Yashraj Biotechnology Limited signed a share purchase agreement to acquire 48.34% stake in Utkal Soap Products Limited from Kailash Tantia, Akash Tantia, South India Projects Limited, J.P. Tantia HUF, Jay Prakash Tantia and Kailash Soap Pvt Ltd for INR 1.9 million on December 31, 2013. Yashraj Biotechnology Limited will acquire 0.19 million shares at an offer price INR 10 per share. In a related transaction, Yashraj Biotechnology Limited made an offer to acquire additional 26% stake in Utkal Soap Products Limited for INR 1.7 million. The consideration includes payment of INR 1 million as advance on signing of the agreement and balance amount will be payable on the effective date as required under the SEBI (SAST) Regulations, 2011.

The existing Board of Directors of Utkal Soap Products Limited shall be reconstituted to the satisfaction of Yashraj Biotechnology after an initial period of 21 working days from the detailed public statement after depositing 100% in escrow account of the consideration under the open offer in cash. Further, the sellers will take steps to ensure that all or any of the existing Directors of Utkal Soap Products Limited, representing the sellers/ promoters Group shall resign as director of Utkal Soap Products Limited as directed by the acquirers and the nominees of Yashraj Biotechnology will be appointed on the Board of Directors of Utkal Soap Products Limited.