CAC Corporation completed the acquisition of 43.68% stake in Accel Frontline Limited from Accel Limited, Accel Systems Group, Inc. and N R Panicker.
January 17, 2014 at 05:00 am
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CAC Corporation (TSE:4725) entered into definitive agreement to acquire 43.68% stake in Accel Frontline Limited (BSE:532774) from Accel Limited, Accel Systems Group, Inc. and N R Panicker for approximately INR 590 million on December 9, 2013. CAC Corporation will acquire 7.5 million shares at INR 45 per share from promoters. CAC Corporation will acquire 5.5 million new shares at INR 45 per share through preferential allotment and will make a tender offer to acquire 7.7 million shares at INR per share. Pursuant to the completion of the acquisition, preferential allotment and open offer, CAC Corporation will own 51% stake in Accel Frontline Limited of the post preferential allotment capital. On completion of the acquisition of 7.5 million shares of Accel Frontline Limited, the Board, committee and sub Committee of the Board of Accel Frontline Limited will be reconstituted.
The acquisition is subject to regulatory approvals in Japan and India. Accel Frontline's Board approved the transaction. The shareholders of Accel Frontline approved the preferential allotment of shares on January 8, 2014. The preferential allotment of shares took place on January 10, 2014. Harshal Kamdar of Meghraj Capital Advisors Private Limited and Mizuho Securities Co., Ltd. acted as financial advisor, Desai & Chinoy and Momo-o, Matsuo & Namba acted as legal advisors and Sudit K. Parekh & Co. acted as accounting & tax advisors for CAC Corporation. SRS Associates acted as legal advisor for Accel Systems Group, Inc.
CAC Corporation (TSE:4725) completed the acquisition of 43.68% stake in Accel Frontline Limited (BSE:532774) from Accel Limited, Accel Systems Group, Inc. and N R Panicker on January 17, 2014.
Inspirisys Solutions Limited is an India-based company, which is engaged in the business of providing information technology (IT) / information technology-enabled services (ITES), business solutions and consulting services. The Company operates through three segments: System integration (Products / Hardware) solutions, Services (Infra, Security, Cloud, Software), Warranty Management services (WMS). Its System Integration (Products / Hardware) solutions segment carries out sale of servers, IT and network-related products and software across India-based on contracts with the customers. Services (Infra, Security, Cloud and Software) segment provides maintenance services of hardware, software and other network-related parts and also outsources certain maintenance contracts to the other service providers. WMS segment is a vendor agnostic, full-service, warranty management service provider in the field of IT, telecom, security surveillance, home automation and other areas.