FOODS AND INNS LIMITED Raymond Simkins and Milan Bhupendra Dalal made an offer to acquire additional 32.54% stake in Foods and Inns Limited (BSE:507552) for INR 2.7 billion on April 9, 2024. The offer was made for INR 147 per fully paid up equity share. Milan Bhupendra Dalal entered into irrevocable loan arrangement of up to 3.15 million from Borgos Multitrade LLP to fund the acquisition.
The deal is subject to approval from Securities and Exchange Board of India, and is expected to be completed on June 19, 2024. Kavita Shah of Inga Ventures Private Limited and Varun Jain of Pioneer Investcorp Limited acted as financial advisors, and Pradnya Karanjekar of Link Intime India Private Limited acted as registrar to the offer to Raymond Simkins and Milan Bhupendra Dalal.
