Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas (CAM) acted as the legal counsel to Vinod Cookware India Private Limited ("Client") in relation to their strategic investment in Healux International Private Limited ("Target Company") by way of primary investment in the equity shares and optionally convertible debentures of the Target Company. We assisted in finalisation of the transaction documents, pre-closing, closing and post-closing actions. The transaction team was led by Dhruv Singhal, Partner; with the support from Aparna Menon, Senior Associate; Shivangini Singh, Associate; and Rushil Mehta, Associate. The transaction was closed on 2nd August, 2024.  

Cyril Amarchand Mangaldas (CAM) assists Marriott International, Inc. on its first Westin Residences project in India.Our scope of work involved (a) advising on the framework for sale of units and subsequent maintenance of common areas in applicable real estate projects across India, with a focus on projects in Haryana, (b) undertaking title investigation of the land parcels forming part of the project, and advising Marriott on related aspects from time to time on the overall structure of the project, and (c) preparing and negotiating sophisticated transaction documents relating to licensing of marks and management in connection with the proposed residences project. The proposed project is expected to be Marriott’s largest branded residency in India and is the first to operate as a standalone residency without a hotel showcasing Marriott’s new approach to the Indian market. The project is being developed by Whiteland Corporation Private Limited and proposed to be managed by Marriott post completion. The Real Estate team of Cyril Amarchand Mangaldas advised on the matter. The transaction was led by Ashish Jain, Partner; with support from Devinder Kumar, Senior Consultant; Shorya Choudhary, Senior Associate; Siddharth Iyer, Senior Associate; Rohan Chugh, Associate; Yash Jain, Associate; and Shubham Mittal, Associate. Other parties and advisors to the transaction included Whiteland Corporation Private Limited, counterparty. The transaction was signed on 4th July, 2024.  

Cyril Amarchand Mangaldas (CAM) advised Keppel in its purchase of One Paramount, a 2.4 million sq. ft. grade A office complex in Chennai The transaction team was led by Reeba Chacko, Senior Partner; Vishak Abraham, Partner; Emil Joseph, Partner; with support from Mahima Goel, Senior Associate; Jayant Belgaumkar, Associate; Ashish Narang, Associate; and Vamsi Masireddy, Associate. The real estate team led by Abhilash Pillai, Partner; with support from Esther Joshua Philip, Senior Consultant; Shruthi P, Associate; advised on the real estate aspects of the transaction. The banking and finance team led by Lakshmi Prakash, Partner; with support from Kushal Rohira, Principal Associate; Shivpriya Gurtoo, Senior Associate; Anish Meduri, Associate; advised on the financing aspects of the transaction.  

Cyril Amarchand Mangaldas (CAM) advised Brigade Enterprises Limited (“Brigade”) as its legal counsel on the issuance of equity shares by way of a qualified institutions placement (“QIP”). The QIP was undertaken by Brigade in compliance with Chapter VI of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Section 42 of the Companies Act, 2013. The QIP opened on September 2, 2024 and closed on September 5, 2024. Brigade is a leading multi-asset class real estate developer in India with projects across real estate, leasing and hospitality businesses operating in the real estate sector since 1986. The Capital Markets team of Cyril Amarchand Mangaldas advised on the matter. The transaction team was led by Reuben Chacko, Partner, Regional Co-Head Markets Practice – Southern Region; with support from Rushab Dhandokia, Principal Associate; Surya Rajkumar, Associate; Rakshitha V, Associate and Julia Joseph, Associate. Team led by Namrata Kolar, Partner & Head - Real Estate ; Ashish Jain, Partner; and Abhilash Pillai, Partner with support from Ritha Ulbyre, Principal Associate; Siddhant Sharma, Senior Associate; Rohan Chugh, Associate and Kartik Adlakha, Associate advised on real estate related aspects of the transaction. Other parties and advisors to the transaction included Kotak Mahindra Capital Company Limited and  IIFL Securities Limited, acted as book running lead managers to the QIP; and Hogan Lovells Lee & Lee acted as international legal counsel to book running lead managers.  

Cyril Amarchand Mangaldas (CAM) acted as the Indian legal counsel to Bajaj Housing Finance Limited (the “Company”) and Bajaj Finance Limited (the "Promoter Selling Shareholder"), on the initial public offering of 937,142,856 equity shares of the Company (“Equity Shares”, and such offering, the “Offer”) aggregating to ₹65,600.00 million (the “Offer”). The Offer consisted of a fresh issue of 508,571,428 Equity Shares aggregating to ₹35,600.00 million and an offer for sale of 428,571,428 Equity Shares aggregating to ₹30,000.00 million by Bajaj Finance Limited. The Offer opened on Monday, September 6, 2024 and closed on Wednesday, September 11, 2024. The Equity Shares commenced trading on BSE Limited and National Stock Exchange of India Limited on September 16, 2024. The transaction team was led by Yash J. Ashar, Senior Partner; Reuben Chacko, Partner, Regional Co-head Markets Practice (Southern Region); with support from Aniran Ghoshal, Principal Associate; Surya Rajkumar, Associate; Nitesh Mishra, Associate;   Dhruv Sharma, Associate;  Tara Thakur, Associate;  and Julia Joseph, Associate; Bharath Reddy, Partner;  Sindhushri Badarinath Partner; with support from Abhishek Jain, Associate; and Jay Sharma, Associate advised in relation to matters pertaining to the ESOP Scheme of the Company. The Book Running Lead Managers (“BRLMs”) to the Offer were Kotak Mahindra Capital Company Limited, BofA Securities India Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, SBI Capital Markets Limited, JM Financial Limited and IIFL Securities Limited. “Bajaj Housing Finance IPO was a historic one for the Bajaj Group after 31 years from their previous listing, with an aggregate issue size of Rs. 65,600 million. It was very well received by the market having received bids worth Rs. 3.20 Trillion and having over subscribed 63.61 times. We acted as the counsel to Bajaj Housing Finance (the Issuer) and Bajaj Finance (being a selling shareholder) on this public issue.” - Reuben Chacko, Partner, Regional Co-head Markets Practice (Southern Region), Cyril Amarchand Mangaldas  

