Rajani Associates has recently acted as Legal Advisors for the Buy-Back of equity shares of Automobile Corporation of Goa Limited (“ACGL“).
ACGL is a public listed Company, jointly promoted by the Economic Development Corporation of Goa and Tata Motors Limited. ACGL is engaged in the business of manufacturing of pressed parts, components, sub-assemblies for automobiles and bus bodies and component parts thereof.
Details of the Buy Back
ACGL bought back 333,000 (three lakhs thirty-three thousand) fully paid-up equity shares at a price of Rs.600 per equity share for an aggregate amount of Rs. 199,800,000. The Buy-Back was undertaken on a proportionate basis from eligible shareholders through the tender offer process prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018.
Keynote Financial Services Limited acted as the Manager to the Buy-Back.
Our scope of work included (i) conducting diligence on the Company, and (ii) preparation, review, revision and finalisation of all Buy-Back related documentation, including Public Announcement, Letter of Offer and other ancillary documents.
Transaction Team: Sangeeta Lakhi, Senior Partner and Rahul Pandey, Senior Associate
Key Challenges: Conducting diligence, drafting and reviewing of Buy-Back related documentation in a limited period of time.
Status: The Buy-Back offer opened for subscription on October 18, 2019 and closed on November 20, 2019.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.