Shardul Amarchand Mangaldas advised Ring Plus Aqua on acquisition of stake in Maini Precision Products
Shardul Amarchand Mangaldas advised Ring Plus Aqua Limited (“RPAL”) on the strategic acquisition of 59.25% stake in Maini
Shardul Amarchand Mangaldas advised Ring Plus Aqua on acquisition of stake in Maini Precision Products
Shardul Amarchand Mangaldas advised Ring Plus Aqua Limited (“RPAL”) on the strategic acquisition of 59.25% stake in Maini Precision Products Limited (“MPPL”), an entity engaged in the business of manufacturing, as per customer specific drawings, and supplying, high precision mechanical components, assemblies, and subassemblies to the automotive, industrial, defense and aerospace sectors, by way of acquisition of equity shares of MPPL from Gautam Maini, Sandeep Kumar Maini, Maini Family Trust, KMaini Motorsports India Private Limited (collectively, the “MPP Group Members”), Paragon Partners Growth Fund - I and Amit Mohatta (together, the “Minority Investors”) (“Strategic Acquisition”).
The Strategic Acquisition was valued approximately at INR 682 crores and the expected date of closing the same is 15 January 2024.
The Strategic Acquisition is to be followed by the consolidation of businesses of JK Files & Engineering Limited (“JK Files”), RPAL and MPPL by way of a composite scheme of arrangement in the following manner: (i) demerger of JK Files involving the engineering business of JK Files and investments of JK Files in RPAL and JK Talabot Limited, into a wholly owned subsidiary of Raymond Limited (“NewCo”); and (ii) the merger of MPPL and RPAL with the NewCo (“Proposed Composite Arrangement”) (Strategic Acquisition and Proposed Composite Arrangement to be together referred to as the “Proposed Transaction”).
Pursuant to the Proposed Transaction, Raymond Limited’s engineering business will emerge as a large-scale provider of engineering, automotive, electric vehicle, aerospace & defense components, distinctly positioned to target high-growth precision engineering products with a significant presence across domestic as well as international markets.
The transaction team was led by Manav Nagaraj, Partner; Anuj Bhasme, Partner; KS Bhargava, Partner; Apeksha Narula, Senior Associate; Tarun Reddy, Associate; Anusha Chand, Associate; and Viraj Vaidya, Associate.
The diligence team was led by Manav Nagaraj, Partner; Anuj Bhasme, Partner; Pooja Ramchandani, Partner; KS Bhargava, Partner; Kriti Kaushik, Partner; Karan Joseph, Partner; Apeksha Narula, Senior Associate; Smita Rakshale, Senior Associate; Pravardhan Urs, Senior Associate; Tarun Reddy, Associate; Anusha Chand, Associate; Aakash Rao, Associate; Viraj Vaidya, Associate; Gawry Cootaiah, Associate; Istuti Kapoor, Associate; Sanskriti Nigam, Associate; and Shalini Prem, Associate.
The competition team was led by Gauri Chhabra, Partner; Gargi Yadav, Consultant; Anjana Ravikumar, Associate; and Ujwala Kishore Adikey, Associate.
Trilegal and EY advised MPPL on the legal and tax aspects, respectively.
IndusLaw advised Minority Investors on the legal aspects.
Trilegal and EY advised MPP Group Members on the legal and tax aspects, respectively.
KPMG, Dhruva Advisors LLP, and Alvarez and Marsal advised RPAL on the tax and financial aspects respectively.