Charms Industries: Open Offer for 26% stake at ₹22/share

Kunvarji Finstock Pvt. Ltd., acting as the Manager to the Offer, has submitted a Draft Letter of Offer to BSE for the public shareholders of Charms Industries Ltd. The offer is made by Mr. Mahendrabhai G. Patel, Mr. Munjal Mahendrabhai Patel, Mr. Sanjaykumar Rameshbhai Patel, and Mr. Rakesh Ramesh Chandra Patel (collectively, the "Acquirers"). They intend to acquire up to 74,37,586 equity shares, representing 26.00% of the total expanded voting share capital of Charms Industries Limited. The offer price is ₹22.00 per share, payable in cash. This open offer is being made pursuant to SEBI (SAST) Regulations, 2011, for substantial acquisition of shares and voting rights accompanied by a change in control and management of the Target Company. The offer is not conditional upon any minimum level of acceptance.