Indus Petrochem Limited made an offer to acquire 26% stake in Sunshield Chemicals Limited (BSE:530845) for approximately INR 670 million on October 11, 2021. As per the transaction, Indus Petrochem Limited made the offer to acquire 1.91 million shares at INR 352.53 per share in cash. In a related transaction, Indus Petrochem Limited entered into a Share Purchase Agreement to acquire 62.36% stake in Sunshield Chemicals Limited from Rhodia Amines Chemicals Pte. Ltd. for approximately INR 820 million on October 11, 2021. Upon completion of this Offer and consummation of the SPA, assuming full acceptances in this Offer, the Acquirer will hold 64,96,992 shares, constituting 88.36% of Sunshield Chemicals Limited. Indus Petrochem Limited has made firm financial arrangements for financing the transaction. No statutory or other approvals required to complete the Offer as. If, however, any statutory or other approval becomes applicable prior to the completion of such acquisitions, the Offer would also be subject to such other statutory or other approval(s) being obtained. This Offer is not conditional upon any minimum level of acceptance. The tender offer begins on December 7, 2021 and closes on December 20, 2021. As of January 18, 2022, Offer will open on January 28, 2022 and will close on February 10, 2022. As on January 24, 2022, The Independent Directors Committee opined that offer price is fair and reasonable. The recommendations were unanimously approved by the members of the IDC. Tanmoy Banerjee of CapitalSquare Advisors Private Limited acted as manager to Indus Petrochem Limited. Arvind Tandel of Bigshare Services Pvt. Ltd. acted as registrar to Indus Petrochem Limited. SSPA & Associates acted as Accountant for IDC of Sunshield Chemicals Limited.

Indus Petrochem Limited completed the acquisition of 0.00272% of stake in Sunshield Chemicals Limited (BSE:530845) for INR 0.07 million on February 10, 2022.