M&A

M&A

Bandhan employees' trust, Angshuman Ghosh buy 25% in amusement park Nicco for Rs.35.5 Cr

Economic Times   BSE Release  

Bandhan Employees' Welfare Trust and Angshuman Ghosh, son of Bandhan Bank founder Chandra Shekhar Ghosh, have together bought a 25% stake in Kolkata-based, publicly listed Nicco Parks & Resorts, the largest amusement park in eastern India. They acquired the shares for INR 35.5 crore from Nicco Corporation, the insolvent cable maker placed for liquidation in 2017 by the National Company Law Tribunal (NCLT). Nicco Parks was the last remaining asset of Nicco Corp. The new owners have made an open offer to buy about 12.2 million equity shares in Nicco Parks, representing 26% of the company's equity capital. The offer is priced at INR 30.5 apiece, with a face value INR 1.