SAM, Khaitan act on Aica Kogyo Co acquiring controlling stake in Stylam Industries for $225 million

Aica Kogyo Company, Limited (Japan) has acquired a controlling stake of upto 53.12% in Stylam Industries Limited, by making secondary purchases from existing promoters for approximately $225 million.

Shardul Amarchand Mangaldas & Co advised Aico Kogyo Co on this acquisition as well as on a mandatory open offer to public shareholders under the SEBI Takeover Regulations. The Firm advised on the structuring of the transaction, analysis of regulatory matters pertaining to securities laws and regulations, analysis of implications under foreign exchange regulations, conducting legal due diligence, drafting, negotiating, and finalising the transaction documents and the open offer documentation, and coordination with the manager to the open offer and other advisors and stakeholders including offshore counsel and tax advisors.

The transaction team was led by Jamshed Bhumgara (Partner) and Kaustubh Verma (Partner), and comprised Bharath Shridhar (Counsel), Shruti Khetan (Senior Associate), Ankit Parekh (Senior Associate), Sanjana Kumar (Senior Associate), Mahinder Udasi (Associate), Jay Sureka (Associate).

The transaction team was supported by Yogesh Chande (Partner), Ashoo Gupta (Partner), Mukul Baveja (Partner), Shreya Jain (Partner), Atika Vaz (Partner), Pooja Ramchandani (Partner), Kriti Kaushik (Partner), Aman Singh Sethi (Partner), Preeti Kapany (Principal Associate), Suryansh Gupta (Principal Associate), Associates Lipika Vinjamuri, Anushri Mandal, Eeshan Sonak and Ojaswi Bhagat.

Strategic advice on the overall transaction was provided by Akshay Chudasama (Managing Partner).

Khaitan & Co advised certain promoters of Stylam Industries on their sale of stake to Aica Kogyo Co. The Firm advised the members of the promoter and promoter group on structuring, negotiation and documentation for the transaction.

The transaction team consisted of Abhishek Dadoo (Partner), Jayantika Khanna (Principal Associate), Trisha Shetty (Associate) and Vaishnavi Salimath (Associate).

Aica Kogyo Co is mainly engaged in the manufacture and sales of chemical products and building materials. The Company offers interior and exterior finishing materials, flooring materials, adhesives and organic solids.

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