Shantai Industries Ltd Promoters to Sell 74.40% Stake for Rs. 11.50 per Share

Shantai Industries Ltd promoters, Disha Murli Sawlani, Harish Fatandas Sawlani, Murli Fatandas Sawlani, Reena Harish Sawlani, and Vasudev Fatandas Sawlani, have executed a Share Purchase Agreement (SPA) with Radhe Dhokla Private Limited, Pandav Dishant Kanubhai, Nikunj Vijaybhai Prajapati, Pandav Jinesh Kanaiyalal, and Pandav Pradipkumar Vijaybhai for the sale of 55,80,000 fully paid-up equity shares, constituting 74.40% of the total voting share capital of the Company, at a price of Rs. 11.50 per equity share. The transaction is subject to certain conditions as set out in the SPA and is subject to an Open Offer to the public shareholders of the Company in terms of the applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.