Sarangdhar Ramchandra Nirmal, Vivek Sarangdhar Nirmal, Nirmal Family Trust and Madhyam Farming Solutions Private Limited made an offer to acquire 49.9% stake in Prabhat Dairy Limited (BSE:539351) from the public shareholders on September 4, 2019. Sarangdhar Ramchandra Nirmal, Vivek Sarangdhar Nirmal, Nirmal Family Trust and Madhyam Farming Solutions Private Limited will acquire 48.74 million shares of Prabhat Dairy Limited under reverse book building process at a floor price of INR 63.77 per share. The indicative offer per share is INR 100.41 per share. As of March 21, 2021, Nirmal Family Trust, Sarangdhar Ramchandra Nirmal and Vivek Sarangdhar Nirmal hold 46.64%, 1.15% and 1.15% stake in Prabhat Dairy Limited, respectively, aggregating to 48.95% stake Limited and Madhyam Farming Solutions Private Limited does not hold any stake in Prabhat Dairy. The transaction is subject to approval from shareholders and Board of Directors of Prabhat Dairy Limited, minimum number of 38,972,934 equity shares being tendered, and regulatory approval. Meeting of Board of Directors of Prabhat Dairy Limited will held on September 10, 2019. As of September 10, 2019, the Board of Prabhat Dairy further noted that a proposal of delisting is required to be approved by the Board after taking into account a due diligence report from a SEBI registered merchant banker and after receipt of the due diligence report from the merchant banker, the Board will meet again to discuss the delisting proposal in detail. As of September 13, 2019, the transaction has been approved by the Board of Prabhat Dairy Limited. Saffron Capital Advisors Private Limited acted as due diligence advisor to Prabhat Dairy. The shareholders of Prabhat Dairy approved this offer on October 14, 2019. BSE and NSE have issued their in-principle approvals to the Delisting Offer subject to compliance with the Delisting Regulations, pursuant to their letters dated March 19, 2021. Bid opens from March 24, 2021 to March 31, 2021. If the acquirers received Prachee Dhuri of JM Financial Services Limited acted as financial advisor and Murali Krishna of KFin Technologies Private Limited acted as registrar to buyers of this offer. Sarangdhar Ramchandra Nirmal, Vivek Sarangdhar Nirmal, Nirmal Family Trust and Madhyam Farming Solutions Private Limited completed the acquisition of 49.9% stake in Prabhat Dairy Limited (BSE:539351) from the public shareholders for INR 4.5 billion on March 31, 2021. The discovered price of this tender is INR 100.41 per equity share. The acquirers have decided to fix a price INR 101 per equity share as final price for this offer. The acquirers shall acquire 44,283,727 equity shares validly tendered and post completion, the shareholding of the acquirers along with the other members of the promoter group shall be 95.44% stake in Prabhat Dairy. Acquirers propose to make the payment of consideration on April 6, 2021. And all public shareholders who continue to hold shares after the reverse book building process will be able to offer their shares to acquirers at the price of INR 101 per share for a period of one year following the date of delisting i.e. April 13, 2021. As of April 9, 2021, the equity shares of Prabhat Dairy Limited will be delisted from BSE with effect from April 30, 2021