Damodarbhai B Patel, Mohanlal Bhimjibhai Patel, Viral D Bhavani and Sejima Texyarn Private Limited made an offer to acquire a 26% stake in The Baroda Rayon Corporation Limited (BSE:500270) for INR 58.4 million on July 6, 2022. Under the terms, Damodarbhai B Patel, Mohanlal Bhimjibhai Patel, Viral D Bhavani and Sejima Texyarn Private Limited will acquire 59,56,953 at a price of INR 9.80 per share. In a related transaction, Damodarbhai B Patel, Mohanlal Bhimjibhai Patel, Viral D Bhavani and Sejima Texyarn Private Limited entered into a share purchase plan to acquire 14.97% stake in The Baroda Rayon Corporation Limited. As of September 20, 2022, The tender offer will commence on September 23, 2022, and close on October 7, 2022. As of September 24, 2022, the tender offer will commence on September 26, 2022 and end on October 10, 2022. The consideration will be funded from own resources of offerors. Tanmoy Banerjee of CapitalSquare Advisors Private Limited acted as financial advisor and Link Intime India Pvt. Ltd. acted as registrar to Damodarbhai B Patel, Mohanlal Bhimjibhai Patel, Viral D Bhavani and Sejima Texyarn Private Limited.

Damodarbhai B Patel, Mohanlal Bhimjibhai Patel, Viral D Bhavani and Sejima Texyarn Private Limited completed the acquisition of 0.003121% stake in The Baroda Rayon Corporation Limited (BSE:500270) for INR 0.007 million on October October 7, 2022.