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01-01-1970 | 12:00 am

Date: June 09, 2026

To,

BSE Limited

Phiroze Jeejeebhoy Towers

Dalal Street, Mumbai – 400001,

Maharashtra, India.

Subject: Detailed Public Statement to the Shareholders of Reliable Ventures India Limited (“Target

Company”) in terms of Regulations 3(1) and 4 of Securities Exchange Board of India (Substantial

Acquisition of Shares and Takeovers) Regulations, 2011

Dear Sir /Madam,

We, Rarever Financial Advisors Private Limited (hereinafter referred to as the “Manager to the Offer”),

hereby submitting the Detailed Public Statement made by us on behalf of Mr. Chennupati Sarath Kumar

(Acquirer 1), Mr. Vasireddy Sivanag (Acquirer 2), And Ancla Technology Solutions India Private Limited

(Acquirer 3 Or Corporate Acquirer), (Collectively Referred To As The “Acquirers”) to acquire 28,63,354

equity shares representing 26% of total paid-up equity shares of Target Company at a price of Rs. 21/- for

each equity share of Target Company, pursuant to and in compliance with Regulations 3(1) and 4 of

Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,

2011 and subsequent amendments thereto.

We request you to kindly take the above on record.

Yours Faithfully,

For Rarever Financial Advisors Private Limited

____________________________

Kruti Vyas

Authorised Signatory

Place: Ahmedabad

Encl: 1. Detailed Public Statement

2. E – Newspaper Copy

VYAS

KRUTI

Digitally signed by

VYAS KRUTI

Date: 2026.06.09

17:00:38 +05'30'

----------------Page (0) Break----------------

DETAILED PUBLIC STATEMENT IN TERMS OF REGULATION 3(1) AND 4 READ WITH REGULATION

13(4), 14(3), 15(2) AND SUCH OTHER APPLICABLE REGULATIONS OF THE SECURITIES AND EXCHANGE

BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011, AS

AMENDED

TO THE PUBLIC SHAREHOLDERS OF

RELIABLE VENTURES INDIA LIMITED

Corporate Identification Number: L22354MP1992PLC007295;

Registered Office: A 6 Indore Road Koh-e-Fiza, Bhopal, Madhya Pradesh, 462001;

Contact Number: 0755-4266601 / 02 / 03;

Email Address: reliableventuressecretarial@gmail.com; Website: https://www.reliableventuresltd.com

OPEN OFFER FOR ACQUISITION OF UP TO 28,63,354 FULLY PAID-UP EQUITY SHARES HAVING FACE VALUE

OF ₹10.00 EACH (“EQUITY SHARES”), CONSTITUTING 26.00% OF THE VOTING SHARE CAPITAL OF RELIABLE

VENTURES INDIA LIMITED(“TARGET COMPANY”), FROM ITS PUBLIC SHAREHOLDERS AT AN OFFER PRICE

OF ₹21.00 PER OFFER SHARE, PAYABLE IN CASH, BY MR. CHENNUPATI SARATH KUMAR (ACQUIRER 1), MR.

VASIREDDY SIVANAG (ACQUIRER 2) AND ANCLA TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED

(ACQUIRER 3), (COLLECTIVELY REFERRED TO AS THE “ACQUIRERS”), PURSUANT TO AND IN COMPLIANCE

WITH REGULATIONS 3(1), AND 4, OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL

ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011, INCLUDING SUBSEQUENT AMENDMENTS

THERETO (“SEBI (SAST) REGULATIONS”). NO PERSON IS ACTING IN CONCERT WITH THE ACQUIRERS FOR

THE PURPOSE OF THE OPEN OFFER.

This Detailed Public Statement (“DPS”) is being issued by Rarever Financial Advisors Private Limited, the

Manager to the Offer (“Manager”), for and on behalf of the Acquirers to the Public Shareholders of the Target

Company in compliance with Regulations 13(4), 14(3) and 15(2) and other applicable provisions of the Securities

and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended

(“SEBI (SAST) Regulations”), pursuant to the Public Announcement (“PA”) dated Tuesday, June 02, 2026 made in

relation to the Open Offer to acquire equity shares and voting share capital of the Target Company under Regulations

3(1) and 4 of the SEBI (SAST) Regulations. The PA was filed with Securities and Exchange Board of India (“SEBI”),

BSE Limited (“BSE”), and submitted to the Target Company on Tuesday, June 02, 2026, in accordance with the SEBI

(SAST) Regulations.

For this Detailed Public Statement, the following terms have the meaning assigned to them herein below:

“Acquirers” refers to Mr. Chennupati Sarath Kumar (Acquirer 1), Mr. Vasireddy Sivanag (Acquirer 2) and Ancla

Technology Solutions India Private Limited (Acquirer 3).

“Equity Shares” means fully paid-up equity shares of the Target Company of Face Value of ₹ 10/- (Rupees Ten Only)

each;

“Identified Date” shall mean the date falling on the 10th working day prior to the commencement of the Tendering

Period (as defined below), for the purpose of determining the Public Shareholders to whom the Letter of Offer in

relation to this Offer (the “Letter of Offer” or “LoF”) shall be sent.

“Offer Period” has the same meaning as ascribed to it in the “SEBI (SAST) Regulations, 2011”

“Offer Size” means acquisition up to 28,63,354 Equity Shares of face value of ₹ 10/- representing 26% of the Voting

Equity Share Capital of the Target Company, subject to the terms and conditions mentioned in the Public

Announcement and to be set out in the Detailed Public Statement and the Letter of Offer (“LoF”) proposed to be

issued in accordance with the SEBI (SAST) Regulations, 2011;

“Offer Price” means an offer price of ₹ 21.00/- per Share. The Equity Shares of the Target Company are frequently

traded within the meaning of Regulation 2(1)(j) of the SEBI (SAST) Regulations, 2011. The Offer Price has been

determined in accordance with the provisions of Regulation 8(1) and 8(2) of the SEBI (SAST) Regulations, 2011.

Assuming full acceptance under this Open Offer, the aggregate consideration payable to the Public Shareholders in

accordance with the SEBI (SAST) Regulations, 2011 will be ₹6,01,30,434.00/-;

“Paid-up Equity Share Capital” means ₹ 11,01,29,000/- divided into 1,10,12,900 Equity Shares of face value of ₹

10/- each.

----------------Page (1) Break----------------

“Promoter Sellers” refers to the existing promoters of the Target Company (accordance with the provisions of

Regulations 2 (1) (s), and 2 (1) (t) of the SEBI (SAST) Regulations, read with Regulations 2 (1) (oo) and 2 (1) (pp)

of the SEBI (ICDR) Regulations), in this case, namely being Mr. Shahid Hafiz Khan, Mr. Shahwar Hafiz Khan, Mrs.

Sharifa Bano, Mr. Kaleemullah Khan, Mr. Farhan Sikandar Khan, Mr. Sikandar Hafiz Khan, M/s Reliable Cigarette

And Tobacco Industries Private Limited, M/s Mandideep Engineering & Packaging Industries Private Limited, M/s

Reliable Industrial Ventures Limited, M/s Reliable Smartcity Limited, M/s Noor-Us-Sabah Housing Projects Private

Limited, M/s Reliable Carriers Private Limited, M/s Reliable Global Venture Private Limited (Formerly known as

M/s Rehbar Holdings and Finance Private Limited), M/s Elegance Infratech Private Limited.

“Public Shareholders” means all the equity shareholders of the Target Company excluding (i) the Promoters and

members of the Promoter Group of the Target Company; (ii) the Acquirers and any Persons Deemed to be Acting in

Concert with the Acquirers; and (iii) the Parties to the SPA (as defined below) and any Persons Deemed to be Acting

in Concert with the parties to the SPA.