Cyril Amarchand Mangaldas (CAM) advised Ernst and Young (“EY”), who was appointed as the Process Advisor to Stressed Assets Stabilisation Fund (“SASF”),on the process conducted for transfer of the NPA loan portfolio of SASF with total outstanding amount of approx. Rs. 6,151 crores (“Portfolio Sale”). Omkara Assets Reconstruction Private Limited (“Omkara ARC”) emerged as the successful bidder post conclusion of the bid process, whereafter the parties have executed the assignment agreement. The CAM team, along with the EY team, conducted a comprehensive vendor diligence for around 400 loan accounts (completed in 1.5 months’ time), prepared all documents for two rounds of bid processes and an inter-se bidding process, drafted the assignment agreement and conducted protracted negotiations on the same, and advised on post assignment actions for successful transfer of the identified loan account portfolio to Omkara ARC, to achieve closure of the transaction in 7 months’ time. The CAM team also advised SASF on strategies for ring fencing the Portfolio Sale process from potential litigation risk. Transaction Team: The advice on the two-stage bidding process, including the inter-se bidding process, and the assignment transaction was led by Abhishek Mukherjee, Partner; with support from Harsh Rathi, Senior Associate;  Mehul Kumar, Consultant; Parnika Jain, Associate; Vedaant Agarwal, Associate; Arunima Phadke, Associate; Ilina Peehu,  and Bhavit Baxi, Associate. The due diligence exercise for conducting vendor diligence on about 400 loan accounts was led by Abhishek Mukherjee, Partner; and Surbhi Pareek, Partner, with assistance from Harsh Rathi, Senior Associate;  Mehul Kumar, Consultant; Parnika Jain, Associate; Tushar Kumar, Associate;  Amritya Singh, Associate;  Vidhi Saxena, Associate; Shubham Shanu, Associate; Arunima Phadke, Associate; Ilina Peehu, Associate; Shubham Shanu, Associate; Vedaant Agarwal, Associate;  and Bhavit Baxi, Associate. The advice on the strategy for handling potential litigation was led by Abhishek Mukherjee, Partner;   with support from Saloni Kapadia, Partner;  Srideepa Bhattacharyya, Principal Associate; Aishwarya Gupta, Principal Associate; Karan Gandhi, Associate; and Parnika Jain, Associate. The transaction was completed under the overall guidance of Dhananjay Kumar, Partner & Head- Insolvency & Restructuring.  

Cyril Amarchand Mangaldas (CAM) advises Binance Holdings Limited, the largest global crypto assets exchange, in its strategic entry and resumption of operations in India. Our firm provided comprehensive counsel on navigating through complex regulatory compliance, involving  multiple legal, tax and compliance challenges, including: (i) registration as a virtual digital asset service provider (VDASP) and resumption of its operations in India by liaising with the Financial Intelligence Unit - India (FIU-IND); (ii) withdrawal of the prohibitory App ‘take-down’ orders imposed by the Ministry of Electronics and Information Technology (MEITY) in December 2023; (iii) unblocking of its application on Google Play / Apple App stores and its website; (iv) assisting Binance on its proceedings before the Directorate General of GST Intelligence (DGGI); and (v) deploying a comprehensive stakeholder engagement plan for establishing Binance's operations in India, ensuring alignment with regulatory authorities and market stakeholders. The Financial Services Regulatory Practice (FSRP) & Tax team of Cyril Amarchand Mangaldas advised on the matter. The transaction was led by Anu Tiwari, Partner& Head - Fintech and FSRP; Pallavi Rao, Partner; and Gauhar Mirza, Partner; with support from Hiral Gupta, Principal Associate; Aditya Sarkar, Associate; Sanya Rizvi, Associate; and Abhyuday Jaiswal, Associate. The tax team was led by Kunal Savani, Partner; with support from Bipluv Jhingan, Principal Associate; Shivam Garg, Principal Associate; and  Lakshya Gupta, Associate. Arjun Goswami, Director, Public Policy; & Praveen Singh, Senior Associate advised on public policy aspects.  

Cyril Amarchand Mangaldas (CAM) advised PTC India Ltd, a listed company ("PTC) in the sale of its subsidiary, PTC Energy Ltd ("PEL") to ONGC Green Limited ("ONGC") through a bidding process. PEL has an aggregate operational wind generation capacity of 288.80 MW which is spread over 7 projects which are in Madhya Pradesh, Andhra Pradesh and Karnataka. The Transaction was led by Ritika Rathi, Partner along with Sreetama Sen, Partner, with support from Nooreen Haider, Principal Associate; Bhadra Nair, Senior Associate; Aakash Rao, Associate and Esha Goyal, Associate. The transaction document was signed on 13th September, 2024. The closure of deal is subject to fulfilment of CPs of the transaction document.  

