Rahul Gupta made an offer to acquire an additional 43% stake in Best Steel Logistics Limited (BSE:538566) from public shareholders for approximately INR 950 million on January 29, 2018. As per the transaction, Rahul Gupta made an offer to acquire an additional 7.96 million shares at INR 120 per share in cash from public shareholders other than Sameer Gupta (as party acting in concert) and Rahul Gupta. The mandatory offer is triggered on the allotment of 7.2 million convertible preferential shares and 4.3 million warrants of Best Steel Logistics to Rahul Gupta. After counting the effective conversions of dilutive capital of Best Steel Logistics of 30.6 million shares, the effective stake targeted to be acquired by Rahul Gupta in the offer is 26%. The acquisition will be financed through internal resources of Rahul Gupta. The transaction is not subject to any minimum level of acceptances. The offer does not require statutory and regulatory approvals. Independent Directors Committee members namely Rajeev Kohli and Bharat Bhushan Sahny have recommended that offer is fair and reasonable. As of February 12, 2018, the draft letter of offer has been filled. The offer will commence on March 26, 2018 and close on April 10, 2018. On April 3, 2018, the offer will commence on April 9, 2018 and close on April 20, 2018. On April 10, 2018, the offer will commence on April 11, 2018 and close on April 24, 2018. Manoj Kumar and Ruchika Sharma of Corporate Professionals Capital Private Limited acted as manager, Jibu John of Bigshare Services Private Limited acted as registrar and P.K. Jain of VAPS &Co., Chartered Accountants acted as accountant to Rahul Gupta. Pooja Chhabra of Integrated Master Securities (Private) Limited acted as broker for Rahul Gupta.