Fotoset Trading Private Limited made an offer to acquire a 26% stake in Spice Islands Apparels Limited (BSE:526827) for INR 10.06 million on April 6, 2023. The offer per share is INR 9. The consideration will be paid in cash. In a related transaction, Fotoset Trading Private Limited entered into a share purchase agreement to acquire a 62.34% stake in Spice Islands Apparels Limited for INR 24.12 million. Fotoset Trading Private has deposited INR 0.1 million in an escrow account and has obtained a bank guarantee of INR 2.6 million. The offer is not conditional upon any minimum level of acceptance and also not a competing offer. The tender offer will commence on June 2, 2023, and close on June 15, 2023. The revised offer period will open on July 17, 2023 and close on July 28, 2023.

Punam Thadeshwar of Pantomath Capital Advisors Private Limited acted as a financial advisor to Fotoset Trading. Sumeet Deshpande of Link Intime India Private Limited acted as registrar to Fotoset Trading.