Sagar Meghe

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• ​Sagar Meghe, along with Sameer Meghe, Devika Meghe, and Vrinda Meghe, proposed to acquire an additional 26% stake in Ceinsys Tech Limited on January 16, 2019.
  
  
• The offer involved purchasing approximately 2.89 million shares at INR 110 per share, amounting to around INR 320 million, to be financed internally.
  
  
• Prior to the offer, Sagar Meghe held 8.24%, Sameer Meghe held 8.29%, Devika Meghe held 3.91%, and Vrinda Meghe held 3.9% stake in Ceinsys Tech, respectively.
  
  
• The offer did not involve any planned changes to Ceinsys Tech's existing business and was not conditional on any minimum level of acceptances.
  
  
• A committee of independent directors was constituted by Ceinsys Tech's Board of Directors to provide recommendations on the offer, with the committee opining that the offer price was fair and reasonable.
  
  
• The offer period initially commenced on March 11, 2019, and was supposed to close on March 25, 2019, but was revised to commence on April 15, 2019, and expire on April 30, 2019, with the tender offer expected to run until May 2, 2019.
  
  
• Vipul Lathi and Harshika Thakkar of Galactico Corporate Services Limited acted as managers to the offerors, while Bigshare Services Private Limited served as registrar to the offer, and Ashok Poddar of AUM Capital Market Private Limited acted as the broker to the offerors.
  
  
• The acquisition of an additional 9.5% stake in Ceinsys Tech Limited was completed on May 2, 2019, for approximately INR 120 million, with 1.1 million shares of Ceinsys Tech Limited tendered.
  
  
• Following the deal, Sagar Meghe, Sameer Meghe, Devika Meghe, and Vrinda Meghe collectively held a 33.82% stake in Ceinsys Tech Limited as of May 2, 2019.

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