M&A Magazine

In the Corporate Insolvency Resolution Process (CIRP) of Jet Airways (India) Ltd ., the question came up for discussion on the validity and priority of the Insolvency proceedings being conducted at a country outside India, where the CIRP for Jet Airways is already initiated under Indian  Insolvency Code, 2016. Jet Airways has properties in India and outside India as well. When CIRP  against Jet Airways started under the Code in India where Registered Office of the ‘Corporate Debtor’ is situated and similar proceedings were already started at Netherland (North-Holland), where the Regional Hub of the ‘Corporate Debtor’ is situated. Precisely, two parallel insolvency proceedings are being carried out in case of Jet Airways (Corporate Debtor) in India, and in Netherland based on different territorial jurisdiction. In Netherland, Jet Airways was declared bankrupt in response to a complaint filed by two European creditors where a Dutch court administrator is appointed who app...

In order to make a larger presence in India, Total SA will buy a 37.4% stake in Ahmedabad-based Adani Gas Ltd for Rs 6,200 crore. The French energy giant has made an open offer to public shareholders of Adani Gas to acquire up to 25% stake. It has offered to buy shares at 149.63 apiece, which was 8.7% higher than the previous day of the announcement. The deal is an indication of rising global interest in India's oil and gas sector. Total SA will purchase 37.4% shares in Adani Gas Limited through a tender offer to public shareholders to acquire up to 25.2% shares subject to applicable regulations and purchase the residual shares from Adani Family. Adani Family and TOTAL SA shareholders shall ultimately hold 37.4% each and public shareholders shall hold remaining 25.2%. as Securities and Exchange Board of India norms mandate listed companies to maintain minimum public shareholding of 25%. The partnership will help develop regasification terminals including Dharma Ltd on the ...

The board of Infibeam Avenues approved demerger of E-commerce business of NSI Infinium and its Theme park & Software business into Suvidhaa and DRC Systems respectively, which will be listed at a later date. The demerger has been done by the board as a part of Infibeam’s broader business restructuring plan. These strategies will pave the way for the management of each firm to chalk out growth strategies. Infibeam Avenues Limited (IAL ) is in the business of digital payments, E-commerce services, software business, e-commerce technology platforms and provides a comprehensive suite of web services spanning digital payments solutions, data centre infrastructure, software platforms, etc. The equity shares of the company are listed on BSE and NSE. Suvidhaa Infoserve Private Limited (SIPL) is a private limited company. However, for the conversion into public company resolution has been passed on August 27, 2019. SIPL engaged in the business of provide facility to make payme...

After a lot of scrutiny, Reserve Bank of India (RBI) finally rejected the proposed merger between Chennai-based Lakshmi Vilas Bank ( LVB ) and Gurugram-based Indiabulls Housing Finance Limited ( IBHFL ). The proposed merger plan was crucial for Lakshmi Vilas Bank as it would have helped it raise capital, which is required to lift the PCA restrictions currently imposed on it by the central bank. Indiabulls Housing Finance Ltd said in a statement that it will do a buyback of equity shares of the company, for which it has called a board meeting on October 14. In June this year, the Competition Commission of India (CCI) had given its nod to the proposed amalgamation. In fact, RBI had placed Lakshmi Vilas Bank under prompt corrective action (PCA) due to a high level of non-performing assets of the bank. IBHFL and LVB had proposed a merger between the two in April in a share-swap deal under which LVB shareholders would get 14 shares of IBHFL for every 100 equity shares held in the ban...

TITAGARH Group is a leader in manufacturing of heavy engineering equipment, like freight wagons, railway castings – bogies and couplers. The group is operated in India and Europe through several subsidiaries and joint ventures. Titagarh Wagons Limited (TWL) is in the business of manufacturing of rail rolling stock including railway wagons, passenger coaches, steel castings of various configurations, shipbuilding, bridges and special projects for defence establishment of India and other heavy engineering equipment/ product. The Shares of the TWL are listed on NSE and BSE. The market cap of TWL is around Rs 600 crore. CIMMCO Limited (CIMMCO) a public limited company incorporated in the year 1943 under the Companies Act, 1913 under the name Texmaco (Gwalior) Limited. Thereafter the name of the company changed several times with the current name changed in the year 2010. The shares of CIMMCO are listed on NSE and BSE. The majority shares of CIMMCO (74.89%) are held by TWL. The mar...

The Phoenix Mills Limited ( PML ), India’s largest retail-led mixed-use developer and operator has announced a scheme of amalgamation of its subsidiary company, Phoenix Hospitality Company Private Limited ( PHCPL ) with PML. Over a period, PML used PHCPL as a holding company for the number of its projects. Part of PHCPL is owned by the promoters of PML directly. Phoenix Mills Limited is a leading retail mall developer and operator in India and is the pioneer of retail-led, mixed-use developments in India with completed development of over 17.5 million square feet spread across retail, hospitality, commercial, and residential asset classes. The company has an operational retail portfolio of approximately 6 million square feet of retail space spread across eight operational malls in six gateway cities of India. The company is further developing five malls with over 4.9 million sq. feet of retail space in five gateway cities of India. Besides retail, the company has an operating co...

In order to create large-size state-owned banks, the government has decided to merge 10 public sector banks into four . The mergers will help drive credit growth, lift the slowing economy of the country and boost the government’s target of a $5-trillion economy by 2024. After the merger, India will have 12 public sector banks from 27 in 2017. The mergers are expected to enhance risk appetite, create stronger balance sheets and rationalise branches as many state-owned banks were sub-par in size. Supplementing the merger decision is the government’s move to infuse capital into many state-owned banks, which will boost lending. Punjab National Bank , Oriental Bank of Commerce and United Bank of India will be merged to form one bank which will become the country’s second-largest lender after State Bank of India , with a total business of close to Rs 18 lakh crore and 11,437 branches. The second merger will be Canara Bank and Syndicate , which will create the fourth largest state-own...