Japanese company AICA Kogyo is reportedly in talks to acquire a substantial stake in Indian laminate manufacturer Stylam Industries, CNBC-TV18 reported citing sources. It is speculated that AICA Kogyo is considering to acquire a 14 percent stake from Stylam's promoters through a Share Purchase Agreement (SPA). Additionally, AICA Kogyo plans to initiate an open offer to acquire an additional 26 percent stake in Stylam Industries.
In the event that the open offer fails to materialize, sources suggest that Stylam's promoters are prepared to sell a 26 percent stake directly to AICA Kogyo. This strategic move aims to facilitate AICA Kogyo's acquisition of a total 40 percent stake in Stylam Industries.
The transaction is expected to enable Stylam Industries' promoters to raise approximately Rs 400 crore through the stake sale. Currently, the promoters collectively hold a 54.61 percent stake in Stylam Industries.
An official announcement regarding the transaction between AICA Kogyo and Stylam Industries is anticipated within the next month, according to the report.
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