CONTINENTAL CONTROLS LTD.: Acquirer to Purchase 24.56% Stake from Promoters for INR 360.38 Cr.
Swaraj Shares and Securities Pvt Ltd has submitted a copy of the Pre-Offer Advertisement and Corrigendum of the Detailed Public Statement regarding CONTINENTAL CONTROLS LTD. The Acquirer, M/S Onelife Capital Advisors Limited, has entered into a Share Purchase Agreement with the Promoters and members of the promoter group to acquire 15.09,604 Sale Shares at a negotiated price of INR 24.00 per Sale Share. The acquisition amounts to 24.56% of the Voting Share Capital of Continental Controls Limited, for a total consideration of INR 360.38 Cr. The Acquirer has also announced an open offer for up to 15.98,027 Offer Shares representing 26.00% of the Voting Share Capital at an offer price of INR 4.00 per Offer Share, payable in cash.
Key Highlights
- Acquirer to purchase 24.56% stake in CONTINENTAL CONTROLS LTD. from Promoters for INR 360.38 Cr.
- Share Purchase Agreement executed between Acquirer and Promoters.
- Open offer announced for acquisition of up to 26.00% of Voting Share Capital at INR 4.00 per Offer Share.
- Offer price determined in accordance with SEBI (SAST) Regulations.
- Acquirer to pay total consideration of INR 63,92,108.00 upon full acceptance of the Offer.