Stylam Industries: Japanese firm Aica Kogyo to acquire 40 percent stake
STYLAMIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.9 pts less than Nifty Microcap 250 and 2.4 pts less than its Plywood Boards/ Laminates peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Promoters of Stylam Industries are selling about 40 percent stake to Japanese company Aica Kogyo at INR 2,250 per share. Seller Group 1 (Pushpa Gupta, Dipti Gupta, Manav Gupta) will sell 27.12 percent and Seller Group 2 (Jagdish Gupta, Nidhi Gupta, Saru Gupta) will sell 12.88 percent via two share purchase agreements. A shareholders agreement gives Aica Kogyo control of the company and the right to nominate up to 8 of 15 directors. An open offer will follow under SEBI takeover rules at the same price.
Change of control incoming. Aica Kogyo to gain majority stake and board control. Open offer at INR 2,250 per share will follow.