Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

INEOS Styrolution India Limited / Event-Driven

<div class="content-highlight"><p><em>This insight is meant to provide a hands-on guide for investors looking at the Indian Delisting Offer situations of <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a>, <a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a>, and <a href="https://www.smartkarma.com/entities/adani-power-ltd" target="_blank" data-smartkarma-citation="entities:247:1" rel="noopener">Adani Power Ltd (ADANI IN)</a>.  It shows the timing, the tools used to observe the reverse book build in real-time, and allows one to get a "practice run" at the larger deals going forward.</em></p></div><hr><p>Almost a year ago, a smallcap Indian company called <a href="https://www.smartkarma.com/entities/ineos-styrolution-india-limited" target="_blank" data-smartkarma-citation="entities:1868:1" rel="noopener">INEOS Styrolution India Limited (INEOS IN)</a>, 75%-owned by closely-held UK petrochemicals powerhouse INEOS, announced that INEOS was interested in taking it private. </p><div class="content-remarks"><p>INEOS, which was created as a spinoff from Inspec by chemical engineer and private equity fund director James Ratcliffe (who was at the time a co-founder of Inspec) in the late 1980s as a way to spin off Inspec's ethylene oxide facility in Belgium that it had purchased earlier from BP, grew quickly by taking out the commodity chemical businesses from various refiners and petrochem companies. 30+yrs later, Mr Ratcliffe is a billionaire 20x over and INEOS reportedly has annual turnover approaching US$100bn. Just two weeks ago, INEOS <a href="https://www.bbc.com/news/business-53222946" target="_blank" rel="noopener">signed a deal to buy</a> out BP's remaining petrochemicals businesses for US$5bn.</p></div><p>The <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/1aff7400-a845-46f0-a301-14e7487f805d.pdf" target="_blank" rel="noopener">announcement</a> on 16 August 2019 was made whereby the Promoter had said to the Board of the Indian unit that it was interested in buying out the 4.4mm shares it did not hold, and delisting the company. The Board appointed a merchant banker which did a due diligence report, and the a week later the Board gave its <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/778c1efc-96e7-4dcd-81a2-acdac3343ca1.pdf" target="_blank" rel="noopener">approval</a>. The postal ballot started a week later at the end of August, and results were <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/81e76c71-8caf-44e6-995f-9d63cab2f474.pdf" target="_blank" rel="noopener">known</a> on 1 October 2019, with minority shareholders agreeing to run a Delisting Offer process. </p><p>Then things went quiet. </p><p>As noted in <a href="https://www.smartkarma.com/insights/indian-delisting-exit-offers-know-your-process-and-the-games-played" target="_blank" data-smartkarma-citation="insights:39683" rel="noopener">Indian Delisting/Exit Offers - Know Your Process and The Games Played</a>, the company has one year from the shareholder approval to get approval from the Exchange. That request went in a short while ago and last week INEOS Styrolution India Limited <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/9feaa062-5f5d-44ee-a465-97625645bdae.pdf" target="_blank" rel="noopener">announced</a> that the NSE and BSE had given their in-principle approval.  </p><p>This is a smallcap situation - the float is worth less than US$50mm - but for those watching the delisting offers of <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a>, <a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a>, and <a href="https://www.smartkarma.com/entities/adani-power-ltd" target="_blank" data-smartkarma-citation="entities:247:1" rel="noopener">Adani Power Ltd (ADANI IN)</a>, it is probably worthwhile absorbing the details because they are out in the open. </p><p>Much more below the fold. </p><hr><table class="table table-striped"><tbody>
<tr><td colspan="2" style="width: 214px;">Relevant Insights To Date</td></tr>
<tr><td colspan="2" style="width: 214px;"><strong>General Coverage of the Event Type</strong></td></tr>
<tr>
<td style="width: 214px;">Indian M&amp;A Guide</td>
<td style="width: 489px;">
<a href="https://www.smartkarma.com/insights/quiddity-india-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:30885" rel="noopener">Quiddity India M&amp;A Guide 2019</a> </td>
</tr>
<tr>
<td style="width: 214px;">Overview of Delisting Offers</td>
<td style="width: 489px;">
<a href="https://www.smartkarma.com/insights/indian-delisting-exit-offers-know-your-process-and-the-games-played" target="_blank" data-smartkarma-citation="insights:39683" rel="noopener">Indian Delisting/Exit Offers - Know Your Process and The Games Played</a> </td>
</tr>
<tr>
<td style="width: 214px;">Overview of Failed Exit Offers</td>
<td style="width: 489px;">
<a href="https://www.smartkarma.com/insights/failed-exit-offers-in-india-lessons-for-vedl-adani-and-hexw" target="_blank" data-smartkarma-citation="insights:40492" rel="noopener">Failed Exit Offers in India: Lessons for VEDL, ADANI, and HEXW?</a> </td>
</tr>
<tr><td colspan="2"></td></tr>
<tr><td colspan="2" style="width: 214px;"><strong>Specific Single Stock Situations Live Now</strong></td></tr>
<tr>
<td style="width: 214px;">
<a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> </td>
<td style="width: 489px;">
<a href="https://www.smartkarma.com/insights/vedanta-delisting-offer-how-it-goes-from-here" target="_blank" data-smartkarma-citation="insights:39761" rel="noopener">Vedanta Delisting Offer - How It Goes From Here</a> </td>
</tr>
<tr>
<td style="width: 214px;">
<a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> </td>
<td style="width: 489px;">
<a href="https://www.smartkarma.com/insights/vedanta-delisting-offer-opportunities-and-timing" target="_blank" data-smartkarma-citation="insights:40528" rel="noopener">Vedanta Delisting Offer: Opportunities and Timing</a> </td>
</tr>
<tr>
<td style="width: 214px;">
<a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> </td>
<td style="width: 489px;">
<a href="https://www.smartkarma.com/insights/vedanta-buyout-loan-huge-hindustan-zinc-div-but-may-change-vedanta-rbb-timing" target="_blank" data-smartkarma-citation="insights:40653" rel="noopener">Vedanta Buyout Loan = HUGE Hindustan Zinc Div But May Change Vedanta RBB Timing</a> </td>
</tr>
<tr>
<td style="width: 214px;">
<a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> </td>
<td style="width: 489px;">
<a href="https://www.smartkarma.com/insights/putting-sightlines-on-the-vedanta-discovered-price" target="_blank" data-smartkarma-citation="insights:41236" rel="noopener">Putting Sightlines on the Vedanta Discovered Price</a> </td>
</tr>
<tr>
<td style="width: 214px;">
<a href="https://www.smartkarma.com/entities/adani-power-ltd" target="_blank" data-smartkarma-citation="entities:247:1" rel="noopener">Adani Power Ltd (ADANI IN)</a> </td>
<td style="width: 489px;">
<a href="https://www.smartkarma.com/insights/adani-power-the-next-delisting-exit-offer" target="_blank" data-smartkarma-citation="insights:39894" rel="noopener">Adani Power - The Next Delisting/Exit Offer?</a> </td>
</tr>
<tr>
<td style="width: 214px;">
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a> </td>
<td style="width: 489px;">
<a href="https://www.smartkarma.com/insights/hexaware-delisting-proposal-this-could-go-higher" target="_blank" data-smartkarma-citation="insights:40116" rel="noopener">Hexaware Delisting Proposal - This Could Go Higher</a> </td>
</tr>
</tbody></table>

