Honeywell Automation’s promoter Honeywell Asia Pacific Inc. has sold 6.24 per cent stake through offer for sale (OFS) route to meet SEBI’s minimum public shareholding norms..The OFS constituted of an aggregate of 5.51 lakh equity shares, representing 6.24 per cent stake, of the company at a floor price of Rs. 2,150 per share..Deutsche Equities India acted as the stockbroker to undertake the OFS..AZB & Partners advised Honeywell with a team led by Managing Partner Ajay Bahl along with Senior Associate Aparna Mehra and Associate Ankit Tandon. Corporate Partner Anil Kasturi too assisted the team..Amarchand Mangaldas acted as Indian legal counsel to the brokers – Deutsche Equities India with a team led by Mumbai Partners Yash Ashar and Gaurav Gupte..Herbert Smith Freehills acted as International legal counsel to Deutsche Equities India with a team led by Singapore Counsel Siddhartha Sivaramakrishnan..Speaking to Bar & Bench, AZB Managing Partner Ajay Bahl said, “This transaction was very interesting, in no small part, because of its relative novelty”..“We have a long relationship with the client and were delighted to be a part of its team on the matter”, added Ajay..According to Business-Standard, as on 30 September 2012, Honeywell Asia Pacific held 81.24 per cent stake in Honeywell Automation India. Under the Securities Contracts (Regulation) Rules, 1957, private-sector companies must increase public shareholding to at least 25 per cent by 3 June 2013, while the deadline for state-run firms is 13 August 2013..Honeywell Automation India supplies industrial automation and control solutions to the petrochemicals, refining, oil and gas, mining, metal and power industries..Recently, Logistics Service provider Blue Dart Express’ promoter DHL Express (Singapore) also sold 6.03% stake through offer for sale (OFS) route. Talwar Thakore & Associates acted as domestic legal counsel to DHL Express while Linklaters acted as International legal counsel. Amarchand Mangaldas acted as domestic legal counsel for Citi while Cleary Gottlieb Steen & Hamilton LLP acted as International Legal Counsel to Citi.
Honeywell Automation’s promoter Honeywell Asia Pacific Inc. has sold 6.24 per cent stake through offer for sale (OFS) route to meet SEBI’s minimum public shareholding norms..The OFS constituted of an aggregate of 5.51 lakh equity shares, representing 6.24 per cent stake, of the company at a floor price of Rs. 2,150 per share..Deutsche Equities India acted as the stockbroker to undertake the OFS..AZB & Partners advised Honeywell with a team led by Managing Partner Ajay Bahl along with Senior Associate Aparna Mehra and Associate Ankit Tandon. Corporate Partner Anil Kasturi too assisted the team..Amarchand Mangaldas acted as Indian legal counsel to the brokers – Deutsche Equities India with a team led by Mumbai Partners Yash Ashar and Gaurav Gupte..Herbert Smith Freehills acted as International legal counsel to Deutsche Equities India with a team led by Singapore Counsel Siddhartha Sivaramakrishnan..Speaking to Bar & Bench, AZB Managing Partner Ajay Bahl said, “This transaction was very interesting, in no small part, because of its relative novelty”..“We have a long relationship with the client and were delighted to be a part of its team on the matter”, added Ajay..According to Business-Standard, as on 30 September 2012, Honeywell Asia Pacific held 81.24 per cent stake in Honeywell Automation India. Under the Securities Contracts (Regulation) Rules, 1957, private-sector companies must increase public shareholding to at least 25 per cent by 3 June 2013, while the deadline for state-run firms is 13 August 2013..Honeywell Automation India supplies industrial automation and control solutions to the petrochemicals, refining, oil and gas, mining, metal and power industries..Recently, Logistics Service provider Blue Dart Express’ promoter DHL Express (Singapore) also sold 6.03% stake through offer for sale (OFS) route. Talwar Thakore & Associates acted as domestic legal counsel to DHL Express while Linklaters acted as International legal counsel. Amarchand Mangaldas acted as domestic legal counsel for Citi while Cleary Gottlieb Steen & Hamilton LLP acted as International Legal Counsel to Citi.
