J. Sagar Associates (JSA) advised Bay Capital Investment Managers and the Promoters of Sterling Holiday Resorts (India) for the sale of their shareholding in Sterling Holiday Resorts (India) to Thomas Cook Group..The JSA team was led by M&A Partners Sandeep Mehta and Rajesh Pal and Senior Associate Malav Shah..AZB & Partners Mumbai Partners Ashwin Ramanathan and Bhavi Sanghvi advised Thomas Cook..The transaction is valued at Rs. 870 crore and is structured through a multi-layered process, involving both cash and stock swaps..In the first stage, Thomas Cook India had invested Rs 187 crore through a preferential allotment, giving the tour operator around 23% stake in Sterling Holiday. It has now acquired another 23% from key Sterling shareholders including Siddharth Mehta’s Bay Capital, ace stock brokers Rakesh Jhunjhunwala and Radhakrishna Damani. This triggers the mandatory open offer for another 26% stake as per regulatory norms, for which Thomas Cook India will shell out Rs. 230 crore, reports TOI.
J. Sagar Associates (JSA) advised Bay Capital Investment Managers and the Promoters of Sterling Holiday Resorts (India) for the sale of their shareholding in Sterling Holiday Resorts (India) to Thomas Cook Group..The JSA team was led by M&A Partners Sandeep Mehta and Rajesh Pal and Senior Associate Malav Shah..AZB & Partners Mumbai Partners Ashwin Ramanathan and Bhavi Sanghvi advised Thomas Cook..The transaction is valued at Rs. 870 crore and is structured through a multi-layered process, involving both cash and stock swaps..In the first stage, Thomas Cook India had invested Rs 187 crore through a preferential allotment, giving the tour operator around 23% stake in Sterling Holiday. It has now acquired another 23% from key Sterling shareholders including Siddharth Mehta’s Bay Capital, ace stock brokers Rakesh Jhunjhunwala and Radhakrishna Damani. This triggers the mandatory open offer for another 26% stake as per regulatory norms, for which Thomas Cook India will shell out Rs. 230 crore, reports TOI.