M&A Magazine

The Board of Directors of Lux Industries Limited have approved the scheme of merger of its group entities J. M. Hosiery & Co. Limited and Ebell Fashions Private Limited with Lux Industries Limited. Lux Industries Limited (Lux), incorporated in 1995 is one of the largest players in the hosiery business in India. Products include Men’s, Women’s & Kids Innerwear, Winterwear, Socks & Slacks for Women in varied colours and designs. LUX has a presence across the globe with exports to 47 countries. J.M Hosiery & Co. Limited (JM) is engaged in the business of manufacturing, marketing, selling and distribution of knitted apparel including hosiery. The Manufacturing unit of the company is in Tiruppur in the state of Tamil Nadu. Ebell Fashions Private Limited (Ebell) is engaged in the business of manufacturing, marketing, selling and distribution of knitted apparel for women’s. The Manufacturing unit of the company is in Dankuni, Kolkata. Transaction The prime

MBL Infrastructure Ltd ( MBL Infra ) is engaged in the execution of civil engineering projects. The Company provides integrated engineering, procurement and construction (EPC) services for civil construction and infrastructure sector projects. Equity shares of company is listed on BSE & NSE and current market cap of the company is Rs. 58.24 crores. Insolvency Resolution Process & Resolution plan: Last year on 30 th March 2017 NCLT accepted an application filed by RBL bank for initiation of Corporate Insolvency Resolution Process (CIRP) against MBL Infra. During CIRP, a  resolution plan submitted by MBL promoter A.K Lakhotia is accepted by Committee of Creditors (CoC) and approved by NCLT by its order dated 18/04/2018. Table 1: MBL Infra - Admitted claim (Rs in crores) Particulars Admitted claims % of total claim Financial Creditors 1,428.21 94.78% Operational Creditors 78.66 5.22% Total 1,506.87 100% Liquidation Value 269.9   Source

Ashapura Intimates Fashion Limited (Company) is a Mumbai based company listed on Bombay Stock Exchange (BSE). The Company is innerwear retailer doing business under the brand name ‘Valentine’. Entire Equity Share Holding of Promoters and Promoters Group in the Company is 57.35% of the Equity Share Capital of the Company. On 10 th October 2018, IIFL Securities Limited (IIFL Securities) has made disclosure to the BSE & the National Stock Exchange pursuant to Reg 29 (1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) 2011 (Takeover Code) , stating that i.) 10,61,000 Equity Shares of the Company held by its promoters  were encumbered (pledged) in favour of India Infoline Finance Limited (IIFL) aggregating to 4.21% of the equity share capital of the Company against loan of Rs. 10 Crores obtained and ii) IIFL Securities has further acquired 72,40,774 equity shares of the Company held by the promoters, by way of encumbrance cons