Cyril Amarchand Mangaldas (CAM) is representing Indostar Capital Finance Limited on the sale of Indostar Home Finance Private Limited to Witkopeend B.V.,an affiliate of BPEA EQT Mid-Market Growth Partnership, at a value of INR 1750 crores on a fully diluted basis. The transaction team is led by Anchal Dhir, Partner, with support from Shubham Rastogi, Principal Associate, Aman Deep Borthakur, Senior Associate, Mahin Rai, Associate; Samraddhi Shetty, Associate; Aanchal Jain, Associate; Muskaan Desai, Associate; Pramit Pandey, Associate; and Kriti Jain, Associate. The transaction was signed on 19th September, 2024. The closing is subject to receipt of RBI approval and fulfillment of other conditions precedent.  

Cyril Amarchand Mangaldas (CAM) advised selling shareholders, including Peak XV Partners Growth Investment Holdings I and Peak XV Partners Growth Investments II in relation to the proposed sale of 46.85% stake in Prataap Snacks Limited to Authum Investment & Infrastructure Limited and Ms. Mahi Madhusudan Kela. The execution of the SPA has also triggered an obligation on the Purchasers to make an open offer to the public shareholders of the Target Company under Regulations 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction was undertaken under the overall guidance of Cyril Shroff, Managing Partner. The transaction team was led by Ramgovind Kuruppath, Partner;  with support from Megha Krishnamurthi, Principal Associate; Nikita Singhi, Senior Associate; and Bharat Harne, Associate. The transaction document was signed on 26th September 2024. The closing is subject to completion of the conditions set out in the share purchase agreement, including regulatory approvals, if applicable  

Cyril Amarchand Mangaldas (CAM) acted as legal advisers to Adani Green Energy Twenty Four Limited ("Borrower")in relation to the financial assistance aggregating up to an amount of 4,404,00,00,000 availed / to be availed by it from National Bank for Financing Infrastructure and Development and other consortium lenders, for the purposes of setting up of 929 MW AC projects comprising of (i) the 500 MW AC solar project in Fatehgarh, Rajasthan; (ii) (a) the 300 MW AC solar project; (b) 104 MW AC wind project; and (c) 25 MW AC solar project, presently under merchant sale projects in Khavda Village, District Kutch, Gujarat. The deal involved structuring with respect to LC sublimits availed by the Borrower with Adani Green Energy Limited as the Co-Borrower. The transaction team was led by Yash Jain, Partner;  with the support from Janani Chandrasekaran, Associate; and Anubhav Khandelwal, Associate. Other parties to the transaction include: National Bank for Financing Infrastructure and Development (Acted as Lender). The transaction was signed on 28th June, 2024 and closed on 27th September, 2024.  

Cyril Amarchand Mangaldas (“CAM”) acted as legal counsel for Ambuja Cements Ltd in the acquisition of 46.80% controlling stake in Orient Cement Ltd. (OCL) and upto 26% stake in OCL pursuant to the mandatory tender offer, at an equity value of ₹8,100 crore. The transaction was done under the strategic guidance of Cyril Shroff, Managing Partner; and L. Viswanathan, Senior Partner; and was headed by Ruetveij Pandya, Partner; with support from Abhilasha Malpani, Principal Associate; and Disha Tulsyan, Associate. Paridhi Adani, Partner; and Smruti Shah, Partner; provided inputs on certain key aspects of the transaction. The Competition Law advisory team was led by Avaantika Kakkar, Partner & Head - Competition Law; and Aman Baroka, Principal Associate. Mining and electricity related inputs were provided by Ramanuj Kumar, Partner;  and Nishikant Sao, Partner Designate; and Real Estate inputs were provided by Abhilash Pillai, Partner. Due diligence support was provided by Viraj Gami, Principal Associate;  and Tanvi Apte, Associate;  provided transaction support. Gyanendra Kumar, Partner; Monark Gahlot, Partner; provided inputs on litigation related matters. Other parties to the transaction included: Khaitan & Co (acted as Indian legal counsel for OCL) in this deal.  