“SPA” means Share Purchase Agreement executed on Tuesday, June 02, 2026, between Acquirers and Promoter

Sellers.

“Stock Exchange” means the BSE Limited (BSE);

“Tendering Period” has the meaning ascribed to it under the SEBI (SAST) Regulations, 2011;

“Voting Share Capital” means the total voting equity share capital of the Target Company on a fully diluted basis

expected as of the 10th (tenth) Working Day from the closure of the Tendering Period of the Open Offer; and

‘Working Day’ refers to the day which shall have the meaning ascribed to it under Regulation 2(1)(zf) of the SEBI

(SAST) Regulations.

I. DETAILS OF THE ACQUIRERS, SELLING PROMOTER SHAREHOLDERS, TARGET COMPANY, AND OFFER

1. ACQUIRERS

1.1. Mr. Chennupati Sarath Kumar, Acquirer 1

1.1.1. Acquirer 1, Mr. Chennupati Sarath Kumar, son of Mr. Chennupati Tirupati Rao, aged 49 years, Indian Resident,

bearing Permanent account number ‘BEFPS6479P’ allotted under the Income Tax Act, 1961, resident at Rollin

Archade Apartments, B Block 303, Street No. 1, Czech Colony, Hyderabad, Telangana, 500018, India. Tel. No.:

+919989855166; E-mail: sarathch6@gmail.com .

1.1.2. Acquirer 1 holds a Master of Computer Application (MCA) from Bharathidasan University, Tiruchirappalli India. He

is experienced in the field of investment advisory of real estate business.

1.1.3. The Net Worth of the Acquirer 1 as of Saturday, May 23, 2026, stands at ₹ 9,92,35,911/- as certified by CA P Raghava

Narayana (Membership Number ‘229228’, Firm Registration Number ‘011472S ’), partner of M.R.Prabhala & Co,

Chartered Accountants, vide certificate dated Saturday, May 23, 2026 having office at H No. 1-1-48/24/2/1, Plot

No. 30, Road No. 2, Shrungeri Colony, Kothapet, Hyderabad - 500035.

1.2. Mr. Vasireddy Sivanag, Acquirer 2

1.2.1. Acquirer 2, Mr. Vasireddy Sivanag, son of Ramamohan Rao Vasireddy, aged 42 years, Indian Resident, bearing

Permanent account number ‘AHKPV9205H’ allotted under the Income Tax Act, 1961, resident at Surya Towers

Block-A, Flat No. 608, Aditya Sun Shine Road, Shilpahills, Izzathnagar, Kothaguda, Dist-K.v. Rangareddy, Telangana,

500084. Tel. No.: 8886688499; E-mail: sivanag.vasireddy@gmail.com.

1.2.2. Acquirer 2 has completed his Intermediate Education from the Board of Intermediate Education in March 2001 and

has over 14 years of experience in the information technology sector. He has expertise in Artificial Intelligence, Cloud

Computing, Web Development, Cybersecurity, and Digital Transformation, and has contributed to various

government and public sector technology projects. He was a key member of the delivery team for the HAWKEYE

Mobile Application developed for Hyderabad City Police. In addition, he has been engaged in entrepreneurial

activities as the Proprietor of Sri Lakshmi Narasimha Swamy Filling Station, Andhra Pradesh, since 2017, gaining

significant business management experience.

----------------Page (2) Break----------------

1.2.3. The Net Worth of the Acquirer 2 as of Saturday, May 23, 2026, stands at ₹3,05,34,026/- as certified by CA P Raghava

Narayana (Membership Number ‘229228’, Firm Registration Number ‘011472S ’), partner of M.R.Prabhala & Co,

Chartered Accountants, vide certificate dated Saturday, May 23, 2026 having office at H No. 1-1-48/24/2/1, Plot

No. 30, Road No. 2, Shrungeri Colony, Kothapet, Hyderabad - 500035.

1.3. Ancla Technology Solutions India Private Limited (Acquirer 3)

1.3.1. Acquirer 3 was incorporated on December 21, 2015, under the provisions of the Companies Act, 2013, under the

name and style as ‘Ancla Consultancy Services India Private Limited’ as certified and issued by the Assistant

Registrar of Companies bearing Corporate Identification Number ‘U74999PN2015PTC157641.

1.3.2. The name of the Acquirer was changed to ‘Ancla Technology Solutions India Private Ltd’ vide certificate dated July

10, 2019, Permanent Account Number ‘AAOCA0684M’ allotted under the Income Tax Act, 1961, with its address

registered at Plot No. 1285/A, 4th Floor, Road No. 64 Near Jubilee Hills Checkpost, Jubilee Hills, Hyderabad, Shaikpet,

Telangana, India, 500033. Acquirer 3 delivers practical and scalable technology solutions that enhance productivity,

improve operational efficiency, simplify business processes, and support long-term business growth. The Contact

Details are: Contact No.: 040-45253337; Email ID: info@anclatech.in

1.3.3. Acquirer 3 is an Unlisted Private Company limited by shares.

1.3.4. Acquirer 3 is a Telangana-based technology-driven company with over 11 years of experience in providing digital

solutions and enterprise technology services. The Company specializes in delivering customized and scalable

technology solutions. Its core service offerings include enterprise technology services, business process automation,

custom software development, technology consulting, and system integration.

1.3.5. The present authorized share capital of the company is ₹12,00,00,000.00/- representing 1,20,00,000 equity shares

of Rs. 10/- each. The paid-up capital is ₹8,96,50,000.00/- representing 89,65,000 equity shares of Rs. 10/- each.

1.3.6. Acquirer 3 is promoted by Acquirer 1 and Acquirer 2.

1.3.7. The details of Promoters/Promoter Group Shareholders of Acquirer as on date, are as under:

Sr.

No.

Name of the Promoter/Promoter Group/ Ultimate

Beneficial Owners

No. of Shares % holding

1. Sivanag Vasireddy 45,00,000 51.34

2. Sarath Kumar Chennupati 42,65,000 48.66

Total 87,65,000 100.00

1.3.8. The following encapsulated is the financial information of Acquirer 3:

Particulars

Unaudited and

Certified

Financial for the

period ended

May 19, 2026

Audited Financial Statements for the Financial Year

ending March 31

2026 2025 2024

Total Revenue (₹ in Lakhs) ₹5.49/- ₹5.92/- ₹27.05/- ₹20.75/-

Profit After Tax (₹ in

Lakhs)

₹3.13/- ₹3.43/- (₹0.27/-) ₹2.06/-

Equity Share Capital (₹ in

Lakhs)

₹896.50/- ₹20.00/- ₹20.00 ₹20.00

Reserves and Surplus (₹ in

Lakhs)

₹3.03/- (₹9.72/-) (₹13.15/-) (₹12.88/-)

Net-Worth/ Shareholders’

Funds (₹ in Lakhs)

₹899.53/- ₹10.28/- ₹6.85/- ₹7.12/-

Earning per Equity Share ₹0.03/- ₹0.17/- (₹0.01/-) ₹0.10/-

----------------Page (3) Break----------------

1.4. Name(s) of the Company/LLP in which the Acquirers are the Director or designated partner/partner:

Sr. Name of the Acquirers Name of the Company/LLP

Mr. Chennupati Sarath Kumar

(Acquirer 1)

(DIN: 03619030)

a. Ancla Technology Solutions India Private Ltd

b. Rubicon Global Trading LLP [Designated Partner]

c. SBSM Infra LLP and [Designated Partner]

d. Hirize Ventures LLP [Partner]

Mr. Vasireddy Sivanag

(Acquirer 2)

(DIN: 07852851)

a. Ancla Technology Solutions India Private Ltd

b. Rubicon Global Trading LLP [Designated Partner]

c. SBSM Infra LLP [Designated Partner]

1.5. Acquirers’ Undertakings and Confirmations

The Acquirers are inter-related due to the relationships outlined as below:

1.5.1. Acquirer 1 and Acquirer 2 are the promoters and directors of Acquirer 3.

1.5.2. Acquirers 1 and Acquirer 2 are the common designated partner of Rubicon Global Trading LLP and SBSM Infra LLP.

1.5.3. As on date of this Detailed Public Statement, the Acquirers, have confirmed, warranted, and undertaken that:

As on the date of this Detailed Public Statement, except from being the parties to the Share Purchase Agreement, the

Acquirers do not hold any other interest or maintain any other relationship in or with the Target Company. The

Acquirers do not belong to any group of the Target Company. The Acquirers do not form a part of the current promoter

and promoter group of the Target Company. They do not hold any equity shares in the target company.

