The proposed buyers (Rekha Jain, Bhavika Jain and Khushbu Jain) of Upasana Finance have launched an open offer to acquire an additional 26 per cent in the Chennai-based NBFC entailing an investment of ₹4.45 crore.

The three buyers had entered into an agreement with the promoters of Upasana Finance to buy the latter’s 30 lakh equity shares representing 70.13 per cent equity share capital of the company for a cash consideration of ₹40 a share.

Following the same, the acquirers have launched an open offer to buy 11.12 lakh shares (of face ₹10 each) representing 26 per cent of the equity capital of the company at ₹40 a share.

Chairman and Managing Director of Sundram Fasteners Suresh Krishna, his wife and two daughters held 70.13 per cent in the company.

For the nine-month period ended December 31, 2016, Upasana Finance had a total income of ₹93 lakh (including ₹67 lakh other operating income) and net profit of ₹38 lakh. Its paid-up capital was ₹4.28 crore.

Currently, small retail individuals, numbering 6,058, hold 9.82 lakh shares or 22.95 per cent stake in the company.

Besides, seven high net worth individuals (categorised as holding share capital in excess of ₹2 lakh) own 4.92 per cent stake (or 2.10 lakh shares) in Upasana Finance.

The company’s stock last traded at ₹26.55 on March 1 on the BSE. The stock’s 52-week high and low are ₹30.75 and ₹13.13.

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