Jitendra G. Raiyani and Rameshkumar Jivrajbhai Ranipa entered into an agreement to acquire 56.47% stake in Angel Fibers Limited (BSE : 541006) from Ashok Mavjibhai Dudhagara and Prafulaben Ashokbhai Dudhagara for approximately INR 130 million on March 17, 2020. Under the terms, 14.2 million shares will be acquired at a price of INR 9 per share. An earnest money of INR 38.1 million will be paid at the time of execution of the agreement, 30% of the total consideration will be paid before March 30, 2020, next 30% of the total consideration will be paid on or before April 15, 2020 and the balance 10% will be paid on completion of formalities of transfer of shares. In a related transaction, Jitendra G. Raiyani and Rameshkumar Jivrajbhai Ranipa made an offer to acquire 26% stake in Angel Fibers Limited (BSE:541006) for INR 58.5 million on March 17, 2020. 5.3 million equity shares out of the 14.12 million shares sought, are pledged with lender(s) and are to be released subject to NOC/approval from lenders.