Suumaya Retail Limited made an offer to acquire 26% stake in White Organic Retail Limited (BSE:542667) from public shareholders for approximately INR 110 million on May 21, 2021. Suumaya has offered to acquire 2.83 million shares at INR 37.45 per share to be paid in cash. In a related transaction, Suumaya entered into a share purchase agreement to acquire 55.01% stake in White Organic for approximately INR 190 million. Upon completion of both transactions, Suumaya will hold 81.01% stake in White Organic. Suumaya will fund the transaction from the proceeds of INR 310 million received through issuance of Zero Coupon Compulsorily Convertible Debentures. The offer is not conditional upon any minimum level of acceptance. The completion of the offer is subject to receipt of statutory approvals required to be set out in the letter of offer. Committee of Independent Directors of the Target Company shall give its recommendations by July 9, 2021. Members of the Committee of Independent Directors of White Organic Retail Limited, which includes Pritesh Doshi as Chairman and Jigna Thakkar as member, believed that Offer is fair and reasonable and unanimously voted in favour of recommending the open offer to the shareholders. The tender offer will commence on July 13, 2021 and will be closed on July 27, 2021. As of July 16, 2021, the tender offer will open on July 20, 2021 and close on August 3, 2021. The consideration will be paid on August 17, 2021. Yash Kadakia and Rinkesh Saraiya of Fedex Securities Private Limited acted as financial advisors to Suumaya. Sumeet Deshpande of Link Intime India Pvt. Ltd. acted as registrar for Suumaya.