JSW Cement Limited made an offer to acquire an additional 32% stake in Shiva Cement Limited (BSE:532323) for approximately INR 870 million on January 10, 2017. Under the terms, 62.4 million shares of Shiva Cement Limited will be acquired at INR 14 per share. The offer price is subject to revision. In a related transaction, JSW Cement Limited entered into an agreement to acquire 35.62% stake in Shiva Cement Limited (BSE:532323) for approximately INR 970 million on January 10, 2017. The tendering period of the offer is expected to close on March 20, 2017. As on January 31, 2017, the offer per share was revised to INR 15.58 per share. The total consideration under the revised offer is INR 972.19 million. As on February 2, 2017, the offer per share was revised to INR 16.35. The total consideration under the revised offer is INR 1 billion. As of April 11, 2017, the tendering period will commence on April 21, 2017 and close on May 5, 2017. As of April 14, 2017, the independent Directors' committee of Shiva Cement Limited recommended the transaction. Pursuant to the offer, JSW Cement Limited will become the promoter of Shiva Cement Limited. The transaction is subject to approval of the lenders of Shiva Cement Limited and other customary conditions. As of March 8, 2017, the condition of the approval of lenders (including Tata Capital Financial Services Limited) was waived. Prachee Dhuri and Vikas Kothari of JM Financial Services Limited acted as a financial adviser and M. Murali Krishna and R. Williams of Karvy Computershare Private Limited acted as registrars to JSW Cement Limited. PL Capital Markets Private Limited served as a financial advisor to the independent Directors' committee of Shiva Cement Limited.