Cyril Amarchand Mangaldas Advised Zenrock Chemicals Private Limited And EAAA India Alternatives Limited On Acquisition Of Promoter Stake In Indo Borax & Chemicals Limited
Cyril Amarchand Mangaldas Advised Zenrock Chemicals Private Limited and EAAA India Alternatives Limited on Acquisition of Promoter Stake in Indo Borax & Chemicals Limited
The leading law firm in India, Cyril Amarchand Mangaldas advised Zenrock Chemicals Private Limited (ZCPL) and EAAA India Alternatives Limited (EIAL) in their proposed acquisition of the entire promoter and promoter group shareholding (50.80%) in Indo Borax & Chemicals Limited, a leading manufacturer of boric acid and allied products.
The transaction triggered a mandatory open offer pursuant to Regulations 3 and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
ZCPL and three alternate investment funds (“AIFs”) managed by EIAL entered into a share purchase agreement with the promoter and promoter group of the Target Company to acquire 1,63,00,230 equity shares.
Cyril Amarchand Mangaldas also advised ZCPL on acquisition financing for the transaction and Open Offer, structured through subscriptions by the AIFs to secured non-convertible debentures and compulsorily convertible preference shares in ZCPL.
The Firm further advised ZCPL and EIAL on their inter se relationship concerning the promoter and promoter group status post-transaction, including drafting a limited purpose agreement governing such relationship.
The Cyril Amarchand Mangaldas transaction team was led by Amey Pathak (Partner, Head – Banking), Smruti Shah (Partner, General Corporate), and Surya Sreenivasan (Partner), with support from Kabir Manchanda (Principal Associate), Satvik Kulshrestha (Principal Associate), Priya Gupta (Senior Associate), and Arunimaa Jaiswal (Associate). Amey Pathak and Surya Sreenivasan, with support from Kabir Manchanda, advised ZCPL on acquisition financing. Kunal Savani (Partner), with support from D R Shashank (Associate), advised on tax aspects of the transaction.
Click to know more about Cyril Amarchand Mangaldas
If you have a news or deal publication or would like to collaborate on content, columns, or article publications, connect with the Legal Era News Network Team and email us at info@legalera.in or call us on +91 8879634922.