1.5.4. The Acquirers have not been prohibited by SEBI from dealing in securities, in terms of the provisions of Section 11B

of the SEBI Act or under any other Regulation made under the SEBI Act.

1.5.5. The Acquirers have not been categorized nor are appearing in the ‘Wilful Defaulter or a fraudulent borrower’ list

issued by any bank, financial institution, or consortium thereof in accordance with the guidelines on wilful

defaulters or fraudulent borrowers issued by Reserve Bank of India.

1.5.6. The Acquirers are not declared as ‘Fugitive Economic Offenders’ under Section 12 of the Fugitive Economic

Offenders Act, 2018.

1.5.7. No person is acting in concert with the Acquirers for the purposes of this Offer. While persons may be deemed to be

acting in concert with the Acquirers in terms of Regulation 2(1)(q)(2) of the SEBI (SAST) Regulations (‘Deemed

PACs’), however, such Deemed PACs are not acting in concert with the Acquirers for the purposes of this Offer, within

the meaning of Regulation 2(1)(q)(1) of the SEBI (SAST) Regulations.

1.5.8. The Acquirers will not sell the Equity Shares of the Target Company, held, and acquired, if any, during the Offer

period in terms of Regulation 25(4) of the SEBI (SAST) Regulations.

1.5.9. Upon sale of the shareholding of the Selling Promoter Shareholders in the Target Company pursuant to the Share

Purchase Agreement, they will cease to be members of the promoter and promoter group of the Target Company in

accordance with the applicable law. The existing Selling Promoter Shareholders will transfer control and

management of the Target Company to the Acquirers and submit an application for declassification from the

‘Promoter and Promoter Group’ categories, in accordance with Regulation 31A of the SEBI (Listing Obligations and

Disclosure Requirements) Regulations (‘SEBI (LODR) Regulations’).

1.5.10. Upon consummation of the Underlying Transactions as contemplated under the Share Purchase Agreement, and

post successful completion of the Offer, the Acquirers will acquire control over the Target Company, and the

Acquirers shall become the promoters of the Target Company in accordance with the provisions of the SEBI (LODR)

Regulations.

1.5.11. The Acquirers do not have an intention to delist the Target Company pursuant to this Offer.

----------------Page (4) Break----------------

2. INFORMATION ABOUT THE SELLING PROMOTER SHAREHOLDERS

(The disclosure mentioned under this section has been sourced from information provided by the Selling

Shareholders)

2.1. The Acquirers and the Promoter Sellers executed a Share Purchase Agreement dated June 02, 2026, in pursuance of

which the Acquirers have proposed to acquire 59,55,815 Sale Shares representing 54.08% of the Voting Share Capital

of the Target Company at a negotiated price of ₹21.00/- per Sale Share, aggregating to a maximum consideration of

₹12,50,72,115.00/-, subject to the terms and conditions, payable through banking channels subject to such terms

and conditions as mentioned in the Share Purchase Agreement.

2.2. The details of the Selling Promoter Shareholders who have entered into the Share Purchase Agreement with

Acquirers, are as follows:

Name of the

Selling

Promoter

Shareholders

Address

Details of

change in

the name

in the past

(if

applicable

)

Nature of

Entity Group

Part of

Promot

er/

Promot

Group

Target

compa

Details of Shares/Voting Rights held

by the Selling Shareholders

Pre-Share

Purchase

Agreement

Transaction

Post-Share

Purchase

Agreement

Transaction

No. of

Equity

% of

Voting

Capital

No. of

Equity

% of

Voting

Capita

Mr. Shahid

Hafiz Khan

Bungalow 4,

Karbala Road,

Mansab Manzil,

Junagadh, Koh-e-

Fiza, Huzur,

Bhopal, Madhya

Pradesh, India,

462001

Not

Applicable Individual None Yes 200 0.00% Nil -

Mr. Shahwar

Hafiz Khan

Plot No. A-17,

B.D.A Colony, Koh-

e-Fiza, Huzur,

Bhopal, Bhopal

G.P., Madhya

Pradesh, India,

462001

Not

Applicable Individual None Yes 1,05,500 0.96%

Nil -

Mrs. Sharifa

Bano

1-A, Sahil,

Ahmedabad

Palace, Koh-e-Fiza,

Huzur, Bhopal,

Madhya Pradesh,

India, 462001

Not

Applicable Individual None Yes 1,30,455 1.18% Nil -

Mr.

Kaleemullah

Khan

343-Al Wasl,

Residential Villa,

Dubai, United Arab

Emirates (P.O.

Box: 72287)

Not

Applicable Individual None Yes 1,65,200 1.50%

Nil -

Mr. Farhan

Sikandar Khan

1-A, Sahil,

Ahmedabad

Palace, Koh-e-Fiza,

Huzur, Bhopal,

Madhya Pradesh,

India, 462001

Not

Applicable Individual None Yes 3,11,936 2.83% Nil -

Mr. Sikndar

Hafiz khan

1-A, Sahil,

Ahmedabad

Not

Applicable Individual None Yes 8,74,758 7.94%

Nil -

----------------Page (5) Break----------------

Name of the

Selling

Promoter

Shareholders

Address

Details of

change in

the name

in the past

(if

applicable

)

Nature of

Entity Group

Part of

Promot

er/

Promot

Group

Target

compa

Details of Shares/Voting Rights held

by the Selling Shareholders

Pre-Share

Purchase

Agreement

Transaction

Post-Share

Purchase

Agreement

Transaction

No. of

Equity

% of

Voting

Capital

No. of

Equity

% of

Voting

Capita

Palace, Koh-e-Fiza,

Huzur, Bhopal,

Madhya Pradesh,

India, 462001

M/s Reliable

Cigarette and

Tobacco

Industries

Private Limited

10-11, New Sector

Industrial Area,

Mandideep,

Madhya Pradesh,

India, 462046

Not

Applicable

Corporate None Yes 4,200 0.04% Nil -

M/s Mandideep

Engineering &

Packaging

Industries

Reliable House A-6

Kohefiza, Indore

Road, Bhopal,

Madhya Pradesh,

India, 462001

Not

Applicable

Corporate None Yes 20,000 0.18%

Nil -

M/s Western

Tobacco

Limited

Reliable House A-6

Kohefiza, Indore

Road, Bhopal,

Madhya Pradesh,

India, 462001

Formerly

known as

M/s

Reliable

Industrial

Ventures

Limited

Corporate None Yes 27,177 0.25% Nil -

M/s Reliable

Smartcity

Limited

Reliable House A -

6 Koh-E-Fiza,

Bhopal, Madhya

Pradesh, India,

462001

Not

Applicable

Corporate None Yes 1,45,692 1.32% Nil -

M/s Noor-Us-

Sabah Housing

Projects Private

Limited

Reliable House A -

6 Koh-E-Fiza,

Bhopal, Madhya

Pradesh, India,

462001

Not

Applicable

Corporate None Yes 2,00,000 1.82%

Nil -

M/s Reliable

Carriers Private

Limited

Reliable House A -

6 Koh-E-Fiza,

Bhopal, Madhya

Pradesh, India,

462001

Not

Applicable

Corporate None Yes 2,57,625 2.34% Nil -

M/s Reliable

Global

Ventures

Private

Limited(Forme

rly known as

Rehbar

Holdings and

Finance Private

Limited)

