Parmeet Singh Sood and Aveen Kaur Sood made an offer to acquire a 25% stake in Siel Financial Services Limited (BSE:532217) from Santosh Kumar, Arun Kumar Mithal and others for INR 6.4 million on February 25, 2021. Under the terms of transaction, Parmeet Singh Sood and Aveen Kaur Sood will acquire 2.835938 million shares for INR 2.25 per share in cash. In a separate transaction, Parmeet Singh Sood and Aveen Kaur Sood signed a share purchase agreement to acquire 75% stake in Siel Financial Services Limited for INR 1.11 million on February 25, 2021. Parmeet Singh Sood and Aveen Kaur Sood propose to acquire management control pursuant through this Open Offer and will appoint themselves as the new directors or appoint their nominees as the director of the Siel Financial Services. The offer is not a conditional Offer and there is no stipulation on any minimum level of acceptance. The Committee of Independent Directors on the Board of Siel Financial Services Limited will come out with their recommendations for the Offer by April 23, 2021. Members of the Committee of Independent Directors (IDC) of Siel Financial Services are Santosh Kumar and Arun Kumar Mithal. Santosh Kumar is Chairman of IDC. As of April 16, 2021, IDC Members have reviewed the offer, and based on the review IDC Members recommends that the Offer price is fair and reasonable. The tender offer period will begin on April 27, 2021 and end on May 10, 2021. As of April 9, 2021, offer will commence on April 22, 2021 and will expire on May 5, 2021. Amit Wagle and Gaurav Khandelwal of Saffron Financial Advisory & Consultancy Services (P) Ltd. acted as financial advisors to Siel Financial Services Limited. Deepanshu Rastogi of MAS Services Ltd. acted as Registrar to Siel Siel Financial Services Limited. Parmeet Singh Sood and Aveen Kaur Sood completed the acquisition of a 0.000626% stake in Siel Financial Services Limited (BSE:532217) for INR 159.75 on May 5, 2021. Under the transaction, 346 shares were tendered of which 71 shares were accepted. Post transaction, Offerors hold in aggregate 8.507885 million shares of Siel Financial Services Limited, representing 75% stake in Siel Financial Services Limited.