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Amarchand for Kazakh engineering co KazStroy open offer

Amarchand Mangaldas Delhi has advised on Kazakhstan-based EPC (engineering, procurement and construction) company KazStroy Group’s open offer to the public shareholders of its Indian subsidiary Petron Engineering Construction.

Amarchand Mangaldas Delhi-based partner Akila Agrawal led the transaction along with associates Nizam Pasha and Parika Ganeriwal.

The open offer involving the group companies of KazStroy has been made pursuant to the indirect acquisition of control over Petron Engineering Construction under regulations 10 and 12 of the SEBI (SAST), Regulations 1997.

KazStroy’s group companies include KazStroyService Global BV and persons acting in concert KazStroyService Limited, KazStroyService Holding BV, KazStroyService Infrastructure BV, Fraseli Investments S.a.r.l., Amritha Sharanya Leasing and Investments Private Ltd, SRA Finance and Investments Private Ltd, Petron Investments Private Ltd and KazStroyService Hungary Kft.

The offer likely to open on 15 July 2011 has Citigroup Global Markets as the merchant banker to the offer.

According to media reports Arcelor Mittal’s LN Mittal has been close on the heels of acquiring stake in Petron Engineering’s parent KazStroy.

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