Reliable House A -

6 Koh-E-Fiza,

Bhopal, Madhya

Pradesh, India,

462001

Not

Applicable

Corporate None Yes 15,66,566 14.22%

Nil -

M/s Elegance

Infratech

Private Limited

Reliable House A -

6 Koh-E-Fiza,

Bhopal, Madhya

Not

Applicable Corporate None Yes 21,46,506 19.49% Nil -

----------------Page (6) Break----------------

Name of the

Selling

Promoter

Shareholders

Address

Details of

change in

the name

in the past

(if

applicable

)

Nature of

Entity Group

Part of

Promot

er/

Promot

Group

Target

compa

Details of Shares/Voting Rights held

by the Selling Shareholders

Pre-Share

Purchase

Agreement

Transaction

Post-Share

Purchase

Agreement

Transaction

No. of

Equity

% of

Voting

Capital

No. of

Equity

% of

Voting

Capita

Pradesh, India,

462001

Total 59,55,8

15 54.08% - -

2.3. Upon completion of the Offer formalities, the existing Promoters will transfer control and management of the Target

Company to the Acquirers and submit an application for reclassification from the ‘Promoter and Promoter Group’

categories, in accordance with Regulation 31A of the SEBI (LODR) Regulations.

2.4. The Selling Promoter Shareholders have not been prohibited by SEBI from dealing in securities, in terms of

directions issued under Section 11B of the SEBI Act or under any other regulation made under the SEBI Act.

3. INFORMATION ABOUT THE TARGET COMPANY

(The disclosure mentioned under this section has been sourced from information published by the Target

Company in the public domain)

3.1. The Target Company was incorporated on September 01, 1992, under the provisions of the Companies Act, 1956,

under the name and style as Lakeland Hotels Private Limited vide certificate of incorporation bearing registration

number 10-07295 of 1992, issued by Registrar of Companies. Thereafter the name of the Target Company was

changed to Lakeland Hotels Limited vide certificate dated January 11, 1996. Subsequently, the name of the Target

Company was change to Reliable Ventures India Limited vide certificate dated February 02, 2007. The Target

Company bears corporate identity number ‘L22354MP1992PLC007295’, with its registered office located at A 6

Indore Road Koh-e-Fiza, Bhopal, Madhya Pradesh, 462001. The Target Company can be contacted via telephone

number: 0755-4266601; via Email Address ‘reliable_house@rediffmail.com’, or through its website

‘https://www.reliableventuresltd.com.

3.2. The Authorized Share Capital of the Target Company is ₹ 25,00,00,000/-. The paid-up Equity Share Capital of the

Target Company is ₹ 11,01,29,000/- comprising 1,10,12,900 Equity Shares of ₹ 10/- each fully paid up.

3.3. The company was earlier engaged in the hospitality and tourism sector, including hotel and related service

operations. As on date, the company has no operating business.

3.4. The Equity Shares of the Target Company are presently listed on BSE Limited (Security Code: 532124)

3.5. The ISIN of the Equity Shares of the Target Company is INE419H01019. The Equity Shares of the Target Company

have not been delisted from any stock exchange in India.

3.6. The Equity Shares of the target company are Frequently traded in terms of regulation 2(1)(j) of the SEBI (SAST)

Regulations.

3.7. As per the shareholding pattern filed by the Target Company with the Stock Exchange for the quarter ended March

31, 2026 (i) there are no partly paid-up Equity Shares; (ii) it has not issued any convertible securities.

3.8. The Target company does not have any Subsidiary or associate Company, nor does it have a Joint Venture with any

entity.

3.9. There has been no merger/de-merger, or spin-off during the last three years involving the Target Company.

----------------Page (7) Break----------------

3.10. The extracts of the financial information are encapsulated as under:

[₹ in Lacs]

Particulars Audited Financial Statements for the Financial Year ending March 31 2026 2025 2024

Total Income ₹31.09/- ₹154.64/- ₹259.71/-

Profit/(Loss) after tax ₹ (88.58)/- ₹ (68.08)/- ₹ (152.55)/-

Earnings per Share (EPS) ₹ (0.68)/- ₹ (0.61)/- ₹ (1.39)/-

Net Worth ₹3060.81/- ₹3136.88/- ₹3120.76/-

Book Value Per share ₹27.79/- ₹28.48/- ₹28.34/-

Return On Net worth - - -

3.11. The Present Board of Directors of Target Company are as follows:

Sr. No. Name Designation DIN/PAN

1. Mr. Sikandar Hafiz Khan Promoter, Chairman and Executive

Director

00016616

2. Mr. Panchena Gopinathan Non-Executive - Independent Director 00992671

3. Mr. Kaladharan Panchena Non-Executive - Independent Director 02261923

4. Mr. Rama Krishna Non-Executive - Independent Director 08080498

5. Mrs. Sanober Bano Promoter, Non-Executive – Additional

Director

07139513

6. Shiv Singh Raghuwanshi Company Secretary & Compliance

Officer

*****9387H

4. DETAILS OF THE OFFER

4.1. The Offer is being made by the Acquirers under the provisions of Regulations 3(1) and 4 of the SEBI (SAST)

Regulations to acquire up to 28,63,354 fully paid up equity shares having a face value of ₹ 10/- representing 26.00%

of the Voting Share Capital of the Target Company, made by the Acquirers at an Offer Price of ₹21.00/- per fully Paid-

Up Equity Share from the Public Shareholders of the Target Company.

4.2. Assuming full acceptance, the total consideration payable by the Acquirers under the Offer aggregates to

₹6,01,30,434.00/-, in accordance with the provisions of Regulation 9(1)(a) of the SEBI (SAST) Regulations, that will

be offered to the Public Shareholders who validly tender their Equity Shares in the Open Offer, subject to the terms

and conditions set out in the Offer Documents.

4.3. The Offer Price of ₹21.00/- per Offer Share will be paid in cash by the Acquirers in accordance with the provisions

of Regulation 9(1)(a) of the SEBI (SAST) Regulations in accordance with the terms and conditions mentioned in this

Detailed Public Statement and to be set out in the Offer Documents proposed to be issued in accordance with the

SEBI (SAST) Regulations.

4.4. The Offer is being made to all the eligible Public Shareholders of the Target Company in accordance with the

Regulation 3(1) and 4 of the SEBI (SAST) Regulations, 2011.

4.5. This Offer is a mandatory open offer and is not conditional upon any minimum level of acceptance in terms of

Regulation 19(1) of SEBI (SAST) Regulations.

4.6. This Offer is not a competitive bid in terms of the Regulation 20 of SEBI (SAST) Regulations.

4.7. This Offer is not pursuant to any global acquisition resulting in an indirect acquisition of Equity Shares of the Target

Company.

----------------Page (8) Break----------------

4.8. The Manager does not hold any Equity Shares in the Target Company as on the date of appointment as Manager to

the Offer. The Manager hereby declares and undertakes that; it shall not deal in the Equity Shares of the Target

Company during the period commencing from the date of their appointment as Manager until the expiry of 15 Days

from the date of closure of this Offer.

