Shiva Performance Materials Private Limited made an offer to acquire 26% stake in INEOS Styrolution India Limited (BSE:506222) for INR 3.9 billion on August 1, 2022. The offer is for an acquisition of up to 4.6 million equity shares at a price of INR 848.72 per share. In a related transaction, Shiva Performance Materials entered into a share purchase agreement dated August 1, 2022 with INEOS Styrolution APAC Pte. Limited to acquire 61.19% stake in INEOS Styrolution. Post completion of the offer and agreement, Shiva Performance Materials shall hold 87.19% stake in INEOS Styrolution. In terms of financial arrangements for the agreement and the Open Offer (i) JM Financial Products Limited has issued a loan sanction letter dated July 29, 2022 for a loan amount upto INR 9.5 billion to the Acquirer, and (ii) the Acquirer has also resolved to earmark INR 0.97 billion available with the Acquirer in cash/bank balances. The offer period shall be from September 20, 2022 to October 4, 2022. As of October 17, 2022, The tender offer will commence on October 28, 2022, and close on November 11, 2022. JM Financial Limited acted as manager to the open offer on behalf of acquirer. Acquirer has appointed Link Intime India Private Limited as the Registrar to the Offer. Avendus Capital Private Limited acted as financial advisor to Shiva Performance Materials Private Limited. Khaitan & Co. acted as legal advisor to INEOS Styrolution India Limited in the transaction.

Shiva Performance Materials Private Limited completed the acquisition of 1.54% stake in INEOS Styrolution India Limited (BSE:506222) for INR 229 million on November 11, 2022.