J. L. Morison (India) Limited (BSE:506522), Leaders Healthcare Limited, Pallawi Resources Ltd., Shashi Mody and Sakshi Mody made an offer to acquire an additional 25.08% stake in Rasoi Limited (BSE:507649) for approximately INR 640 million on November 16, 2018. The consideration will be paid in cash. Under the terms, J. L. Morison (India) Limited, Leaders Healthcare Limited, Pallawi Resources Ltd., Shashi Mody and Sakshi Mody will acquire 0.02 million shares of Rasoi Limited at a price to be determined by the reverse book building process. The floor price is INR 25,408 per share and the indicative offer price is INR 26,500 per share. As on February 12, 2019, Board of Directors of J. L. Morison (India) Limited at its meeting approved and accepted the Discovered/Exit Price of INR 0.03 million per share. J. L. Morison (India) Limited shall not acquire additional equity shares in excess of 10% of the equity share capital of Rasoi Limited. Prior to transaction, J. L. Morison (India) Limited holds 18.64% stake, Leaders Healthcare Limited holds 6.95% and Pallawi Resources Ltd. hold 8.13%. Shashi Mody and Sakshi Mody do not hold any stake. J. L. Morison (India) Limited, Leaders Healthcare Limited, Pallawi Resources Ltd., Shashi Mody and Sakshi Mody intend to delist Rasoi Limited. The transaction is subject to approval of the Board of Directors of Rasoi Limited, passing of special resolution by the shareholders of Rasoi Limited, approval of the Stock Exchanges and/ or other regulatory authorities, J. L. Morison (India) Limited, Leaders Healthcare Limited, Pallawi Resources Ltd., Shashi Mody and Sakshi Mody either accepting the discovered price, offering an exit price higher than the discovered price, or offering a counter offer price which, pursuant to acceptance and/ or rejection by public shareholders, results in the shareholding of the promoter and promoter group reaching 90% of the total equity shares outstanding and minimum tender of 0.01 million shares (15.08%). The transaction was resolved by the Board of Directors of J. L. Morison (India) Limited on November 16, 2018. As of November 29, 2018, Board of Directors of Rasoi Limited has approved the transaction. J. L. Morison (India) Limited constituted a committee comprising of Sohan Sarda, Executive Director & Chief Executive Officer, Lalit Kumar Bararia, Director and Dinesh Sharma, Director ("Delisting Committee"), and authorized it to give effect to the transaction. As of January 4, 2019, shareholders of Rasoi Limited approved the transaction. Bombay Stock Exchange issued its in-principle approval to the delisting offer on January 21, 2019. As of January 24, 2018, no regulatory approval is pending. The transaction is expected to complete in six months. As of January 21, 2019, the bid will open on January 30, 2019 and closing date of bid will be February 5, 2019 and consideration will be paid by February 20, 2019. As on February 12, 2019, the last date of payment of consideration to all the public shareholders who have validly tendered their equity shares at or below the Exit Price and whose bids have been accepted will be February 20, 2019. The trading in the Equity Shares of Rasoi Limited will be discontinued with effect from March 22, 2019 and will be delisted from BSE with effect from Friday, March 29, 2019. Walker Chandiok & Co LLP acted as independent valuer for J. L. Morison (India) Limited. Subhabrata Biswas of C.B. Management Services Private Limited acted as transfer agent registrar and Ajay K Laddha of Sumedha Fiscal Services Limited (BSE:530419) acted as manager to offer to J. L. Morison (India) Limited, Leaders Healthcare Limited, Pallawi Resources Ltd., Shashi Mody and Sakshi Mody. Huned Contractor of Walker, Chandiok & Co LLP acted as accountant to Rasoi Limited. Atul Mehra of SPA Securities Limited appointed as stock broker of J. L. Morison (India) Limited, Leaders Healthcare Limited, Pallawi Resources Ltd., Shashi Mody, and Sakshi Mody.