Juris Corp, I&S Associates, Indus Law, MDP & Partners, along with Amarchand Mangaldas, AZB & Partners, Khaitan & Co, Luthra & Luthra, Trilegal and others kept busy on 15 selected deals.
M&As and capital markets transactions take a marginal lead over litigation, competition and private equity and venture capital deals, in our three-week roundup.
Private equity and venture capital
Indian investment firms Norwest venture Partners, Nokia Growth Partners, and Omidyar network, and international investment firm Warburg Pincus bought 32.66 per cent stake worth Rs 18 crore ($32m) in leading Indian online horizontal classified Quickr
Norwest Venture Partners and Nokia Growth Partners: Amarchand Mangaldas partners Reeba Chacko and Rashmi Pradeep
Omidyar Network: Amarchand Mangaldas partner Vandana Pai Bharucha
Warburg Pincus: AZB & Partners
Quickr: Indus Law partner Gaurav Dani with associates Divya Varghese and Kaustuv Banerjee
Massachusetts based investment and microfinance company Accion International invested Rs 25 crore ($4.5m) in Indian finance company Saija Finance.
Accion International: I&S Associates partner Anuradha Iyer
Saija Finance: Juris Corp
Cayman Islands based military equipment manufacturer NCBG Holdings formed a joint venture with Indian military equipment manufacturer DCX Chol Enterprises, called DCX Cable Assemblies
NCBG Holdings, DCX Chol and DCX Cable Assemblies: Khaitan & Co partners Rajiv Khaitan and Anindita Phukan
Litigation and Competition
Oman-based structural products manufacturer Al Jazeera obtained a favourable Supreme Court order allowing arbitration of Al Jazeera’s dispute with Indian steel producer Mid India Power and Steel, for alleged breach of contract
Al Jazeera: Khaitan & Co partner Sanjeev Kapoor with senior advocate KV Viswanathan
Mid India Power and Steel: In-house
Japanese insurance company Mitsui Sumitomo obtained Competition Commission of India’s (CCI) clearance for acquisition of 26 per cent stake in Indo-US insurance JV Max New York Life Insurance
Mitsui Sumitomo: Amarchand Mangaldas Mumbai partner Nisha Kaur Uberoi
Fidelity obtained CCI clearance for its merger with L&T finance
Fidelity Mutual Fund: Amarchand Mangaldas Mumbai partner Nisha Kaur Uberoi
IDBI Bank obtained interim relief from the High Court of Bombay against Shree Ashtvinayak, which is the co-producer of soon-to-be-released Hindi film Bol Bachchan. The order restrains IDBI bank’s debtor Shree Ashtvinayak from creating any further rights in respect of the suit film Bol Bachan, including doing any further acts for the film’s release
IDBI bank: MDP & Partners managing partner Nishit Dhruva with senior counsel Venkatesh Dhond
Shree Ashtvinayak: Nankani & Associates partner Ishwar Nankani with counsel Chetan Kapadia
Corporate/M&A
Indian healthcare provider Piramal Healthcare acquired US-based healthcare information-provider Decision Resources Group for Rs 3400 crore ($635m), from private-equity firm Providence Equity Partners
Piramal Healthcare: Amarchand Mangaldas Mumbai managing partner Cyril Shroff
Decision Resources Group: In-house
Providence Equity Partners: Weil, Gotshal & Manges
Global financial services firm Morgan Stanley’s private equity firm Morgan Stanley Infrastructure Partners (MSI) acquired a majority stake in Indian wind power producer Continuum Wind Energy from its promoters, for Rs 1,200 crore
MSI: Trilegal partner Saurabh Bhasin with counsel Avirup Nag, senior associates Nishant Beniwal and Ravi Mahto and associate Arjun Sinha and Davis Polk & Wardwell, Hong Kong partner Kirti Kapoor and associate Sam Kelso
Continuum Wind Energy’s promoters: Desai & diwanji partner Amit Khansaheb
ICICI Bank bought Rs 75 crore ($14.5m) preference shares of Indian oil and gas equipment manufacturer John Energy
ICICI Bank: Khaitan & Co partners Haigreve Khaitan and Shishir Mehta
John Energy: ARA Law partner Rajesh Begur
Satish Yeachareddy, a partner in a Karnataka-based iron ore mining firm, bought 47 per cent stake worth Rs 15 crore in mineral ore trader Bhoomi Resources
Satish Yeachareddy: Amarchand Mangaldas Bangalore partner Arjun Lall
Bhoomi Resources: In-house
Leading healthcare services provider Apollo Hospitals acquired minority stake in multi-specialty hospital Imperial Hospital & Research Centre
Apollo Hospitals: Luthra & Luthra Mumbai partner Manan Lahoty and senior associate Ravi Dubey
Imperial Hospital & Research centre: In-house
British multinational asset management company Schroders’ Singapore based investment management arm will acquire 25 per cent stake in Indian mutual fund company Axis Mutual Fund’s Axis Asset Management and Axis Mutual Fund Trustee
Schroders Investment Management Singapore: Amarchand Mangaldas partners Ashwath Rau and Aysswarya Murthi
Axis Mutual Fund: Bharucha & Partners
Capital markets
IT company 3i Infotech restructured its foreign currency convertible bonds by issuing new FCCB worth $125.36m to existing bondholders, and extending maturity of bonds worth $2.4m, to five years. Deutsche bank AG, Hong Kong was the deal manager
3i Infotech: Amarchand Mangaldas Yash Ashar and Gaurav Gupte
Deutsche Bank, Hong Kong: AZB & Partners and Skadden, Arps, Slate, Meagher & Flom
Indian fine-dining restaurant operator Specialty Restaurants made a public issue of 1.17 crore equity shares at Rs 146 to Rs 155 per share, for 25 per cent of its post issue paid-up capital. The issue was subscribed 2.44 times, in two days. Kotak Mahindra Capital Company was the book running lead manager to the issue
Specialty Restaurants: Amarchand Mangaldas partner Yash Ashar
Kotak Mahindra Capital: Talwar Thakore & Associates, Mumbai and White & Case, Singapore
Reliance group’s financial services company Reliance Capital bought Pune-based realtor’s holding company Urban Development’s unlisted, secured non-convertible debentures for Rs 45 crore. Reliance also has an option to buy an additional Rs 5 crore of the instruments, on satisfaction of transaction-document conditions.
Reliance Capital: Amarchand Mangaldas Mumbai partner Ashish Jejurkar
Urban Development: In-house
Non-banking finance company JM Financial Products bought Mumbai realtor’s holding company Wadhwagroup Holdings’ unlisted, secured non-convertible debentures for Rs 110 crore
JM Financial Products: Amarchand Mangaldas Mumbai partner Ashish Jejurkar
Wadhwagroup Holdings: In-house
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I notice that you are treating Competition Law approvals as a deal. Surely, this is not correct. So, each of these competition law situations are reported twice over- the first time when the deal gets executed and secondly when the CCI clearance is obtained. I know that you rely on the firms for reporting, but surely this sort of reporting can be controlled, otherwise I personally don't think this is accurate. And you can actually ignore the competition law approval- hopefully, then firms will be more sensible about how they report to you.
Good to see AM taking the lead on reporting on private placements of NCDs, a market that has been shy of reporting. This is also evidence of the slowdown methinks. And bully to them for continuing to ignore the rest of the team other than the partners.
And can we have deal reporting more regularly please? Perhaps you can track deals on dealcurry, vccircle etc and follow-up with firms for the reporting? I know its not easy, but hey journalism surely requires some effort.
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