The two acquirers together hold 4 per cent of the paid up capital of the target company. They filed an application for acquiring 1,90,700 equity shares aggregating 55 per cent of the target company from Mr Chataiwala and Mr Shukla, who are controlling 70 per cent of the equity capital of the target company, at Rs 14.80 per share.

The two acquirers have been asked to make simultaneous offers by issuing individual letters addressed to each of the 63 outsider shareholders of the target company who are in aggregate holding 26 per cent of its paid up capital, to acquire their shareholders at a price of Rs 17 per share, to ensure the availability of an exit option to such shareholders.