Private equity investor Actis and its affiliates have acquired a 20 per cent stake in Phoenix Lamps for Rs 106.45 crore, taking their holding in the company to over 66 per cent.
The open offer to the shareholders of Phoenix Lamps was to acquire 56.03 lakh shares of Rs 10 each, representing 20 per cent stake in Phoenix Lamps at a price of Rs 190 per share, the company said in a filing to the Bombay Stock Exchange.
The open offer takes the enterprise value of the company to over Rs 532 crore.
Actis made this offer along with its affiliates – Argon India, Argon South Asia along with PACs, Actis India fund, Actis South Asia Fund and Actis Executive Co-Investment Plan LP. Yes Bank Ltd was the manager to the offer.
After the offer, the private equity firm's hold 66.06 per cent in Noida-based Phoenix Lamps, which owns the Halonix brand, it said.
Source : Economic Times