Ashok Matches and Timber Industries Private Limited and Pioneer Jellice India Private Limited (the ‘Acquirers’ made an offer to acquire 25% stake in Narmada Gelatines Limited for approximately INR 460 million.

Ashok Matches and Timber Industries Private Limited and Pioneer Jellice India Private Limited (the ‘Acquirers’ made an offer to acquire 25% stake in Narmada Gelatines Limited (BSE:526739) for approximately INR 460 million on June 9, 2023. Under the offer, the Acquirers made an offer to acquire up to 15,12,398 Equity shares in Narmada Gelatines Limited for cash at a price of INR 303 per share to the public shareholders. The open offer is not conditional upon any minimum level of acceptance.

As of the date of the Draft Letter of offer on June 19, 2023, there are no statutory approvals required by the Acquirers to complete this offer. The committee of the independent directors of Narmada Gelatines is required to publish its recommendation to the public shareholders for the open offer by July 26, 2023. The tendering period will commence on July 28, 2023 and close on August 10, 2023.

Gaurav Khandelwal and Saurabh Gaikwad of Saffron Capital Advisors Private Limited acted as a manager to the offer on behalf of Acquirers. Cameo Corporate Services Limited acted as registrar to the offer.