Cyril Amarchand Mangaldas (CAM) advised Netherlands-headquartered AM Green Technology & Solutions B.V., a part of the Greenko Group, (“Acquirer”) on its strategic acquisition (~96%) of Finland based Chempolis Oy (“Chempolis”) from Fortum Power and Heat Oy (“Fortum”), Taaleri Kiertotalous Ky, Taaleri CP Holding Oy and certain minority shareholders of Chempolis (“Sellers”), and the indirect acquisitions of Chempolis India Private Limited, a wholly owned subsidiary of Chempolis, and Chempolis’ shareholding in Assam Bio Ethanol Private Limited (formerly, Assam Bio Refinery Private Limited). Completion of the acquisition is subject to satisfaction of certain agreed conditions. Cyril Amarchand Mangaldas also advised on the: (i) transfer of the biobased solutions business and related assets of Fortum (“Bio2X Business”) to Chempolis; (ii) the assignment and transfer of related Intellectual Property Rights from Fortum Oyj to Chempolis, (iii) the transitional services arrangement with respect to the Bio2X Business; and (iv) legal due diligence on Chempolis and its group companies in India. The acquisition, marks the entry of AM Green into biofuels and with planned investments of $1 billion over the next three years, into Sustainable Aviation Fuels. Chempolis has been a major player in lignocellulosic feedstock processing, with research, technology capabilities and product development expertise spanning over 15 years. AM Green intends to license these patented technologies to partners worldwide to establish a global bio-refinery ecosystem. The transaction team was led by Ruetveij Pandya, Partner; and Jeeta Nayak, Partner; with support from Sajith Anjickal, Associate; and Sana Sarosh, Associate. Gayatri Shanker, Partner; supported by Aditi Chopra, Associate; advised on project contracts and financing related matters pertaining to the transaction. Swati Sharma, Partner & Head – Intellectual Property; supported by Gitika Suri, Director; Sandeep Pandey, Principal Associate; and Andri Shukla, Senior Associate; advised on intellectual property related aspects of the transaction. Avaantika Kakkar, Partner & Head - Competition); supported by Rajat Sharma, Senior Associate; advised on the competition law aspects of the transaction. Santosh Janakiram, Senior Partner; provided overall strategic inputs and guidance on the transaction. The Legal Due Diligence was led by Jeeta Nayak, Partner; Gayatri Shanker, Partner; and Swati Sharma, Partner & Head – Intellectual Property;  and supported by Gitika Suri, Director; Sandeep Pandey, Principal Associate; and Andri Shukla, Senior Associate; Aditi Chopra, Associate; Sana Sarosh, Associate; Sajith Anjickal, Associate; Kajal Singhvi, Associate; and Nitya Ravichandra, Associate. CAM advised as lead counsel for the Acquirer, and was the sole Indian legal counsel on the transaction.  

Cyril Amarchand Mangaldas (CAM) advised Tatvartha Health Private Limited (Traya) and its Promoters on Series B CCPS investment by Xponentia Opportunities Fund II for a stake of 6.68% in Traya for a value amounting to approximately INR 75 crores). The transaction team was led by Dhruv Singhal, Partner; with support from Aparna Menon, Senior Associate; Hina Tolani, Associate; Shivangini Singh, Associate; Bhavya Arya, Associate; and Rushil Mehta, Associate. Other parties to the transaction are: Fireside Ventures Investment Fund – II; Whiteboard Capital Fund – I; and Beacon Trusteeship Limited- Kae Capital Fund III (acted as existing investors) The transaction documents was signed on 27th March, 2024 and closing was done 28th March, 2024.  

Cyril Amarchand Mangaldas (CAM) advised Power Finance Corporation Limited (“Lender”) in relation to refinancing of the existing debt of Hinduja National  Power Corporation Limited (“HNPCL”) to the tune of Rs.4916,00,00,000 (Rupees Four Thousand Nine Hundred Sixteen Crore only), which was availed by HNPCL for setting up of its 1040 MW coal based thermal power project in the state of Andhra Pradesh. The transaction team was led by Amey Pathak, Partner & Head - Banking; and Yash Jain, Partner; with the support from Hariharan Kumar, Principal Associate; Aayush Kakodkar, Associate;  and Gauransh Gaur, Associate. Anubhav Khandelwal, Associate; assisted with the due diligence exercise. Other parties to the transaction include: Coeus Advisors (Acted as advisor to Hinduja National Power Corporation Limited).  

Cyril Amarchand Mangaldas (CAM) advised Sumitomo Mitsui Banking Corporation (“SMBC”) for its green financing, extended/ to be extended to Shyama Shyam P1 City Bus Operations Private Limited and VSK City Bus Operations Private Limited (“Borrowers”), for an aggregate principal amount of up to INR 307,00,00,000 (Indian Rupees Three Hundred and Seven Crores only), by way of a rupee term loan facility and a bank guarantee facility (“Facility”), inter alia for the purpose of refinancing the existing facilities availed by the Borrowers for operation and maintenance of 350 (three hundred and fifty) intra-city electric buses, related charging infrastructure and depots in the state of Uttar Pradesh (“Project”). This transaction marks the first ever project financed by a Japanese bank in the e-mobility domain in India and is also SMBC’s first project finance transaction in this sector for APAC region. The Facilities provided by SMBC are also categorised as ‘green loan’ facilities, in compliance with the LMA/ APLMA/ LTSA’s green loan principles. The transaction team was led by Subhojit Sadhu, Partner; and Gautam Saran, Partner; with support from Kavya Mathur, Senior Associate; and Mansi Jain, Associate. Jian Johnson, Partner; with support from Rohil Deshpande, Associate assisted and advised on the hedge related aspects of the transaction.   Other parties to the transaction include: Shyama Shyam P1 City Bus Operations Private Limited; and VSK City Bus Operations Private Limited (Acted as Company); Greencell Mobility Private Limited (Acted as Sponsor); and Catalyst Trusteeship Limited (Acted as Trustee).  