4.9. In accordance with Regulation 23 (1) of the SEBI (SAST) Regulations, this Offer, shall not be withdrawn except under

the following circumstances:

4.9.1. If statutory approvals required for this Offer or for acquisition of Sale Shares as stipulated under the Share Purchase

Agreement are refused, provided these requirements for approval have been disclosed in the Detailed Public

Statement and the Letter of Offer. Public Shareholders are requested to note that, as on the date of this Detailed

Public Statement, there are no statutory or other approvals required to implement the Offer.

4.9.2. The Acquirers, being a natural person, have died.

4.9.3. Any condition stipulated in the Share Purchase Agreement attracting the obligation to make the Open Offer is not

met for reasons outside the reasonable control of the Acquirers, and such Share Purchase Agreement is rescinded,

subject to such conditions having been specifically disclosed in this Detailed Public Statement and the Letter of Offer.

4.9.4. If SEBI determines that circumstances merit the withdrawal of the Offer, in which case SEBI shall issue a reasoned

order permitting the withdrawal, which will be published on SEBI’s official website.

In the event of the withdrawal of this Offer, the Acquirers shall, through the Manager to the Offer, within 2 Working

Days of such withdrawal, make an announcement in the Newspapers in which the Detailed Public Statement for this

Offer was published, providing the grounds and reasons for the withdrawal. Simultaneously with the announcement,

the Acquirers shall inform in writing the SEBI, BSE Limited, and the Target Company at its registered office.

4.10. The Acquirers do not have any plans to alienate any significant assets of the Target Company whether by way of sale,

lease, encumbrance or otherwise for a period of 2 years except in the ordinary course of business.

4.11. The Target Company’s future policy for disposal of its assets, if any, within 2 years from the completion of Offer will

be decided by its Board of Directors, subject to the applicable provisions of the law and subject to the approval of

the shareholders through Special Resolution passed by way of postal ballot and the notice for such postal ballot shall

contain reasons as to why such alienation is necessary in terms of Regulation 25 (2) of SEBI (SAST) Regulations.

4.12. This Detailed Public Statement is being published in the following newspapers:

Publication Language Edition

Financial Express English daily All Editions

Jansatta Hindi Daily All Editions

Mumbai Lakshadeep Marathi Daily Mumbai Edition

Indore Samachar Hindi Daily Indore Edition

4.13. The Public Shareholders who tender their Equity Shares in this Offer shall ensure that all the Equity Shares validly

tendered by the Public Shareholders in this Offer in accordance with the terms and conditions set forth in the Public

Announcement, this Detailed Public Statement and as will be set out in the Offer Documents, and the tendering

Public Shareholders shall have obtained all necessary consents for it to sell the Offer Shares on the foregoing basis.

The locked-in Equity Shares, if any, may be transferred to the Acquirers subject to the continuation of the residual

lock-in period in the hands of the Acquirers, as may be permitted under applicable law. The Manager to the Offer

shall ensure that there shall be no discrimination in the acceptance of locked-in and non-locked-in Equity Shares

4.14. The Offer Shares of the Target Company will be acquired by Acquirers as fully paid up, free from all liens, charges,

and encumbrances and together with the rights attached thereto, including all rights to dividend, bonus and rights

offer declared thereof.

4.15. If the aggregate number of Equity Shares validly tendered in this Offer by the Public Shareholders is more than the

Offer Size, then the Equity Shares validly tendered by the Public Shareholders will be accepted on a proportionate

basis, in consultation with the Manager.

----------------Page (9) Break----------------

4.16. In terms of Regulation 25(2) of SEBI (SAST) Regulations, the Acquirers hereby undertake and declare that, they do

not have any intention to alienate any material assets of the Target Company whether by way of sale, lease,

encumbrance, or otherwise for the period 2 years from the closure of this Offer, except (a) in the ordinary course of

business of the Target Company; and (b) on account of regulatory approvals or conditions or compliance with any

law that is binding on or applicable to the Target Company.

4.17. As per Regulation 38 of the SEBI (LODR) Regulations read with Rule 19A of the Securities Contract (Regulation)

Rules, 1957, as amended (SCRR’), the Target Company is required to maintain minimum public shareholding, as

determined in accordance with the SCRR, on a continuous basis for listing. Upon completion of the Underlying

Transaction and this Offer, if the public shareholding of the Target Company falls below the minimum level of public

shareholding as required to be maintained by the Target Company as per the SCRR, and the SEBI (LODR)

Regulations, the Acquirers undertake to take necessary steps to facilitate the compliance by the Target Company

with the relevant provisions prescribed under the SCRR, as per the requirements of Regulation 7(4) of the SEBI

(SAST) Regulations and/or the SEBI (LODR) Regulations, within the time period stated therein, i.e., to bring down

the non-public shareholding to 75.00% within 12 months from the date of such fall in the public shareholding to

below 25.00%, through permitted routes and/or any other such routes as may be approved by SEBI from time to

time. Upon completion of this Offer, assuming full acceptances, the Acquirers will hold 88,19,169 Equity Shares,

representing 80.08% of the Voting Share Capital of the Target Company.

II. BACKGROUND TO THE OFFER

1. In pursuance of the Share Purchase Agreement, the Acquirers shall acquire 59,55,815 Equity Shares representing

54.08% of the Voting Share Capital for an aggregate consideration of ₹12,50,72,115.00/-, payable subject to the

terms and conditions specified in the said Share Purchase Agreement.

2. Upon acquisition of Equity Shares as contemplated in the Share Purchase Agreement, the Acquirers will acquire

control over the Target Company, and the Acquirers shall become the promoters of the Target Company subject to

in accordance and compliance with the provisions of the SEBI (LODR) Regulations.

3. Pursuant to the acquisition under the SPA, the Acquirers is making an Open Offer in terms of Regulation 3(1) and 4

of the SEBI (SAST) Regulations, 2011. The Offer Price will be payable in cash by the Acquirers in accordance with

the provisions of Regulation 9(1)(a) of the SEBI (SAST) Regulations.

4. The prime object of this Offer is to acquire substantial Equity Shares and Voting Share Capital accompanied by

control over the Target Company. The Acquirers intend to expand the Target Company’s business activities by

carrying on additional business for commercial reasons and operational efficiencies. The Acquirers reserve the right

to modify the present structure of the business in a manner which is useful to the larger interest of the shareholders.

Any change in the structure that may be carried out, will be in accordance with applicable laws.

III. EQUITY SHAREHOLDING AND ACQUISITION DETAILS

1. The current and proposed shareholding pattern of Acquirers in the Target Company and the details of the

acquisition are as follows:

Details Acquirer 1 Acquirer 2 Acquirer 3 Total

Name of Acquirer(s)

Mr. Chennupati

Sarath Kumar

Mr.

Vasireddy

Sivanag

M/s Ancla

Technology

Solutions

India Private

Limited

Name(s) of persons in control / promoters of

Acquirers where Acquirers are companies Not Applicable

Not

Applicable

Mr.

