Murtuza Mansoorbhai made an offer to acquire 26% stake in Welcon International Limited (BSE:539410) from its shareholders for INR 46.7 million on August 24, 2020. Farheen Murtuza Mansoorbhai and SHIVANI SHARDA SHARMA are Persons Acting in Concert in the transaction. As a part of the offer, Murtuza Mansoorbhai will acquire 15.56 million shares at an offer price of INR 3 per share. In accordance with Regulation 17 of the SEBI (SAST) Regulations, Murtuza Mansoorbhai have entered into the escrow agreement and opened an escrow account under the name and title of Welcon International with the escrow agent. Murtuza Mansoorbhai have transferred a sum equivalent to INR11.7 million to the cash escrow account on August 27, 2020 in accordance with the Regulation 17(3)(a) of the SEBI (SAST) Regulations being more than 25% of the offer consideration payable under this offer. In a related deal, there was an allotment under preferential issue to Murtuza Mansoorbhai of 1.1 million shares and 7.5 million warrants of Weldon International. The shares under offer represent 26% on a fully diluted basis considering the preferential allotment of shares and warrants. Murtuza Mansoorbhai along with the persons acting in concert intend to seek the change of the name and main objects of Welcon International. This Offer is a Mandatory Offer. The Acquirer and the PACs reserve the right to nominate someone representing them to be a Director on the Board of Welcon International by depositing 100% of the Maximum Consideration payable under the Offer in the Cash Escrow Account. Board of Directors of Welcon International required to constitute a committee of Independent Directors to provide reasoned recommendation on this Offer to the Eligible Shareholders. Murtuza Mansoorbhai along with the persons acting in concert intend to seek reconstitution of Board of Directors of Welcon International after successful completion of this offer. However, no firm decision in this regard has been taken or proposed so far. Murtuza Mansoorbhai along with the persons acting in concert will discontinue the existing line of business of Welcon International. Murtuza Mansoorbhai along with the persons acting in concert have adequate financial resources and has made firm financial arrangements for the implementation of the offer in full out of their net worth. Transaction is subject to necessary approval like regulatory and approval of the Shareholders of Welcon International Limited. The Offer is subject to the terms and conditions set out in this Draft Letter of Offer but not conditional on any minimum level of acceptance by the Eligible Equity Shareholder. There are no statutory approvals required by the Acquirer and the PACs to complete this Offer, however all the public Shareholders of Welcon who are NRI and OCB must obtain all requisite approvals from the RBI. The Offer is not conditional on any minimum level of acceptance by the Eligible Equity Shareholder. As of October 20, 2020, Committee of Independent Directors approved the transaction. Committee of Independent Directors includes Jaymin Modi and Vidhi Shambwani. The tender offer will run from October 15, 2020 till October 28, 2020. As of October 14, 2020, tender offer will run from October 26, 2020 to November 9, 2020. Murtuza Mansoorbhai has appointed Systematix Shares and Stocks (India) Limited Satellite as buying broker. Satellite Corporate Services Private Ltd. acted as registrar to Welcon International Limited. Amit Kumar of Systematix Corporate Services Limited acted as financial advisor to Murtuza Mansoorbhai.