Vipin Sharma, DUC Education Foundation and AMRAC Real Estate Fund - I, fund managed by Amrac Investment Trust made an offer to acquire 26% stake in Elitecon International Limited (BSE:539533) for INR 11.6 million in cash on July 9, 2021. Under the terms of transaction, Vipin Sharma, DUC Education Foundation and AMRAC Real Estate Fund - I, fund managed by Amrac Investment Trust will purchase 0.3861 million shares at a purchase price of INR 30 per share. Offer is subject to customary closing conditions, including receipt of statutory approval. Open Offer is not conditional upon any minimum level of acceptance. Committee of Independent Directors approved the offer on September 1, 2021. Offer will expire on September 20, 2021. As on August 27, 2021, the schedule of offer revised and offer will commence from September 7, 2021 to September 21, 2021. Satish Sheth and Mala Soneji of First Overseas Capital Limited acted as financial advisors and Arvind Tandel of Bigshare Services Pvt. Ltd. acted as Registrar for Elitecon International Limited.

Vipin Sharma, DUC Education Foundation and AMRAC Real Estate Fund - I, fund managed by Amrac Investment Trust cancelled the offer to acquire 26% stake in Elitecon International Limited (BSE:539533) on September 21, 2021. The offer was cancelled because no shares were tendered during the offer period.