Chennupati

Sarath Kumar

(Acquirer 1)

Name of the Group, if any, to which the Acquirer

belongs to Not Applicable

Not

Applicable

Mr. Vasireddy

Sivanag

(Acquirer 2)

Pre-transaction

Shareholding

No. of Equity

Shares Nil Nil Nil Nil

% of Paid-up

Equity Share Nil Nil Nil Nil

----------------Page (10) Break----------------

Details Acquirer 1 Acquirer 2 Acquirer 3 Total

Capital

Shares acquired between the

PA date and the DPS date

No. of Equity

Shares Nil Nil

Nil Nil

Proposed shareholding after

the acquisition of Equity

Shares which Triggered the

Open Offer (i.e. Post SPA)

No. of Equity

Shares 32,00,000 6,00,000 21,55,815 59,55,815

% of Voting

Share Capital 29.06% 5.45% 19.58% 54.08%

Proposed shareholding after

the acquisition of Offer

Shares (C) (Assuming full

acceptance in this Offer)

Open Offer 26%

No. of Equity

Shares 11,96,354 9,20,000 7,47,000 28,63,354

% vis-à-vis

Voting Share

Capital

10.86% 8.35% 6.78% 26.00%

Proposed shareholding after

the acquisition of Equity

Shares (including Offer

Shares, assuming full

acceptance) which triggered

the Open Offer as on 10th

working day after closing of

tendering period)

No. of Equity

Shares 43,96,354 15,20,000 29,02,815 88,19,169

% of Voting

Share Capital 39.92% 13.80% 26.36% 80.08%

Any other interest in the Target Company

As of the date of this Public Announcement, except for being

parties to the Share Purchase Agreement, the Acquirers do not

hold any other interest or maintain any other relationship in or

with the Target Company.

2. In terms of Regulation 18 (2) of the SEBI (SAST) Regulations, the Letter of Offer will be issued within 7 Working

Days from the date of receipt of SEBI observations on the Draft Letter of Offer.

IV. OFFER PRICE

1. The Equity Shares of the Target Company bearing ISIN ‘INE419H01019 ’ are presently listed on the BSE Limited

bearing Scrip ID ‘RELIABVEN’ and Scrip Code ‘532124’.

2. The trading turnover in the Equity Shares of the Target Company on BSE Limited having nationwide trading terminal

based on trading volume during the 12 calendar months prior to the month of Public Announcement (June 01, 2025,

up to May 31, 2026) have been obtained from www.bseindia.com, as given below:

Stock Exchange

Total no. of Equity Shares traded during

the 12 calendar months prior to the

month of Public Announcement

Total no. of

listed Equity

Trading turnover

(as % of Equity

Shares listed)

BSE Limited 29,81,520 1,10,12,900 27.07%

Based on the information provided above, the Equity Shares of the Target Company are ‘frequently traded’ in terms

of Regulation 2(1)(j) of the SEBI (SAST) Regulations, and hence the Offer Price has been determined in accordance

with the parameters prescribed under Regulations 8 (1) and 8 (2) of the SEBI (SAST) Regulations.

3. The Offer Price of ₹21.00/- is justified in terms of Regulation 8 of the SEBI (SAST) Regulations, being more than

highest of the following:

Sr.

No. Particulars Price

3.1. Negotiated Price under the Share Purchase Agreement attracting the obligations to make a Public Announcement for the Offer ₹21.00/-

3.2.

The volume-weighted average price paid or payable for acquisition(s) by

Acquirers, during the 52 weeks immediately preceding the date of Public

Announcement

Not Applicable

3.3. The highest price paid or payable for any acquisition by Acquirers, during the 26 weeks immediately preceding the date of Public Announcement Not Applicable

----------------Page (11) Break----------------

Sr.

No. Particulars Price

3.4.

The volume-weighted average market price of Equity Shares for a period of 60

trading days immediately preceding the date of Public Announcement as traded on

BSE Limited where the maximum volume of trading in the Equity Shares of the

Target Company are recorded during such period, provided such shares are

frequently traded

₹21.00/-

3.5.

Where the Equity Shares are not frequently traded, the price determined by

Acquirers and the Manager considering valuation parameters per Equity Share

including, book value, comparable trading multiples, and such other parameters as

are customary for valuation of Equity Shares

Not Applicable

3.6. The per equity share value computed under Regulation 8(5) of SEBI (SAST) Regulations, if applicable

Not Applicable,

since this is not an

indirect acquisition

of Equity Shares

In view of the parameters considered and presented in the table above, in the opinion of Acquirers and Manger, the

Offer Price of ₹21.00/- per Offer Share being the highest of the prices mentioned above is justified in terms of

Regulation 8(2) of the SEBI (SAST) Regulations and is payable in cash.

4. Based on the confirmation provided by Target Company and based on the information available on the website of

the BSE Limited, since the date of the Public Announcement, there have been no corporate actions by the Target

Company warranting adjustment of the relevant price parameters under Regulation 8(9) of the SEBI (SAST)

Regulations.

5. The Offer Price may be adjusted in the event of any corporate actions like bonus, rights issue, stock split,

consolidation, dividend, demergers, reduction, etc. where the record date for effecting such corporate actions falls

between the date of this Detailed Public Statement up to 3 Working Days prior to the commencement of the

Tendering Period, in accordance with Regulation 8(9) of the SEBI (SAST) Regulations. However, no adjustment shall

be made for dividend with a record date falling during such period except where the dividend per share is more

than 50.00% higher than the average of the dividend per share paid during the 3 Financial Years preceding the date

of Public Announcement.

6. As on date of this Detailed Public Statement, there has been no revision in the Offer Price or to the size of this Offer

as on the date of this Detailed Public Statement. In case of any revision in the Offer Price or Offer Size, the Acquirers

would comply with Regulation 18 and all other applicable provisions of SEBI (SAST) Regulations.

7. In terms of Regulations 18(4) and 18(5) of the SEBI (SAST) Regulations, the Offer Price or the Offer Size may be

revised at any time prior to the commencement of the last 1 Working Day before the commencement of the

Tendering Period. In the event of such revision: (a) the Acquirers shall make corresponding increases to the Escrow

Amount; (b) make a public announcement in the same Newspapers in which the Detailed Public Statement has been

published; and (c) simultaneously with the issue of such public announcement, inform SEBI, the BSE Limited, and

the Target Company at its registered office of such revision.

8. In the event of acquisition of the Equity Shares by the Acquirers during the Offer Period, whether by subscription or

purchase, at a price higher than the Offer Price, then the Offer Price will be revised upwards to be equal to or more

than the highest price paid for such acquisition in terms of Regulation 8(8) of the SEBI (SAST) Regulations. In the

event of such revision, the Acquirers shall: (a) make corresponding increases to the Escrow Amount; (b) make a

public announcement in the same Newspapers in which the Detailed Public Statement has been published; and (c)

simultaneously with the issue of such public announcement, inform SEBI, BSE Limited, and the Target Company at

its registered office of such revision. However, the Acquirers shall not acquire any Equity Shares after the 3rd Working

Day prior to the commencement of the Tendering Period of this Offer and until the expiry of the Tendering Period

of this Offer.

9. If the Acquirers acquire Equity Shares of the Target Company during the period of 26 weeks after the Tendering

Period at a price higher than the Offer Price, the Acquirers will pay the difference between the highest acquisition

price and the Offer Price, to all Public Shareholders whose Equity Shares has been accepted in the Open Offer within

60 days from the date of such acquisition. However, no such difference shall be paid if such acquisition is made under

another Open Offer under SEBI (SAST) Regulations, or pursuant to Securities and Exchange Board of India (Delisting

----------------Page (12) Break----------------

of Equity Shares) Regulations, 2021, or open market purchases made in the ordinary course on the stock exchange,

not being negotiated acquisition of Equity Shares of the Target Company in any form.

V. FINANCIAL ARRANGEMENTS

1. In terms of Regulation 25(1) of the SEBI (SAST) Regulations, the Acquirers have adequate financial resources and

have made firm financial arrangements for the implementation of the Offer in full out of their own sources/ Net-

worth and no borrowings from any Bank and/ or Financial Institutions are envisaged. The Acquirers have sufficient

resources to meet their obligations in full for this Offer, the details of which are outlined as below:

a) CA P Raghava Narayana (Membership Number ‘229228’, Firm Registration Number ‘011472S ’), partner of

M.R.Prabhala & Co, Chartered Accountants, has certified that the Acquirers 1 and Acquirers 2 have

sufficient resources to meet the full obligations of the Offer.

b) CA G Murali Reddy (Membership Number ‘234971’, Firm Registration Number ‘020794S ’), partner of M G

S Reddy & Co , Chartered Accountants, has certified that the Acquirers 3 has sufficient resources to meet

the full obligations of the Offer.

