Yatin Gupte, Non-Executive Director of Mangalam Industrial Finance Limited, Sojan V Avirachan, Non-Executive Director of Mangalam Industrial Finance Limited, R.Venkataramana, Executive Director of Mangalam Industrial Finance Limited, Wardwizard Solutions India Private Limited and Garuda Mart India Private Limited made a voluntary open offer to acquire an additional 22% minority stake in Mangalam Industrial Finance Limited (BSE:537800) for approximately INR 110 million on August 4, 2021. As a part of Offer, Offerors will acquire up to 21,15,61,570 shares of Mangalam Industrial Finance Limited at a price of INR 0.5 per share in cash. Offerors have proposed to continue the existing business of Mangalam Industrial Finance Limited. Pre transaction, Yatin Gupte, Sojan V Avirachan, R.Venkataramana, Wardwizard Solutions India Private Limited and Garuda Mart India Private Limited holds 9,61,64,350 shares representing 10% stake, 17,30,95,830 shares representing 18% stake, 9,61,64,350 shares representing 10% stake, 10,13,29,040 shares representing 10.54% stake and 3,84,65,740 shares representing 4% stake in Mangalam Industrial Finance Limited, respectively. Post completion of the Open Offer, assuming full acceptances in the Open Offer, Acquirers will hold 71,67,80,880, Equity Shares constituting 74.54% of Mangalam Industrial Finance Limited. As of November 9, 2021, the acquisition window of the tender has opened. Offeror 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. Transaction is subject to the terms and conditions. This open Offer is subject to the receipt of statutory approval, approval from Reserve Bank of India and other approvals. Offer is not conditional on minimum level of acceptance. Offer will open on September 29, 2021 and will close on October 12, 2021. The offer will close on November 25, 2021. Tanmoy Banerjee of CapitalSquare Advisors Private Limited acted as financial advisor to Yatin Gupte, Sojan V Avirachan, R.Venkataramana, Garuda Mart India Private Limited and Wardwizard Solutions India Private Limited. Deepali Dhuri of Purva Sharegistry (India) Pvt. Ltd. acted as registrar to Yatin Gupte, Sojan V Avirachan, R.Venkataramana, Garuda Mart India Private Limited and Wardwizard Solutions India Private Limited.