Jupiter Capital Private Limited made an open offer to acquire 26% stake in TRC Financial Services Limited (BSE:511730) for INR 23.4 million on January 16, 2017. Under the terms of the agreement, Jupiter Capital Private Limited will acquire 1.3 million shares at INR 18 per share. In a related transaction, Jupiter Capital Private Limited agreed to acquire 57.91% stake in TRC Financial Services Limited from Vijay Mario Sebastian Misquitta and Ajay Dilkush Sarupria for INR 52.1 million. Jupiter Capital Private Limited has adequate internal resources to meet the financial requirements of the open offer. No borrowings from any bank/ financial institution or NRIs or otherwise is envisaged by acquirer for the purpose of open offer. Jupiter Capital Private Limited proposes to appoint Sidhartha Mehra, K Sanjay Prabhu and Amit Gupta on the board of TRC Financial Services Limited after the offer. The board of directors of TRC Financial Services Limited has constituted a committee of independent directors who would provide its written reasoned recommendation on the offer to the shareholders. The transaction is subject to approval of Reserve Bank of India. The offer is not conditional on any minimum level of acceptance. As of January 31, 2017, draft letter of offer has been submitted. The offer is expected to close on February 14, 2017. Date of commencement of tender offer is March 10, 2017 and offer closing date is March 24, 2017. As of April 11, 2017, all requirements including payment of consideration would be completed. The tendering period will commence on December 06, 2017 and will close on December 19, 2017. All requirements including payment of consideration would be completed by January 3, 2018. On December 4, 2017, Independent Board Committee considers the offer as fair and reasonable and recommends the offer to shareholders of TRC Financial Services Limited. Anupam Chakraborty of JM Financial Services Limited acted as broker to Jupiter Capital Private Limited. Amit Kumar Gattani of Chartered Capital and Investment Limited acted as manager to the offer. Deepali Dhuri of Purva Sharegistry (India) Pvt. Ltd. acted as registrar in the offer. Siddhartha George, Rohan Kumar and Amit Kiran of Poovayya & Co. acted as legal advisor for Jupiter Capital Private Limited.