J Sagar Associates (JSA) acted for Suprajit Engineering Limited, which bought 51 per cent of equity shares of Phoenix Lamps Limited from the Actis Group, which was advised by Platinum Partners and E&Y, followed by an open offer.
JSA Bangalore partners Murali Ananthasivan and Mary Julie John, and Delhi-based partner Amitabh Kumar acted for Suprajit, with senior associate Gautam Shahi and associate Rajashree Balasubramanian. Grant Thornton was the financial adviser to Suprajit.
Platinum Mumbai partner Gautam Bhat acted for Actis.
Both buyer and target are listed on the Bombay Stock Exchange and the National Stock Exchange. SEL is a supplier of cables and components to overseas and domestic customers in the automotive and non-automotive sectors. Phoenix is the largest manufacturer of automotive lamps in India and has three subsidiaries in Europe, according to a JSA release.
SEL acquired 51% equity shares in a first tranche and will complete acquisition of the remaining non-public shareholding of Phoenix in a subsequent tranche post-completion of an open offer, reported Moneycontrol.
Karvy Investor Services acted as adviser to the open offer, without the law firms advising.
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