This insight is meant to provide a hands-on guide for investors looking at the Indian Delisting Offer situations of Vedanta Ltd (VEDL IN), Hexaware Technologies (HEXW IN), and Adani Power Ltd (ADANI IN).  It shows the timing, the tools used to observe the reverse book build in real-time, and allows one to get a "practice run" at the larger deals going forward.Almost a year ago, a smallcap Indian company called INEOS Styrolution India Limited (INEOS IN), 75%-owned by closely-held UK petrochemicals powerhouse INEOS, announced that INEOS was interested in taking it private. INEOS, which was created as a spinoff from Inspec by chemical engineer and private equity fund director James Ratcliffe (who was at the time a co-founder of Inspec) in the late 1980s as a way to spin off Inspec's ethylene oxide facility in Belgium that it had purchased earlier from BP, grew quickly by taking out the commodity chemical businesses from various refiners and petrochem companies. 30+yrs later, Mr Ratcliffe is a billionaire 20x over and INEOS reportedly has annual turnover approaching US$100bn. Just two weeks ago, INEOS signed a deal to buy out BP's remaining petrochemicals businesses for US$5bn.The announcement on 16 August 2019 was made whereby the Promoter had said to the Board of the Indian unit that it was interested in buying out the 4.4mm shares it did not hold, and delisting the company. The Board appointed a merchant banker which did a due diligence report, and the a week later the Board gave its approval. The postal ballot started a week later at the end of August, and results were known on 1 October 2019, with minority shareholders agreeing to run a Delisting Offer process. Then things went quiet. As noted in Indian Delisting/Exit Offers - Know Your Process and The Games Played, the company has one year from the shareholder approval to get approval from the Exchange. That request went in a short while ago and last week INEOS Styrolution India Limited announced that the NSE and BSE had given their in-principle approval.  This is a smallcap situation - the float is worth less than US$50mm - but for those watching the delisting offers of Vedanta Ltd (VEDL IN), Hexaware Technologies (HEXW IN), and Adani Power Ltd (ADANI IN), it is probably worthwhile absorbing the details because they are out in the open. Much more below the fold. 
Relevant Insights To Date
General Coverage of the Event Type

Indian M&amp;A Guide

Quiddity India M&amp;A Guide 2019 


Overview of Delisting Offers

Indian Delisting/Exit Offers - Know Your Process and The Games Played 


Overview of Failed Exit Offers

Failed Exit Offers in India: Lessons for VEDL, ADANI, and HEXW? 


Specific Single Stock Situations Live Now


Vedanta Ltd (VEDL IN) 

Vedanta Delisting Offer - How It Goes From Here 



Vedanta Ltd (VEDL IN) 

Vedanta Delisting Offer: Opportunities and Timing 



Vedanta Ltd (VEDL IN) 

Vedanta Buyout Loan = HUGE Hindustan Zinc Div But May Change Vedanta RBB Timing 



Vedanta Ltd (VEDL IN) 

Putting Sightlines on the Vedanta Discovered Price 



Adani Power Ltd (ADANI IN) 

Adani Power - The Next Delisting/Exit Offer? 



Hexaware Technologies (HEXW IN) 

Hexaware Delisting Proposal - This Could Go Higher 



INEOS Styrolution India - A Tiny Delisting to Watch How the RBB Sausage Is Made

India

INEOS Styrolution India Limited manufactures ABS resins, ABS sheets and SAN resins. The Company's products are used in a wide range of industries, including personal care, consumer durables, automobiles and telecommunications. Styrolution ABS sells its products in India and abroad.

INEOS Styrolution India Limited (INEOS IN)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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INEOS Styrolution India - A Tiny Delisting to Watch How the RBB Sausage Is Made

This insight is meant to provide a hands-on guide for investors looking at the Indian Delisting Offer situations of Vedanta Ltd (VEDL IN), Hexaware...

Travis Lundy