New Delhi | January 15 , 2026 : Shardul Amarchand Mangaldas & Co. (“SAM”) advised Aica Kogyo Company, Limited (Japan) (“Aica”) on its USD 225 million (approximately) acquisition of a controlling stake of upto 53.12% in Stylam Industries Limited (“Stylam”), involving secondary purchases from existing promoters and a mandatory open offer to public shareholders under the SEBI Takeover Regulations.
SAM advised Aica on the structuring of the transaction, analysis of regulatory matters pertaining to securities laws and regulations, analysis of implications under foreign exchange regulations, conducting legal due diligence, drafting, negotiating, and finalising the transaction documents and the open offer documentation, and coordination with the manager to the open offer and other advisors and stakeholders including offshore counsel and tax advisors.
The SAM transaction team was led by Jamshed Bhumgara, Partner and Kaustubh Verma, Partner; and comprised Bharath Shridhar, Counsel; Shruti Khetan, Senior Associate; Ankit Parekh, Senior Associate; Sanjana Kumar, Senior Associate; Mahinder Udasi, Associate; Jay Sureka, Associate. The transaction team was supported by Yogesh Chande, Partner; Ashoo Gupta, Partner; Mukul Baveja, Partner; Shreya Jain, Partner; Atika Vaz, Partner; Pooja Ramchandani, Partner; Kriti Kaushik, Partner; Aman Singh Sethi, Partner; Preeti Kapany, Principal Associate; Suryansh Gupta, Principal Associate; Lipika Vinjamuri, Associate; Anushri Mandal, Associate; Eeshan Sonak, Associate; and Ojaswi Bhagat, Associate. Strategic advice on the overall transaction was provided by Akshay Chudasama, Managing Partner.