Annjana Dugar and Likhitta Dugar made an offer to acquire a 26% stake in Iykot Hitech Toolroom Limited (BSE : 522245) for INR 11.9 million on July 12, 2022. The offerors will acquire 1,581,840 shares, representing a 26% stake for an offer price of INR 7.50 cash per share. In a related transaction, Annjana Dugar and Likhitta Dugar entered into a share purchase agreement to acquire a 27.69% stake in Iykot Hitech Toolroom Limited from group of sellers for INR 12.6 million.

Upon completion of the SPA and offer, assuming full acceptances in the offer, the acquirers will hold 32,66,420 shares, representing 53.69% stake of Iykot Hitech Toolroom. The acquisition will be financed from internal resources. The offer is not conditional upon any minimum level of acceptance and neither competitive.

The offer period will commence on September 7, 2022 and end on September 20, 2022. As per the update on September 29, 2022, The offer period will commence on October 7, 2022 and end on October 20, 2022. Atul Chokshi and Niraj Thakkar of Kunvarji Finstock Private Limited acted as manager to the offer and Sreepriya K. of Cameo Corporate Services Ltd. acted as the registrar to the offer on behalf of offerors.