1. The maximum consideration payable by Acquirers to acquire 28,63,354 Offer Shares, representing 26.00% of the

Voting Share Capital of the Target Company, at an offer price of ₹21.00/- per Offer Share, to the Public Shareholders

of the Target Company, payable in cash, assuming full acceptance aggregating to a maximum consideration of

aggregating to an amount of ₹6,01,30,434.00/-. In accordance with Regulation 17 of the SEBI (SAST) Regulations,

Acquirers have opened an Escrow Account under the name and style of ‘Vasireddy Sivanag Reliabven Open Offer

Escrow Account ’ with Axis Bank Limited bearing account number 926020020562965 and branch at Ground floor

Unit No G1, G4, & G5 Sagar Tech Plaza , B Wing , Andheri Kurla Road, Sakinaka Mumbai 400072 Maharashtra.

2. On June 03, 2026, the Acquirers deposited ₹3,51,30,434/- and on June 04, 2026, ₹2,50,00,000/-, aggregating to

₹6,01,30,434/-, which represents 100% of the total consideration payable under the Offer, assuming full acceptance.

2. The Manager is duly authorized to operate the Escrow Account to the exclusion of all others and has been duly

empowered to realize the value of the Escrow Account in terms of the SEBI (SAST) Regulations.

3. The Acquirers have confirmed that they have, and they will continue to have, and maintain sufficient means and firm

arrangements to enable compliance with their payment obligations under the Offer.

4. In case of upward revision of the Offer Price and/or the Offer Size, the Acquirers would deposit appropriate

additional amount into an Escrow Account to ensure compliance with Regulation 18(5) of the SEBI (SAST)

Regulations, prior to effecting such revision.

5. Based on the aforesaid financial arrangements and on the confirmations received from the Escrow Banker and the

Chartered Accountant, the Manager is satisfied about the ability of Acquirers to fulfill their obligations in respect of

this Offer in accordance with the provisions of SEBI (SAST) Regulations.

VI. STATUTORY AND OTHER APPROVALS

1. The Underlying Transactions are subject to the conditions specified under the Agreements, as specifically addressed

under the Paragraph 4 titled as ‘Details of the Offer’ under Part II of this Detailed Public Statement. Further, as on the

date of Detailed Public Statement, there are no statutory approvals required to complete this Offer. However, in case

of any such statutory approvals are required by Acquirers at a later date before the expiry of the Tendering Period,

this Offer shall be subject to such approvals and Acquirers shall make the necessary applications for such statutory

approvals.

2. All Public Shareholders, including non-residents holders of Equity Shares, must obtain all requisite approvals

required, if any, to tender the Offer Shares (including without limitation, the approval from the Reserve Bank of

India) and submit such approvals, along with the other documents required to accept this Offer. In the event such

approvals are not submitted, Acquirers reserve the right to reject such Equity Shares tendered in this Offer. Further,

if the holders of the Equity Shares who are not persons resident in India had required any approvals (including from

the Reserve Bank of India, or any other regulatory body) in respect of the Equity Shares held by them, they will be

required to submit such previous approvals, that they would have obtained for holding the Equity Shares, to tender

the Offer Shares, along with the other documents required to be tendered to accept this Offer. In the event such

approvals are not submitted, Acquirers reserve the right to reject such Offer Shares.

----------------Page (13) Break----------------

3. Subject to the receipt of statutory and other approvals, if any, the Acquirers shall complete all procedures relating

to payment of consideration under this Offer within a period of 10 Working Days from the date of expiry of the

Tendering Period to those Public Shareholders who have tendered Equity Shares and are found valid and are

accepted for acquisition by Acquirers.

4. The Acquirers in terms of Regulation 18(11) of SEBI (SAST) Regulations, are responsible to pursue all statutory

approvals in order to complete this Offer without any default, neglect or delay. In the event, the Acquirers are unable

to make the payment to the Public Shareholders who have accepted this Offer within such period owing to non-

receipt of statutory approvals required by the Acquirers, SEBI may, where it is satisfied that such non-receipt was

not attributable to any wilful default, failure or neglect on the part of the Acquirers to diligently pursue such

approvals, grant extension of time for making payments, subject to the Acquirers agreeing to pay interest to the

shareholders for the delay at such rate as may be specified. In addition, where any statutory approval extends to

some but not all the Public Shareholders, the Acquirers shall have the option to make payment to such Public

Shareholders in respect of whom no statutory approval is required to complete this Offer. Consequently, payment of

consideration to the Public Shareholders of the Target Company whose Equity Shares have been accepted in this

Offer as well as the return of the Equity Shares not accepted by the Acquirers may be delayed.

5. In accordance with the provisions of Regulation 18(11A) of the SEBI (SAST) Regulations, if there is any delay in

making payment to the Public Shareholders who have accepted this Offer, the Acquirers will be liable to pay interest

at the rate of 10.00% per annum for the period of delay. This obligation to pay interest is without prejudice to any

action that the SEBI may take under Regulation 32 of the SEBI (SAST) Regulations. However, it is important to note

that if the delay in payment is not attributable to any act of omission or commission by the Acquirers, or if it arises

due to reasons or circumstances beyond the control of the Acquirers, SEBI may grant a waiver from the obligation

to pay interest. Public Shareholders should be aware that while such waivers are possible, there is no certainty that

they will be granted, and as such, there is a potential risk of delayed payment along with the associated interest.

6. In accordance with Regulation 23 (1) of the SEBI (SAST) Regulations, this Offer, shall not be withdrawn except under

the following circumstances:

6.1. If statutory approvals required for this Offer or for acquisition of Sale Shares as stipulated under the Share Purchase

Agreement are refused, provided these requirements for approval have been disclosed in the Detailed Public

Statement and the Letter of Offer. Public Shareholders are requested to note that, as on the date of this Detailed

Public Statement, there are no statutory or other approvals required to implement the Offer.

6.2. The Acquirers, being a natural person, have died.

6.3. Any condition stipulated in the Share Purchase Agreement attracting the obligation to make the Open Offer is not

met for reasons outside the reasonable control of the Acquirers, and such Share Purchase Agreement is rescinded,

subject to such conditions having been specifically disclosed in this Detailed Public Statement and the Letter of Offer.

6.4. If SEBI determines that circumstances merit the withdrawal of the Offer, in which case SEBI shall issue a reasoned

order permitting the withdrawal, which will be published on SEBI’s official website.

In the event of the withdrawal of this Offer, the Acquirers shall, through the Manager to the Offer, within 2 Working

Days of such withdrawal, make an announcement in the Newspapers in which the Detailed Public Statement for this

Offer was published, providing the grounds and reasons for the withdrawal. Simultaneously with the announcement,

the Acquirers shall inform in writing the SEBI, BSE Limited, and the Target Company at its registered office.

