Udayan Mandavia, Kedar Mehta and Hitesh Josh, Chief Executive Officer of Interactive Financial Services Limited, made an offer to acquire 26% stake in Interactive Financial Services Limited (BSE:539692) for INR 6.3 million in cash on June 9, 2016. Under the terms of the agreement Udayan Mandavia, Kedar Mehta and Hitesh Joshi will acquire 0.78 million shares at INR 8 per share. Udayan Mandavia currently holds 23.9% stake in Interactive Financial Services. After the completion of share purchase and tender offer, Udayan Mandavia, Kedar Mehta and Hitesh Josh will control 71.11% stake The offers have adequate financial resources and have made financial arrangement to implement the offer from own sources. The offer is not a conditional offer and is not subject to minimum level of acceptance. The transaction was recommended by the Independent Committee of Directors of Interactive Financial Services Limited. The offers have opened escrow account with IndusInd Bank Limited and Deposited INR 6.3 million. The tendering period starts from July 28, 2016 to August 16, 2016. The opening and closing date of the tender offer was revised from August 2, 2016 to September 1, 2016 and from August 16, 2016 to September 16, 2016. Michael Monteiro of Satellite Corporate Service Private Limited acted as register to the offer. Nevil Sanvjani of Corporate Strategic Allianz Limited acted as financial advisor for Udayan Mandavia, Kedar Mehta and Hitesh Josh. Satellite Corporate Services Private Limited acted as registrar to the open offer. Udayan Mandavia, Kedar Mehta and Hitesh Josh, Chief Executive Officer of Interactive Financial Services Limited, cancelled the acquisition of 26% stake in Interactive Financial Services Limited (BSE:539692) on September 16, 2016. As on the closure of the tender offer, no shares were tendered.