Governor Aislabie declined the Portuguese offer, but it had the effect of bringing Angria to terms.

Thinking it politic to make peace with the English, while his affairs with the Rajah of Satara were still unsettled, he sent a messenger to Bombay, offering to deliver up all vessels, goods, and captives taken from the Company, if an Englishman of credit was sent to him to settle on terms of peace for the future.

Aislabie demanded that in future English ships should be free from molestation; that no ships of any nation coming into Bombay should be interfered with between Mahim and Kennery; that English merchants should have liberty of trade in Angria's ports, on payment of the usual dues; and that Angria should be responsible for any damage done in future by the ships belonging to his Mahratta superiors.

In return, the Governor engaged to give passes only to ships belonging to merchants recognized by the Company, and to allow Angria's people full trading facilities in Bombay, on the usual dues being paid.

To these terms Angria agreed, but failed to get the Governor's consent to additional terms of an egregious nature; that he should be supplied by the Company with powder and shot on payment; that a place should be assigned to him to make powder in; that if pressed by his enemies, he should be assisted by the Company; that merchant ships should not be convoyed in or out of Bombay harbour.
There remained the duty of sending him 'an Englishman of credit' to 'deliver him the articles.' The Council, 'knowing him to be a man of ill principles,' thought it improper to order any man on such a risky service, but Lieutenant Mackintosh, in consideration of a gratuity of one thousand rupees, undertook to go, and departed for Colaba, with Rs.30,000 as ransom for the European prisoners, the convention sealed with the Council's seal, and ships to bring back the restored goods.
And so for a time there was security from Angria's attacks, but, with his hands free on the Satara side, and in a more secure position than ever, it was not likely that the peace would be of long continuance.