Chirag Kanaiyalal Shah and Nirupama Charuhas Khandke made an offer to acquire 25.99% stake in Evergreen Textiles Limited (BSE:514060) for INR 1.8 million on June 16, 2023. Chirag Kanaiyalal Shah and Nirupama Charuhas Khandke will be paid INR 1.45 per share. Chirag Kanaiyalal Shah and Nirupama Charuhas Khandke, after the completion of the Open Offer and upon consummation of all the terms of the share purchase agreement, shall appoint new Directors on board to take over the management of Evergreen Textiles.

The open offer is not conditional and is not subject to any minimum level of acceptance. The offer is expected to close on October 19, 2023. The settlement date is October 27, 2023.

As on September 30, 2023, the independent directors of Evergreen Textiles unanimously approved the transaction. Expert Global Consultants Private Limited acted manager to the offer. Expert Global Consultants Private Limited acted as manager to the offer.

Purva Sharegistry (India) Pvt. Ltd. acted registrar to the offer. Expert Global Consultants Private Limited acted as due diligence provider to Evergreen Textiles.