Rajnish Kumar Singh made an offer to acquire 26% stake in Sheetal Diamonds Limited (BSE:530525) for INR 52.7 million on May 20, 2023. As per the terms Rajnish Kumar will pay INR 9 per share for up to 5.85 million shares. Committee of the independent directors is required to give its recommendation to the Public Shareholders on or before July 7, 2023. The period for tender offer will be commence from July 11, 2023 to July 24, 2023. As of August 30, 2023, Committee of the independent directors is required to give its recommendation to the Public Shareholders on or before August 29, 2023 and the period for tender offer will be commence from August 31, 2023 to September 13, 2023. Committee of Independent Directors approved the the transaction on August 28, 2023.

Swaraj Shares & Securities Private Limited acted as financial advisor and Satellite Corporate Services Private Ltd. acted as transfer agent for Sheetal Diamonds Limited (BSE:530525). KFin Technologies Limited (NSEI:KFINTECH) acted as transfer agent for Sheetal Diamonds Limited.