Manju Singla, Managing Director of Titan Securities, Udit Singla, Supriya Singla, Raja Singla, Shivom Singla, Connoisseur Management Services Pvt Ltd and Tanita Leasing & Finance Ltd made an open offer to acquire 38% stake in Titan Securities Limited (BSE:530045) for INR 34.2 million on January 24, 2020. Under the terms of the offer, buyers will acquire up to 9.5 million shares. The offer price of INR 3.6 per equity share is payable in cash. In a related transaction, Manju Singla, Udit Singla, Supriya Singla, Raja Singla, Shivom Singla, Connoisseur Management Services Pvt Ltd and Tanita Leasing & Finance Ltd entered into a share purchase agreement to acquire 12.79% stake in Titan Securities Limited. Presently, acquirers along with persons acting in concerts holds 23.38% of Titan Securities. This acquisition will be financed through internal and personal resources. This offer is subject to statutory approval namely prior approval from RBI and is not conditional on minimum acceptance level. No approval will be required from any other bank or financial institutions for the offer. A Committee of Independent Directors consisting of Ajay Radheyshyam Bansal and Aashish Dalmia has been formed to evaluate the offer. As of June 5, 2020, the Committee of Independent Directors recommended that the offer is fair and reasonable. The offer will commence on March 20, 2020 and will expire on April 7, 2020. As of June 9, 2020, offer will commence on June 16, 2020 and will expire on June 29, 2020. Radhika Pushkarna of D&A Financial Services (P) Limited acted as manager to the offer and Punit Mitta of Beetal Financial & Computer Services Private Limited acted as registrar to the buyers.