Cyril Amarchand Mangaldas (CAM) advises Advent International (“Advent”) on its investment of ~INR 2,475 crore in Apollo Healthco Limited (“AHL”) (a material subsidiary of Apollo Hospitals Enterprises Limited (“AHEL”)) which,inter alia, owns and operates Apollo 24|7, an omnichannel healthcare platform allowing patients access to a range of medical and ancillary support services across various healthcare products. The transaction also includes an investment by AHL in Keimed Private Limited (“Keimed”), and Keimed’s subsequent amalgamation into AHL. Keimed is engaged, inter alia, in the wholesale distribution of pharmaceutical and healthcare products. CAM played a vital role by providing strategic guidance to Advent across all phases of the transaction, from initial drafting and negotiation of transaction documents, to overseeing regulatory compliance, obtaining anti-trust approval and addressing deal-specific issues. The General Corporate team of Cyril Amarchand Mangaldas advised on the matter. Mr. Cyril Shroff, Managing Partner provided strategic guidance to Advent. The transaction team was led by Vandana Sekhri, Arun Prabhu, Anand Jayachandran, Sonakshi Arora Partners; with support from Hina Tolani, Associate; Deval Dangayach, Associate; and Kabeer Jay, Associate. Siddharth K. Vedula, Partner; and Kushal Ramotre, Director – Corporate Transactions; supported the finalisation and execution of the transaction documentation. The diligence team was led by Aditi Manchanda, Partner; with support from Naimi Kamdar, Dhrumil Sanghvi, Senior Associates; Lokit Khurana, Utkarsh Roy, Kabeer Jay, Divya Shrivastava, Maya Venkiteswaran, Yashasvi Raj, Rashmi John and Mansi Jain, Associates. The pharma and healthcare regulatory diligence and advisory team was led by Biplab Lenin, Partner; with support from Kartik Jain, Principal Associate; Priyam Rajkumar, Senior Associate; Kritika Asawa and Preksha Mehndiratta, Associates. The contracting, intellectual property, information technology and data protection diligence and advisory team was led by Arun Prabhu, Partner& Head - TMT; with support from Arpita Sengupta, Principal Associate, Diksha Joshi and Kanav Khanna, Associates. The employment diligence and advisory team was led by Bishen Jeswant, Partner; with support from Krithika Radhakrishnan, Principal Associate; Himaa Sudhir, Senior Associate; Raunak Sood and Parnika Sharma, Associates. Anti-trust related aspect was led by Avaantika Kakkar, Partner & Head Competition; and Vijay Chauhan, Partner; with support from Rajat Sharma, Svyambhuv Talwar and Divyashree Rao, Associates. Other advisors to the transaction included Shardul Amarchand Mangaldas & Co., legal advisors to Apollo Healthco Limited and Keimed Private Limited, AZB & Partners, legal advisors to Apollo Hospitals Enterprises Limited, EY, transaction and tax advisors to Advent; Deloitte Touche Tohmatsu Limited, financial advisors to Advent; Ropes & Gray LLP, international legal counsel to the investor in relation to compliance with foreign anti-corruption and anti-money laundering laws; and Veda Corporate Advisors Private Limited, bankers to the target companies. The transaction was signed on 26th April, 2024. The transaction closed on September 27, 2024  

Cyril Amarchand Mangaldas (“CAM”) advised Adani Enterprises Limited (“AEL”) on issuance of equity share capital aggregating up to INR 4,200 crore by way of a qualified institutions placement (“Issue”). The Issue was undertaken by AEL in compliance with Chapter VI of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Section 42 of the Companies Act, 2013 and other applicable rules and regulations. AEL, the flagship entity of the Adani group, is among India’s top business houses with an integrated energy and infrastructure platform in India and a long track record of successfully executing largescale projects. AEL is one of India’s largest listed business incubators in terms of market capitalisation and focuses on incubating businesses in four core industry sectors – energy and utility, transportation and logistics, consumer, and primary industry. AEL has, over the years, seeded new business interests for the Adani group, developed them into sizeable and self-sustaining business verticals and subsequently demerged them into independently listed and scalable platforms. The current business portfolio of AEL includes a new energy ecosystem, data centers, airports, roads, food FMCG, digital, mining, copper, PVC, defence and specialized manufacturing, among others. The transaction team was led by Yash Ashar, Senior Partner; Devaki Mankad, Partner; with support from Jhalak Shah, Senior Associate; Adwait Deshmukh, Senior Associate; Raksha Raina, Associate; Arikta Shetty, Associate; and Devansh Raheja, Associate. SBI Capital Markets Limited, Jefferies India Private Limited and ICICI Securities Limited acted as book running lead manager to the Issue. The Issue was launched on October 9, 2024, and closed on October 15, 2024.  

Cyril Amarchand Mangaldas (CAM) advised the United States International Development Finance Corporation (DFC) on extending credit facility of up to USD 49.5 Million to Genus Power Infrastructures Limited (Genus). Genus is in the business of providing end to end smart meter solutions and undertakes EPC activities in relation to smart meter concessions. Genus has manufacturing plants across Jaipur, Haridwar and Guwahati with installed capacity of 10 million smart meters. DFC is the US Government's development finance institution. The credit facility extended by DFC will be utilized by Genus for scaling up manufacturing and deployment of smart meters in North Bihar and in other geographies across India. CAM Team advised DFC on: (i) key risks from a lender perspective (including security enforcement mechanism); (ii) rights available to the lenders under the direct debit facility agreement which ensures cashflow and payment security to an AMISP (i.e. advance metering infrastructure service provider) under the smart meter concession; (iii) salient features of Revamped Distribution Sector Scheme of the Union Government; (iv) addressing other project implementation related risks for the lenders, and (v) drafting and negotiation of financing and security documents. Transaction was led by Ramanuj Kumar, Partner & Co-Head (Projects - Energy and Energy Transition);  with support from Shrey Srivastava, Principal Associate. The transaction documents were executed in  April, 2024 and transaction was closed in  July, 2024.  

