Desai & Diwanji advised ICICI Securities and a number of acquirers in the open offer of Delhi-based non-banking financial institution Intec Capital. India Business Excellence Fund, which is taking a preferential allotment of Intec shares, was represented by Amarchand Mangaldas on the initial stages of the deal, with its in-house team leading on the takeover.

Desai & Diwanji partner Srishti Ojha led the team, assisted by senior associate Ajai Achuthan and associates Ankesh Jain, Ishita Kashyap and Shubhojeet Kundu.

The open offer with a value of around Rs 52 crore ($8.4m) was announced on the Bombay Stock Exchange (BSE) on 14 August, for 26 per cent of the voting share capital - 4,775,225 fully paid-up equity shares of Rs 10 each – from Intec’s public shareholders.

The shares are set to be acquired by Intec Worldwide Private Limited, Pantec Devices Private Limited, Pantec Consultants Private Limited, India Business Excellence Fund-II and India Business Excellence Fund II-A, according to the BSE filing.

The deal included drafting and due diligence under SEBI’s Substantial Acquisition of Shares and Takeover Regulations 2011, with multiple points of trigger and the preferential allotment to India Business Excellence Fund-II. Intec provides loans to small and medium enterprises since 1994.