VII. TENTATIVE SCHEDULE OF ACTIVITY

Activity Day and Date

Date of issue of the Public Announcement Tuesday, June 02, 2026

Publication of Detailed Public Statement in the newspapers Tuesday, June 09, 2026

Last date for filing of the Draft Letter of Offer with SEBI Tuesday, June 16, 2026

Last date for public announcement for a Competing Offer Wednesday, July 01, 2026

Last date for receipt of SEBI observations on the Draft Letter of Offer (in the

event SEBI has not sought clarifications or additional information from the

Manager)

Wednesday, July 08, 2026

Identified Date* Friday, July 10, 2026

----------------Page (14) Break----------------

Activity Day and Date

Last date by which the Letter of Offer after duly incorporating SEBI’s

comments to the Draft Letter of Offer, is required to be dispatched to the Public

Shareholders whose names appear on the register of members on the

Identified Date

Friday, July 17, 2026

Last Date by which the committee of the independent directors of the Target

Company shall give its recommendation on the Offer to the Public

Shareholders

Wednesday, July 29, 2026

Last date for upward revision of the Offer price/ Offer size Thursday, July 30, 2026

Last date of publication of the Offer opening public announcement,

announcing the schedule of activities of this Offer, status of statutory and other

approvals, if any, and procedure for tendering acceptances, in the newspapers

in which this Detailed Public Statement has been published

Thursday, July 30, 2026

Date of commencement of Tendering Period (‘Offer Opening Date’) Friday, July 31, 2026

Date of expiry of Tendering Period (‘Offer Closing Date’) Thursday, August 13, 2026

Date by which all requirements including payment of consideration,

rejection/acceptance and return of Equity Shares to the Public Shareholders

of the Target Company whose Equity Shares have been rejected in this Offer

Monday, August 31, 2026

Last date for publication of the post-Open Offer public announcement in the

Newspapers September, August 07, 2026

Last date for filing the post-Offer report with SEBI September, August 07, 2026

*Identified Date is only for the purpose of determining the Public Shareholders as on such date to whom the Letter of

Offer would be sent in accordance with the SEBI (SAST) Regulations. It is clarified that all the Public Shareholders (even

if they acquire Equity Shares and become shareholders of the Target Company after the Identified Date) are eligible to

participate in this Offer any time during the Tendering Period.

#The above timelines are indicative (prepared on the basis of timelines provided under the SEBI (SAST) Regulations)

and are subject to receipt of statutory/ regulatory approvals and may have to be revised accordingly. To clarify, the

actions set out above may be completed prior to their corresponding dates subject to compliance with the SEBI (SAST)

Regulations.

VIII. PROCEDURE FOR TENDERING THE SHARES IN CASE OF NON-RECEIPT OF LETTER OF OFFER

1. The Open Offer will be implemented by the Acquirers through the Stock Exchange Mechanism made available by

the BSE Limited in the form of a separate window (‘Acquisition Window’), in accordance with SEBI (SAST)

Regulations and the SEBI Circular CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015, as amended from time to

time, read with the SEBI Circular CFD/DCR2/CIR/P/2016/131 dated December 9, 2016, as amended from time to

time and SEBI Circular SEBI/HO/CFD/ DCR-III/CIR/P/2021/615 dated August 13, 2021 and SEBI master circular

SEBI/HO/CFD/PoD-1/P/ CIR/2023/31 dated February 16, 2023, as amended from time to time and notices/

guidelines issued by BSE and the Clearing Corporation in relation to the mechanism/ process for the acquisition of

shares through the stock exchange pursuant to the tender offers under takeovers, buy back and delisting, as

amended and updated from time to time (‘Acquisition Window Circulars’). The facility for acquisition of Equity

Shares through the stock exchange mechanism pursuant to the Offer shall be available on BSE in the form of the

Acquisition Window.

2. As per the provisions of Regulation 40(1) of the SEBI (LODR) Regulations and SEBI’s press release dated December

03, 2018, bearing reference number ‘PR 49/2018’, requests for transfer of securities shall not be processed unless

the securities are held in dematerialized form with a depository with effect from April 01, 2019. However, in

accordance with SEBI bearing reference number ‘SEBI/HO/CFD/CMD1/CIR/P/2020/144 dated July 31, 2020’,

shareholders holding securities in physical form are allowed to tender shares in an open offer. Such tendering shall

be as per the provisions of the SEBI (SAST) Regulations. Accordingly, Public Shareholders holding Equity Shares in

physical form as well are eligible to tender their Equity Shares in this Offer as per the provisions of the SEBI (SAST)

Regulations.

3. All Public Shareholders, registered or unregistered, holding the Equity Shares in dematerialized form or holding

locked-in Equity Shares are eligible to participate in this Offer at any time during the period from the Offer Opening

Date and Offer Closing Date before the closure of the Tendering Period.

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4. The Letter of Offer shall be sent through electronic means to those Public Shareholder(s) who have registered their

email ids with the depositories / the Company and also will be dispatched through physical mode by registered post

/ speed post / courier to those Public Shareholder(s) who have not registered their Email Ids and to those Public

Shareholder(s) who hold Equity Shares in physical form. Further, on receipt of request from any Public Shareholder

to receive a copy of Letter of Offer in physical format, the same shall be provided.

5. All Public Shareholders who have acquired Equity Shares, but whose names do not appear in the register of

members of the Target Company on the Identified Date, or unregistered owners or those who have acquired Equity

Shares after the Identified Date, or those who have not received the Letter of Offer, may also participate in this Offer.

The accidental omission to send the Letter of Offer to any person to whom the Offer is made or the non-receipt or

delayed receipt of the Letter of Offer by any such person will not invalidate the Offer in any way.

6. The Public Shareholders may also download the Letter of Offer from the SEBI's website (www.sebi.gov.in) or obtain

a copy of the same from the Registrar to the Offer on providing suitable documentary evidence of holding of the

Equity Shares and their Folio Number, DP identity-client identity, current address and contact details.

7. In the event that the number of Equity Shares validly tendered by the Public Shareholders under this Offer is more

than the number of Equity Shares agreed to be acquired in this Offer, the Acquirers shall accept those Equity Shares

validly tendered by such Public Shareholders on a proportionate basis in consultation with the Manager.

8. The Offer will be implemented by the Target Company through Stock Exchange Mechanism made available by BSE

Limited in the form of a separate window as provided under the SEBI (SAST) Regulations read with Acquisition

Window Circulars.

9. BSE Limited shall be the Designated Stock Exchange for the purpose of tendering Offer Shares in the Offer.

10. The Acquirers have appointed Nikunj Stock Brokers Limited as the registered broker (Buying Broker) for the Open

Offer, through whom the purchases and the settlement of the Offer shall be made. The contact details of the Buying

Broker are as mentioned below:

Nikunj Stock Brokers Limited

Address: A-92, Gf, Left Portion, Kamla Nagar, New Delhi - 110007, India,

Email: info@nikunjonline.com

Tel: 011-47030000, 91-8700240043

Contact Person: Mr. Pramod Kumar Sultania

SEBI registration No.: INZ000169335

11. All Public Shareholders who desire to tender their Equity Shares under the Offer would have to intimate their

respective stockbrokers (‘Selling Brokers’) within the normal trading hours of the secondary market, during the

Tendering Period.

12. The cumulative quantity tendered shall be displayed on Designated Stock Exchange’s website accessible at

www.bseindia.com throughout the trading session at specific intervals by Designated Stock Exchange during the

Tendering Period.

13. A Separate Acquisition Window will be provided by the BSE to facilitate the placing of sell orders. The Selling Broker

can enter orders for dematerialized as well as physical Equity Shares.

14. The selling broker would be required to place an order/bid on behalf of the Public Shareholders who wish to tender

their Equity Shares in the Open Offer using the Acquisition window of the BSE. Before placing the bid, the concerned

Public Shareholder/selling broker would be required to transfer the tendered Equity Shares to the special account

of Clearing Corporation of India Limited (“Clearing Corporation”), by using the settlement number and the

procedure prescribed by the Clearing Corporation.

15. The process of tendering Equity Shares by the Equity Shareholders holding in demat and physical Equity Shares will

be separately enumerated in the Letter of Offer.

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