Yatin Gupte, Sojan V Avirachan, R.Venkataramana, Garuda Mart India Private Limited and Wardwizard Solutions India Private Limited made an offer to acquire a 26% stake in Mangalam Industrial Finance Limited (BSE:537800) for approximately INR 130 million on November 19, 2020. Under the term, the acquires will acquire 250.03 million shares of Mangalam at an offer price of INR 0.5 per share. In a related transaction, Yatin Gupte, Sojan V Avirachan, R.Venkataramana, Garuda Mart India Private Limited and Wardwizard Solutions India Private Limited signed a share purchase agreement to acquire 26.54% stake in Mangalam on November 19, 2020. The acquirers will finance the offer out of their own net worth and no additional borrowing will be done. The Acquirers have proposed to continue existing business of Mangalam Industrial Finance Limited. The offer is not subject to a minimum level of acceptance by the shareholders of Mangalam. The offer is subject to receiving the necessary approvals from Reserve Bank of India interalia for change in control and management of Mangalam. The Offer is subject to the receipt of statutory and regulatory approvals by the Acquirers under the Offer. As of December 23, 2020, Mangalam Industrial Finance Limited has received approval from Reserve Bank of India. As on May 24, 2021, all the Committee of Independent Directors of Mangalam Industrial Finance Limited unanimously voted in favor of the transaction. The offer will open on January 13, 2021 and will close on January 28, 2021. As of May 19, 2021, offer will commence on May 31, 2021 and will close on June 11, 2021. Tanmoy Banerjee of CapitalSquare Advisors Private Limited acted as a 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 a registrar to Yatin Gupte, Sojan V Avirachan, R.Venkataramana, Garuda Mart India Private Limited and Wardwizard Solutions India Private Limited.