Monoranjan Roy made an open offer to acquire 20% stake in Pincon Spirit Limited for approximately INR 540 million in cash on January 23, 2016. Under the terms of the offer, Monoranjan Roy will acquire approximately 4 million shares at INR 135 per share. Monoranjan Roy has deposited with an escrow account an amount of INR 150 million as bank guarantee, cash deposit of INR 5.6 million and an additional security of INR 400 million. The offer is subject to the provisions of the Companies Act 1956, Companies Act 2013, SEBI (SAST) Regulations, 1997 and SEBI (SAST) Regulations, 2011 and listing regulation and listing agreement of Pincon with the stock exchanges and approval of Reserve Bank of India for acquisition of equity shares from non-resident shareholders. The offer will commence on March 18, 2016 and close on April 6, 2016. As reported on April 7, 2016, the date of commencement of the offer and closure of the offer was extended to April 13, 2016 and May 2, 2016 respetively. The offer is not subject to any minimum level of acceptances and statutory approvals. The deal will be funded through the borrowed resources of Monoranjan Roy. Menka Jha of Hem securities Ltd. is acting as manager to the offer on behalf of Monoranjan Roy. Dilip Bhattachary of S. K. INFOSOLUTIONS PVT. LTD. acted as the registrar for Monoranjan Roy. State Bank of Mysore acted as escrow bank. As of April 9, 2016, te offer size has been increased to 42.1 million shares. Monoranjan Roy completed the acquisition of 20% stake in Pincon Spirit Limited on May 16, 2016.