Agritrade Resources Limited entered into a letter of intent to acquire SKS Power Generation (Chhattisgarh) Limited from SBICAP Trustee Company Ltd. for INR 3 billion.
The deal is subject to certain conditions including SBICAP Trustee Company Ltd. shall have procured the approvals in relation to change in ownership from NPCL, Government of Chhattisgarh, Chhattisgarh State Industrial Development Corporation Limited, relevant competent authorities, shall have submitted a letter of intimation to the Ministry of Coal, Government of India, shall have obtained clearance from the Stock Exchange and shall have received a certified true copy of an order of the National Company Law Tribunal, Mumbai Bench. Agritrade Resources Limited shall have obtained and submitted to the lead bank a certified true copy of the approval from its majority shareholders, shall within 7 days from the execution date, start the process for getting by the Stock Exchange and shall submit the certified true copy of the disclosure made to the Stock Exchange to the Lenders, the Investor shall have submitted to the Lead Bank, a certified true copy of the approval of the board of directors of the investor to purchase the shares from the seller in accordance with the terms of the agreement. As of December 17, 2018, Agritrade Resources Limited received consent from its controlling (majority) shareholders in favor of the transaction and no shareholder's meeting is required now. V-Magnum Opus Strategic Solutions Private Limited acted as transaction advisor for Agritrade Resources Limited. Nishant Singh, Khusnuma Nagwaswalla, Chhavi Jhanji, Anindita Ganguly. Vidya Rao, Priyank Nanavaty, Krupa Desai, Prachi Pandit, Saksham Madan and Shreshth Bhartia of Induslaw LLP and Lawrence Lee, Brian Wong and Stephanie Mak of Baker & McKenzie Hong Kong acted as legal advisors for Agritrade Resources Limited. Amey Pathak, Vivek Rathore, Varun Singh and Sohrab Kharadi of Cyril Amarchand Mangaldas acted as legal advisors for lenders' consortium.