Khaitan & Co acted as deal counsel to the Composite Scheme of Amalgamation
Auto components manufacturer Minda Industries Ltd. (MIL) will merge Harita Seating Systems Ltd. (HSSL) and four other companies with itself, according to a regulatory filing.
As per the scheme, Harita Ltd., Harita Venu Pvt. Ltd., Harita Cheema Pvt. Ltd. Harita Financial Services Ltd. and HSSL will merge with the BSE-listed Minda Industries. The boards of HSSL and MIL approved the proposal. The proposed merger would enable firms to realise the benefits of greater synergies between their businesses and improve their ability to leverage financial, managerial, technical, distribution and marketing resources of each other towards maximising stakeholder value
According to the approved exchange ratios, MIL would issue 152 equity shares of ?2 each for every 100 equity shares of HSSL or four non-convertible redeemable preference shares of ?100 each at an issue price of ?121.25 for every non-convertible redeemable preference share of HSSL, the statement said.
Khaitan & Co acted as deal counsel with a team including Haigreve Khaitan (Picture), Mehul Shah (Partner), Vivek Sriram (Partner), Sanket Shah (Senior Associate), Aman Yagnik (Senior Associate) and Rushabh Gala (associate), Sudhir Bassi (Executive Director), Sanjay Sanghvi (Partner) and Jimmy Bhatt (Senior Associate), Rahul Singh (Partner) and Soham Banerjee (Associate).
Involved fees earner: Sudhir Bassi – Khaitan & Co.; Haigreve Khaitan – Khaitan & Co.; Sanjay Sanghvi – Khaitan & Co.; Mehul Shah – Khaitan & Co.; Rahul Singh – Khaitan & Co.; Vivek Sriram – Khaitan & Co.;
Law Firms: Khaitan & Co.;