Pankajkumar Patel entered into Share Purchase Agreement to acquire 70.8% stake in Mirch Technologies (India) Limited (BSE:505336) from Ushadevi Shivkumar Ladha for INR 5.7 million on March 11, 2022. Under the terms of agreement, Pankaj shall purchase 5,66,294 Equity Shares of Mirch at price of INR 10 per share. In related transaction, Pankajkumar Patel made an offer to acquire 26% of stake Mirch Technologies (India) Limited for INR 2.08 million on March 11, 2022.

Consequent to the changes in control and management of the Target Company contemplated under the SPA, mandatory Open Offer is being made by the Acquirer in compliance with Regulation 3(1), 4 and other applicable provisions of SEBI (SAST) Regulations, 2011 as amended. Post completion, Pankajkumar Patel will hold 96.8% shares in Mirch Technologies.