Remi Securities Limited (BSE:511149), K K Fincorp Limited (BSE:503669), Remi Finance & Investment Private Limited, Rajendra Finance Pvt Ltd, Remi Sales and Engineering Limited (BSE:504360) agreed to acquire the remaining 52.3% stake in Bajrang Finance Limited (BSE:511139) for INR 14.1 million on January 11, 2021. Under the terms, 0.94053 million shares of Bajrang Finance Limited will be acquired at INR 15 per share. Post completion, the acquirers will hold 100% stake in Bajrang Finance.

Post-closing, Bajrang Finance Limited will be delisted after obtaining certain conditions. Transaction is subject to customary closing conditions, including minimum tender offer. The transaction was approved by the Board of Remi Securities Limited.

The board at its meeting held on January 11, 2021, has given in-principle approval for delisting of Bajrang Finance Limited along with other members of the Promoter Group. The Board of Bajrang Finance Limited provided its consent for the delisting proposal. Bajrang Finance Limited shareholders meeting will be held from February 14, 2021 to March 15, 2021 to approve the transaction.

As of March 22, 2021, Board at its meeting held today, has given in-principle approval for voluntarily delisting of Remi Securities Limited along with other members of the promoter Group of company under the Securities and Exchange Board of India. As on April 16, 2021, The Board of Remi Securities Limited has discussed and provided its consent to the Proposed Delisting. Remi Sales and Engineering Limited along with other Acquirers is going to acquire up to 1 million equity shares from public shareholders of the Bajrang Finance Limited at an indicative price of INR 15 per equity share.

The offer will commence on May 24, 2021 and close on May 28, 2021. Systematix Corporate Services Limited acted as due diligence provider to Bajrang Finance. Bigshare Services Private Limited acted as registrar for Bajrang Finance.