Manojbhai J. Patel and Avanishkumar Manojkumar Patel made an open offer to acquire a 26% stake in Jagjanani Textiles Limited (BSE:532825) for INR 26.4 million on April 6, 2023. The offerors offered INR 6.50 cash per share for upto 4,056,000 shares, representing 26% stake of Jagjanani Textiles. In a related transaction, Manojbhai J. Patel and Avanishkumar Manojkumar Patel entered into a share purchase agreement to acquire a 50.32% stake in Jagjanani Textiles Limited from Shri Gopal Vyas, Shiv Kumar Singhal, Ayush Singhal, Megha Jain, Rita Singhal and Madhvi Vyas Shree Ganesh Projects Private Limited and BSA Holdings Pvt Ltd for INR 6.67 million. Upon completion of both transactions, the acquirers will hold 12,032,490 shares, representing 77.13% of Jagjanani Textiles. The consideration will be funded from offerors own resources.

The open offer is not conditional upon any minimum level of acceptance and not a competing offer. As on the date of DLOF, there are no statutory approvals required to complete the offer. The board of directors of Jagjanani Textiles is required to constitute a committee of independent directors, to provide its written reasoned recommendation on the open offer, to the public shareholders. The tendering period will start on June 02, 2023, and end on June 15, 2023. The tendering period will start on July 19, 2023, and end on August 1, 2023.

Saipan Sanghvi of Fedex Securities Private Limited acted as manager to the open offer and Sumeet Deshpande of Link Intime India Private Limited acted as registrar of offer, on behalf of the offerors.

Manojbhai J. Patel and Avanishkumar Manojkumar Patel completed the acquisition of 0.36% stake in Jagjanani Textiles Limited (BSE:532825) for INR 0.36 million on August 1, 2023. As part of acquisition 55,870 Equity Shares were acquired. Consideration was paid on August 17, 2023.