Laxman Ashok Savalkar and Girish Kamalkishor Sarda made an offer to acquire a 26% stake in Savant Infocomm Limited (BSE:517320) for INR 2.6 million on November 17, 2022. In similar transaction, Laxman Ashok Savalkar and Girish Kamalkishor Sarda agreed to acquire a 47.59% stake in Savant Infocomm Limited (BSE:517320) from Pruthviraj Somchand Parikh, Mina Pruthviraj Parikh and Western India Steel Co. Pvt Ltd for INR 4.8 million.

As of December 23, 2022, Savant Infocomm has constituted the Committee of Independent Directors of Savant Infocomm by the Board of Directors to provide reasoned recommendations on the captioned Open Offer. The deal is subject to statutory approval. The offer will commence on January 9, 2023, and will close on January 20, 2023.

As of January 5, 2023, the tender offer will commence on January 10, 2023, and close on January 23, 2023. FIRST OVERSEAS CAPITAL LIMITED acted as financial advisor to Laxman Ashok Savalkar and Girish Kamalkishor Sarda. Purva Sharegistry (I) Pvt.

ltd. acted as a share registrar to the offer.