Private Limited. K. Sreepriya of Cameo Corporate Services Limited acting as a registrar to Sreenivasa Sreekanth Uppuluri, Yerradoddi Ramesh Reddy and Edvenswa Tech Private Limited.