M P Satish Babu and Syed Fahad signed a share purchase agreement to acquire 14.14% stake in Ovobel Foods Limited (BSE:530741) from Ovobel S.A. for INR 73.4 million on October 22, 2020. Under the terms of the share purchase agreement, M P Satish Babu and Syed Fahad will acquire 1.484 million shares in Ovobel Foods for INR 49.41 per share. Under the terms of the transaction, M P Satish Babu will purchase 0.64% stake in Ovobel Foods Limited, with the purchase of 0.067 million shares and Syed Fahad will purchase 13.49% stake in Ovobel Foods Limited, with the purchase of 14.17 million shares. Pre-transaction, M P Satish Babu holds 0.62% stake in Ovobel Foods Limited. Post-closing of the share purchase agreement and a related transaction, M P Satish Babu will hold 10.14% stake in Ovobel Foods Limited and Syed Fahad will hold 19.27% stake in Ovobel Foods Limited. The transaction triggered the open offer obligation for the 26% stake of Ovobel Foods Limited. In related transaction, M P Satish Babu, Sharad M S, Sukanya Satish, Syed Fahad and Bhavihal Gurusiddappa Channappa signed a share purchase agreement to acquire 45.49% stake in Ovobel Foods Limited from Shanti Swarup Aggarwal, Vinita Agarwal, Sadhana Aggarwal, Anisha Agarwal, Natasha Agarwal, Induss Food Products and Equipments Limited, Utsav Parekh, Samarth Parekh, Nilangi Parekh, Progressive Star Finance Private Limited and Saharsh Parekh for approximately INR 240 million on October 22, 2020. Post completion, Sharad M S, Sayed Fahad and Bhavihal Gurusiddappa Channappa will be appointed as additional Directors on the Board of Ovobel Foods with effect from December 11, 2020. Shanti Swarup Aggarwal, Narendra Dattatri Haldawar, Anisha Agarwal, Philip Van Bosstraeten, Swapan Kumar Majumder and Satish Narayana Swamy will resign from the Board of Ovobel Foods with effect from December 15, 2020. A meeting of the Board of Directors of Ovobel Foods is proposed to be held on December 11, 2020 for appointment of Directors pursuant to the share purchase agreement.