Leading Australian-based registry & financial services company Link Group (“Link”) and Intime Spectrum Registry Ltd., (“Intime”) announced that they have agreed to join forces in order to tap the growing potential in the Share Registry market in India. Link proposes to acquire a majority stake in Intime (subject to Regulatory approval) , and thereafter Intime will be known as Link Intime.
Intime has been No. 1 in terms of number of IPO's handled during the last 3 fiscal years, and serves over 850 companies in the share registry space. Head quartered in Mumbai, Intime operates in 7 other major cities across India.
Mr John McMurtrie, Managing Director of Link said “Intime is a very well managed and successful Registry business. We believe we can together build on this success, including by providing additional services to clients”.
Mr S Ramanujam, Managing Director of Intime said “Link is well capitalised and is committed to investing further in our business. They are already the Number 2 player in Australia, New Zealand and South Africa. They have acquired a number of businesses and have demonstrated skills in integrating and enhancing capability, which should be very beneficial for all our clients.”
Mr Ramanujam went on to add that “…our staff will also benefit by being part of a larger group committed to the Share registry space. All members of the Intime top management team will continue to provide strong leadership.”
Mr McMurtrie also said “The core values are similar in the two organisations and this should ensure a very smooth integration process. We look forward to complementing the existing strengths of Intime, and exciting growth ahead”.
Collins Stewart Inga and Ernst & Young acted as Advisors to the transaction on behalf of Intime and Link respectively. Paras Kuhad Associates and AZB Partners were the legal advisors.
Source: Money Control