Sahil Minhaj Khan and Saeed Ur Rehman made an offer to acquire 26% stake in Jyotirgamya Enterprises Limited (BSE:539246) for INR 8.3 million on November 27, 2017. Under the terms of the transaction, Sahil Minhaj Khan and Saeed Ur Rehman offered to acquire 0.6 million shares at INR 13.85 per share in cash. On the same day, the board Jyotirgamya Enterprises Limited approved preferential allotment of 0.65 million shares each to Sahil Minhaj Khan and Saeed Ur Rehman which resulted into triggering the offer. Upon completion of the preferential allotment, Sahil Minhaj Khan and Saeed Ur Rehman will hold 56.52% stake in Jyotirgamya Enterprises Limited. The acquirers have adequate financial resources and have made firm financial arrangements for the implementation of the offer in full, out of their own sources/net worth and no borrowings from any bank and/or financial institutions are envisaged. The offer is not conditional upon any minimum level of acceptance. The offer is subject to the receipt of statutory and other approvals. An Independent Directors Committee comprising Independent Non-Executive Director namely Ravindra Lodha and Dheeraj Parashar has been formed and recommended the equity shareholders of Jyotirgamya Enterprises Limited that the offer is fair and reasonable. The offer will open on January 19, 2018 and will close on February 2, 2018. As per revised terms on March 20, 2018, the offer will now open on March 27, 2018 and will close on April 11, 2018. Kulbhushan Parashar of Corporate Capital Venture Private Limited acted as the manager and Virender Rana of Skyline Financial Services Pvt. Ltd acted as registrar to Sahil Minhaj Khan and Saeed Ur Rehman for the offer. Sanjay Bansal of K. K. Securities Limited acted as broker for Sahil Minhaj Khan and Saeed Ur Rehman. Sahil Minhaj Khan and Saeed Ur Rehman cancelled the acquisition of 26% stake in Jyotirgamya Enterprises Limited (BSE:539246) on April 11, 2018. Deal has been cancelled as no shares have been tendered.