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DSK Legal advised and assisted Narayana Group of Entities (Narayana Group) and its promoters (Promoters) in relation to a leveraged buyout of ~ USD 165 million of the stake held by:

(A) Morgan Stanley Private Equity; and

(B) Banyan Tree Capital.

in NSPIRA Management Services Private (“Transaction”).

The Transaction included fund raising for the leverage buy-out from certain marquee financial investors (Investors).

Narayana group is one of the largest education institutions in the K12 segment in India, inspiring success across India’s major cities and towns, with over 495,000 students across 830 centers in 22 states. In addition to K12, they also provide coaching for competitive examinations such as NEET, IIT, and others.

DSK Legal was, inter alia, involved in (i) conducting vendor due diligence of Nspira Group of Entities (VDD); (ii) structuring of the Transaction; (iii) filing notification and seeking approval from Competition Commission of India (CCI); (iv) reviewing, negotiating and finalizing the transaction documents including the documents with the Investors, the share purchase agreements and other ancillary documents with the Investors and for purchase of stake from Morgan Stanley Private Equity and Banyan Tree Capital; and (v) closing of the Transaction.

The DSK Legal team for the VDD and Transaction comprised of Mr. Hemang Parekh (Partner), Mr. Jayesh Kothari (Partner), Ms. Pooja Khanna (Principal Associate), Ms. Rajlaxmi Kale (Principal Associate), Ms. Saumya Malviya (Senior Associate), Ms. Aishwarya Kapoor (Senior Associate), Mr. Kunal Chopra (Senior Associate) and Ms. Sharmishtha Bharde (Associate).

The DSK Legal team for the CCI advisory and approval comprised of Mr. Kunal Mehra (Partner), Mr. Danish Khan (Principal Associate) and Mr. Aakrit Aditya Sharma (Associate).

Cyril Amarchand Mangaldas acted as the legal counsel for the Investors;

Cyril Amarchand Mangaldas acted as the legal counsel for the Banyan Tree Capital; and

Trilegal acted as the legal counsel for Morgan Stanley Private Equity.


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