It was a buzzing year for control deals in India. Year 2022 saw 93 control deals in the listed space, implemented through the tender offer route under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Takeover Regulations)[1]. This marks the highest number of tender offers in the last five years.Continue Reading Takeover of Publicly Traded Companies: Flashback 2022
January to December 2018 was a more active year compared to 2017 for tender offers made under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Takeover Regulations).
Non-banking financial companies (NBFCs) saw a particularly high number of tender offers. These included tender offers for Tourism Finance Corporation of India Limited, Pranami Credits Limited and LKP Finance Limited. But while the NBFC space may have had the greatest number of tender offers, the highest tender offers in terms of size/value were in banking (IDBI Bank Limited), healthcare (Fortis Healthcare Limited), pharmaceuticals (Merck Limited), and cable & broadband (Hathway Cable and Datacom Limited and Den Networks Limited) sectors.
Continue Reading Tender Offers in 2018: The Year That Was
January to December 2017 saw 56[1] tender offers/open offers made under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Takeover Regulations), 41 of which have been completed. This compares to 63 open offers made in the calendar year 2016.
For 2017, the total value of open offers made to the shareholders was Rs. 2,015[2] crores as against Rs. 9,676 crores for 2016. In 2017, no open offers were made by a private equity fund as compared to three made in 2016.[3]
Companies in the non-banking financial companies (NBFCs) space saw a particularly high number of open offers (11 in all). Some of these were open offers for Upasana Finance Limited, Capital India Finance Limited, Dhanvarsha Finvest Limited, Golden Goenka Fincorp Limited, Lark Trading and Finance Limited, Chokhani Securities Limited and TRC Financial Services Limited. However, some of these have not closed, probably due to delays in receiving regulatory approval for change in control of the NBFCs.Continue Reading Tender Offers – 2017: The Year that Was