Promoters of Camlin and Japanese firm-Kokuyo S&T Co-(directly owned 100% share capital by Kokuyo Co) have entered into definitive agreements comprising of a Joint Venture Agreement and a Share Subscription Agreement to form a joint venture that will bring together Camlin and Kokuyo Co. As per the agreement -Japan's Kokuyo Co will buy 50.3% stake in office stationary maker Camlin for over Rs 365 crore in three tranches, after which the Indian firm will be converted into a joint venture.
In the first tranche, the acquisition of 10% of the share capital of the Company will be done on a fully diluted basis, pursuant to which the preferential allotment would be made by the Company as contemplated by the share subscription Agreement, for a price of Rs 85 per share. The said amount of subscription monies will be utilized for expansion and modernization of manufacturing facilities and new projects.
In the second tranche, the purchase of 20.3% of the share capital of the Company will be done on a fully diluted basis from the promoters as contemplated by the Joint Venture Agreement, for a price of Rs 110 per share; and in the third tranche, up to 20% of the share capital of the Company will be acquired pursuant to the mandatory open offer required to be made by Kokuyo Co., in accordance with the SEBI Takeover Regulations, for a price of Rs 110 per share.
The partners will bring their respective expertise and know-how as well as combine the strength of the Camlin brand and the local expertise of Camlin with the specialized technical skills and global brand strength of Kokuyo Co, in order to further develop the stationery business.
Camlin is one of the strongest Indian brands in the stationery industry with 80 year history and having an annual turnover of over $80 million. Meanwhile, Kokuyo Co is a leading company in Japan with over 100 years of experience in stationery and furniture products, design and construction of office and store interiors, mail order business, lifestyle retail and distribution and having an annual turnover of over $3,200 million.
| Company Name | CMP |
|---|---|
| DOMS Industries | 2775.20 |
| Flair Writing Indu. | 303.60 |
| Kokuyo Camlin | 130.70 |
| Linc | 192.60 |
| Gala Global Products | 3.39 |
| View more.. | |
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