Cyril Amarchand Mangaldas (“CAM”) acted as legal counsel for State Bank of India in Financing of SPVs of Gemstar Pte Ltd. (a GIC subsidiary).Gemnstar Pte Ltd. is a platform company set up by Gem View (a WOS of GIC Infra Holdings Pte. Ltd)  and Genus Power Infrastructures Limited for implementing smart meter projects under the Advanced Metering Infrastructure Service Provider (AMISP) concessions. As a part of the Revamped Distribution Sector Scheme (RDSS) of the Government of India, Assam Power Distribution Corporation Limited (APDCL) had issued a Request for Proposal dated Sep 14, 2022, for appointment of AMISP for implementing the Advance Metering Infrastructure Project on Design-Build-Finance-Own-Operate-Transfer basis in the state of Assam under 6 packages. Gemstar Pte Ltd. (acting thorugh its various subsidiaries) emerged as a sucessful bidder in 4 Packages, and was awarded the contract to implement 29,49,319 smart meters and assocaited systems across various cities of Assam. Out of the 4 packages awared to Gemstar Pte Ltd., State Bank of India (SBI) has agreed to extend credit facilities for financing the implementation of 3 packages (approx 21,82,429 smart meters) (Transaction). Transaction team included Ramanuj Kumar, Partner & Co-head (Project - Energy and Energy Transition); Shrey Srivastava, Principal Associate; Bonny Singh, Principal Associate Designate; Vidha Bagora, Associate. Amey Pathak, Partner & Head-Banking provided strategic inputs and support for the transaction. Other parties to the transaction included: SBI Capital Markets Limited (Acted as advisor to Gemstar Infra Pte. Ltd.).  

Cyril Amarchand Mangaldas (“CAM”) acted as legal advisors for Axis Bank Limited with respect to the financing availed by Welspun Sattanathapuram Nagapattinam Road Private Limited for an aggregate principal amount of Rs. 1236.56 Crores to be utilised, inter alia, towards the construction, operation and maintenance of the four laning of Sattanathapuram to Nagapattinam (Design Ch Km 123+800 to Km 179+555) section of NH-45A (New NH -332) in the State of Tamil Nadu under NHDP Phase-IV on Hybrid Annuity Mode on design, build, operate and transfer (DBOT) basis. The transaction team was led by Amey Pathak, Partner & Head – Banking; and Pururaj Bhar, Partner; with the support from Abhinav Rawat, Principal Associate; Ayush Chowdhury, Senior Associate; Anushka Sahay, Associate; Sonali Suresh, Associate; and Tanvi Jain, Associate.

Cyril Amarchand Mangaldas (“CAM”) advised Himatsingka Siede Limited (the "Company") as their legal counsel as to Indian law, on the issuance of 2,72,85,129 equity shares ("Equity Shares") at a price of ₹ 146.60 per Equity Share, including a premium of ₹ 141.60  per Equity Share, aggregating up to ₹39,999.99 lakhs, by way of a qualified institutions placement ("QIP"). The QIP was undertaken by the Company in compliance with Chapter VI of the SEBI (Issue  of  Capital  and  Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Section 42 of the Companies Act, 2013 . The Company is a vertically integrated textile company with a global footprint, that designs, develops, manufactures and distributes a suite of textile products. The transaction was led by Reuben Chacko, Partner - Regional Co-head Markets Practice (South); with support from Tanvi Kini, Principal Associate, Dhawal Nirash, Associate; Ayushi Agarwal, Associate, Anjini Ganguly, Associate; and Olivia De, Associate. Other parties to the transaction included: Axis Capital Limited and SBI Capital Markets Limited (acted as Book Running Lead Managers to the Issue). The QIP launched on October 24, 2024 and closed on October 29, 2024.  

Cyril Amarchand Mangaldas (“CAM”) is representing Renew Exim DMCC (“Purchaser”), an Adani group entity, on its acquisition of 46.64% equity stake and control over ITD Cementation India Limited (“Target Company”) from Italian-Thai Development Public Company Limited, Thailand (“Seller”). The Purchaser has entered into a share purchase agreement (“SPA”) with the Seller for acquisition of 8,01,13,180 equity shares representing 46.64% of the share capital of the Target Company (“Transaction”). The consummation of the Transaction is subject to completion or waiver of the conditions precedent as set out in the SPA including but not limited to the receipt of the required statutory approvals. The execution of the SPA has also triggered an obligation on the Purchaser to make an open offer to the public shareholders of the Target Company under Regulations 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. As legal counsel to the Purchaser, our firm was involved in conducting legal due diligence on the Target Company, review, negotiation and finalization of the transaction documents including the SPA. We are also assisting the Purchaser with open offer documentation and application to the Competition Commission of India. The transaction was led by Anchal Dhir, Partner and Ravi Shah, Partner, with support from Arnav Shah, Principal Associate, Neeti Amin, Associate and Swini Khara, Associate. Avaantika Kakkar, Partner & Head – Competition, Vijay Pratap Singh Chauhan, Partner with support from Rajat Sharma, Senior Associate, Ananya Mahant, Associate, Jaibir Bindra, Associate and Parth Mishra, Associate is assisting with the notification to Competition Commission of India regarding the Transaction. The due diligence was led by Ravi Shah, Partner, with support from Avani Dalal, Principal Associate, Neeti Amin, Associate and Vidhi Shah, Associate. Abhishek Sridhar, Partner with support from Hrishikesh Bhise, Associate and Aadit Jogani, Associate advised and assisted on financing related aspects of the legal due diligence. Monark Gahlot, Partner with support from Priyal Shah, Associate and Deepanshu Agarwal, Associate advised and assisted on litigation related aspects of the legal due diligence. The transaction was signed on 25th October, 2024.  

