Markab Capital WLL, Kuwait made the offer to acquire 26% stake in Uniply Industries Limited (BSE:532646) for INR 4.1 billion on July 3, 2019. As per the transaction, Markab Capital WLL, Kuwait and Markab India SPV Private Limited made the offer to acquire 49.47 million shares at INR 82 per share. In a related transaction, Markab Capital WLL, Kuwait and Markab India SPV Private Limited entered into share purchase agreement to acquire 20.71% stake in Uniply Industries Limited from Keshav Kantamne, KKN Holdings Private Limited and Madras Electronic Solutions Private Limited for INR 3.14 billion on July 3, 2019. Markab Capital WLL, Kuwait and Markab India SPV Private Limited has adequate financial resources to meet its obligations under the offer. The Offer is not conditional upon any minimum level of acceptance. Completion of the offer is subject to satisfaction or waiver, if applicable, conditions including statutory approvals from Government of India, Reserve Bank of India and wherever applicable. Balakrishnan lyer of D&A Financial Services (P) Limited acted as manager to Markab Capital WLL, Kuwait and Markab India SPV Private Limited. As of July 29, 2019, D&A Financial Services reported that Markab Capital were required to create an escrow account and deposit therein 25% of the offer size as cash deposit or bank guarantee equivalent to 25% of the offer size in favor of manager to the offer together with l% of the offer size as cash deposit but the same has not yet been complied by Markab. As of August 23, 2019, D&A Financial Services terminated its memorandum of understanding with Markab. D&A Financial will not act as manager to the offer as Markab did not comply with the applicable provisions of SEBI.