Vishnukumar Vitthaldas Patel made an offer to acquire a 26% stake in Jhaveri Credits and Capital Limited (BSE:531550) for INR 26.9 million on February 27, 2023. The offer price is INR 16 cash per share. In a related transaction, Vishnukumar Vitthaldas Patel entered into a share purchase agreement to acquire a 62.25% stake in Jhaveri Credits and Capital Limited from Kamlesh Jitendra Jhaveri, Bhadresh Jitendra Jhaveri, Sangita Bhadresh Jhaveri, Jeet Bhadresh Jhaveri, Karan Kamlesh Jhaveri and Bhadresh Jitendra Jhaveri (HUF) for INR 56.3 million on February 27, 2023.

Following these transactions, Vishnukumar Vitthaldas Patel will hold an aggregate of 88.25% stake in Jhaveri Credits and Capital. Completion of the offer is subject to the satisfaction of certain conditions precedent including the receipt of statutory and other regulatory approvals. The offer is not conditional upon any minimum level of acceptance and not a competing offer.

Jiten Patel of Kunvarji Finstock Private Limited acted as manager of offer to Vishnukumar Vitthaldas Patel. Purva Share Registry (I) Pvt. Ltd acted as registrar to Vishnukumar Vitthaldas Patel.