Gandhi Nishant S has entered into a share purchase agreement with the promoter of BSE-listed IFL Enterprises to acquire 2.71 per cent stake in the company.

Consequently, this has triggered an open offer for the public shareholders wherein Nishant has offered to acquire shares worth 26.18 per cent in the company. The offer price has been set ₹20 per share. Assuming full subscription in the open offer, Nishant will pay ₹1.57 crore for the entire stake, according to stock exchange filing.

IFL Enterprise shares were trading down over 7 per cent at 2:30 PM on BSE at ₹21.10 a piece