Cyril Amarchand Mangaldas (“CAM”) advised Yamuna International Airport Limited ("YIAPL") in selection of Tata Power Company Limited (“Tata Power”) through a competitive bidding process for procurement of 23.8 MW of renewable energy to meet the majority power requirement of the Noida International Airport ("NIA"). Green Power shall be supplied by Tata Power through 13 MW onsite solar plant and 10.8 MW offsite wind power for a period of 25 years. CAM also advised YIAPL in relation to a contract with Tata Power for development, operation and maintenance of critical dry utilities (including essential electrical infrastructure) for a period of 25 years. YIAPL has entered into two separate power purchase agreements with Tata Power for procuring renewable energy from onsite solar plant and offsite wind energy plant with the scope of Tata Power to develop, operate and maintain the plants. Onsite solar plant shall be developed at the NIA site and wind energy shall be supplied from a wind power plant located anywhere in India through inter state transmission system (ISTS). Procurement of renewable energy under aforesaid arrangement would help NIA meeting its sustainability goals and becoming a green airport. The transaction team was led by Ajay Sawhney, Partner & Head - Northern Region; and Bhupendra Verma,  Partner. The power purchase agreements were signed on 7th November, 2024.  

Cyril Amarchand Mangaldas (CAM) advised Tata Communications Limited and its wholly owned subsidiary Tata Communications Payment Solutions Limited (TCPSL), on the 100% sale of TCPSL to Transaction Services International (India) Private Limited (“TSI”), a subsidiary of Findi Limited (Australia) (listed on ASX). The acquisition is subject to approval from the RBI and completion of customary conditions. The transaction team was led by Anu Tiwari, Partner & Head - Fintech and Financial Services; Lakshmi Prakash, Partner;  with support from Jemima Chelliah, Associate; Maria Borges, Associate; and Neville Tata, Associate. Swati Sharma, Partner & Head - Intellectual Property; advised on Intellectual Property related aspects of the transaction. Bipluv Jhingan, Principal Associate; advised on Tax related aspects of the transaction.  

Cyril Amarchand Mangaldas (“CAM”) advised thyssenkrupp AG (“tkAG” - the ultimate parent company in the thyssenkrupp group of entities)in relation to the proposed divestment of 100% of the shareholding in thyssenkrupp Electrical Steel India Private Limited (the “Company”), by tkAG’s subsidiaries, thyssenkrupp Electrical Steel GmbH and thyssenkrupp Electrical Steel UGO S.A.S. The Company is based out of Nashik, Maharashtra and is engaged in the business of manufacturing and sale of grain oriented electrical steel utilized in power transformers. JSW Steel and JFE Steel are making this acquisition through a wholly owned subsidiary of their 50:50 joint venture, Jsquare Electrical Steel Nashik Private Limited. Transaction was led by Siddharth Hariani, Partner; Sharada Ramachandra, Partner; with the support from Vaishnavi Eshwar, Senior Associate; Piyush Langade, Associate and Ashwin Satheesh, Associate; assisted with the transaction and vendor due diligence. Ankita Ray, Partner; with the support from Faiza Khan, Senior Associate; Sonam Ambastha, Associate; assisted with the employment law related aspects as a part of the vendor due diligence. Siddharth Hariani, Partner; with the support from Anjali Kadam, Consultant; and Neha Shah, SA – Designate; assisted with the real estate aspects as a part of the vendor due diligence. Avaantika Kakkar, Partner & Head – Competition; and Vijay Chauhan, Partner; with the support from Rajat Sharma, Senior Associate; and Srishti Chhabra, Associate; assisted with the competition law aspects. Other parties to the transaction included: Avendus Capital Private Limited (Acted as transaction advisor to thyssenkrupp AG). The transaction was signed on 18th October, 2024 and is subject to CCI approval.  

Cyril Amarchand Mangaldas (“CAM”) advised Zomato Limited (“Zomato”), on issuance of equity shares aggregating up to INR 8,500 crores by way of a qualified institutions placement (“QIP”).The QIP was undertaken by Zomato in compliance with Chapter VI of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Section 42 of the Companies Act, 2013. Zomato Limited is a new-age technology company, building products and providing services that power India’s changing lifestyles, their key business offerings include (a) Food Delivery, (b) Quick Commerce, (c) Going-out and (d) B2B Supplies. The transaction was led by Yash Ashar, Senior Partner; Aashima Johur, Partner; with support from Amitpal Singh (Principal Associate); Dhawal Nirash (Associate); Anomitra Debnath (Associate); Kanika Bhakhna (Associate); and Abhinav Singh Chauhan (Associate). Other parties to the transaction included: Morgan Stanley India Company Private Limited (Acted as Book Running Lead Managers). The QIP launched on November 25, 2024, and closed on November 28, 2024. The allotment was completed on November 29, 2024.  

Cyril Amarchand Mangaldas (“CAM”) advised Aster DM on the merger of Quality Care (owned by Blackstone and TPG) with Aster DM. This is the largest deal in the Indian hospital sector, and the combined entities are valued at US$ 5.08 billion. The resulting entity will be amongst the three largest Indian hospital chains. The transaction was led by Anand Jayachandran, Partner; Sonakshi Arora, Partner; with support from Sheetal S (Principal Associate); Rohit Maheshwary (Associate); Hina Tolani (Associate); and Ayushi Mehta (Associate). Avaantika Kakkar (Head - Competition); Dhruv Rajain (Partner); with support from Aman Baroka (Principal Associate); Ananya Mahant (Associate); Vanya Agarwal (Associate); Vrinda Gundam (Associate), and Pushkar Singh (Associate) advised on competition law related matters. The overall due diligence on Quality Care was led by Aditya Prasad (Partner); with support from Abhilasha Malpani (Principal Associate); and Utkarsh Jhingan (Senior Associate - Designate). Kritika Dobhal (Associate), Disha Tulsyan (Associate), Vishwa Patel (Associate), Neerali Nanda  (Associate), Digvijay S (Associate), and Tannvi R (Associate) assisted with due diligence on corporate related matters. Tanvi Apte (Associate) and Poorva Bhatia (Associate) assisted with due diligence on financing related matters. Ashwin Sapra (Partner); with support from Kartik Jain (Principal Associate); Anant Mishra  (Associate) and Kartik Agarwal (Associate) assisted with due diligence on regulatory related matters. Abhilash Pillai  (Partner); with support from Ritha Ulbyre (Principal Associate); Siddhant S (Senior Associate), Yashvi Shah (Senior Associate), Yash Jain (Associate), Madhurashree Rajkumar (Associate), Shivani Subbaiah (Associate); and Akshaya BS  (Associate) assisted with due diligence on real estate related matters. Arun Prabhu (Partner); with support from Arpita Sengupta (Principal Associate); Soumya Tiwari (Associate); Diksha Joshi (Associate); and Himanshi Mahajan (Associate) assiste with due diligence on intellectual property and information technology related matters. Bishen Jeswant  (Partner); with support from Krithika Radhakrishnan (Principal Associate), Kunal Sharma (Senior Associate), and Kriti Singh (Associate) assisted with due diligence on employment related matters. Edward James (Partner); with support from Aashish Dafaria (Principal Associate) assisted with due diligence on litigation related matters. Sindhushri Badarinath (Partner); with support from Rudra Tripathi (Senior Associate), Mayank Jain (Associate), and Aarav Prasad (Associate) assisted with ESOP related matters. Other parties to the transaction involved: Moelis & Company (Acted as Banker to Aster DM Healthcare Limited); Advay Capital Advisors Private Limited (Acted as Banker to Aster DM Healthcare Limited); KPMG (Acted as Accounting and Tax Advisor to Aster DM Healthcare Limited); Kotak Mahindra Capital Company Limited (Acted as Advisor to Aster DM Healthcare Limited); Blackstone (Acted as Seller); TPG (Acted as Seller); NovaaOne Capital Pvt. Ltd. (Acted as Financial Advisor to Blackstone); Deloitte Touche Tohmatsu India LLP (Advised on Financial Due Diligence, Tax Due Diligence and ESG Due Diligence for Aster DM Healthcare Limited); Alvarez & Marsal India Private Limited (Advised on IT Due Diligence for Aster DM Healthcare Limited); GAA Advisory (Advised on Technical Due Diligence for Aster DM Healthcare Limited); EY (Advised on Commercial Due Diligence for Aster DM Healthcare Limited); Doulah & Doulah (Acted as Offshore Counsel for Aster DM Healthcare Limited); AON (Acted as Insurance Broker for Aster DM Healthcare Limited); ICICI Securities Limited (Fairness Opinion for Aster DM Healthcare Limited); and PwC Business Consulting Services LLP (Valuer to Aster DM Healthcare Limited). The transaction was signed on 29th November, 2024.  

Cyril Amarchand Mangaldas (CAM) advised ICICI Securities Limited, Axis Capital Limited, IIFL Capital Services Limited,and HDFC Bank Limited (the "Brokers") in their role as brokers for the offer for sale of equity shares with a face value of INR 2 each (“Equity Shares”) of Hindustan Zinc Limited (the “Company”) through a separate designated window of the Stock Exchanges on November 08, 2024, conducted by the President of India, acting through the Ministry of Mines, Government of India (“Offer”). As part of the Offer, the President of India sold 7,43,93,540 Equity Shares, representing 1.76% of the Company’s total issued and paid-up equity share capital at a floor price of Rs. 505. The Capital Markets team at Cyril Amarchand Mangaldas advised on the matter. The transaction team was led by Ravi Dubey, Partner & Co-head - Capital Markets (Western Region); and Puneet Passi, Partner; with support from Radhika Pandey, Senior Associate.

Cyril Amarchand Mangaldas advised Mobikwik (One Mobikwik Systems Limited) in their IPO as their legal counsel .The IPO was oversubscribed by 125  times with qualified institutional buyers’ portion and retail portion being oversubscribed by 126  times and  142 times, respectively . The IPO size was of Rs. 572 crores. The book running lead managers to the Offer were SBI Capital Markets Limited and DAM Capital Advisors Limited. The transaction team comprised of Manan Lahoty (Partner & Head - Capital Markets), Abhiroop Lahiri (Partner), and Puneet Passi (Partner), with the support from Medhashree Verma (Associate), Ritvik Maheshwari (Associate), Kanika Bhakhna (Associate) and Rukman Banka (Associate). Mobikwik listed on NSE and BSE on 18th December, 2024.