Law firms

Former Nishith Desai Associates (NDA) consultant and 2011 GLC Mumbai graduate Prateek Bagaria has started up law firm Singularity Legal.

Former Khaitan & Co Bangalore partner Abhilekh Verma, whom we had reported as leaving in July, is joining Kochhar & Co as a senior partner according to a press release from the firm.

Engineering giant, Larsen and Toubro Ltd (L&T) has entered into a definitive agreement with UK-based subsidiary of Colfax Group, ESAB Holdings, to sell 100% stake of its wholly owned unlisted subsidiary EWAC Alloys, for a total consideration of Rs. 522 crores ($80.6m) as reported by Livemint & Moneycontol. The transaction is a part of L&T group’s strategy to divest from their non-core business and is expected to be completed within 60 days from the date of execution of the share purchase agreement.

“Cash management company CMS Info Systems has filed preliminary papers with markets regulator Sebi to raise about Rs1,000-1,200 crore through its initial share-sale offering. The company’s initial public offer (IPO) is a pure offer for sale.” reported Livemint and Moneycontrol. CMS Info Systems, fully owned by Baring Private Equity Asia, provides cash management services, which include ATM services, and cash delivery and pick-up. Existing shareholders would sell 44.4 million equity shares, resulting in a 30% stake dilution on a post-issue basis.

Link Legal India Law Services (LLILS) promoted re-hired associate partner Milind Jha to partner in its corporate and projects practice.

Bharucha & Partners is merging with Arthe Law, the Delhi-headquartered firm created by the joining of hands in April between Abhishek Malhotra-founded TMT Law Practice and DPSA Legal, the disputes practice of former additional advocate general DP Singh.

Auto-ancilliary major Precision Camshafts (PCL) has announced its acquisition of 95% stake in Nashik-based precision component maker MEMCO Engineering for an undisclosed amount, as reported by The Economic Times and VCCircle.

Former Cyril Amarchand Mangaldas banking partner Niloufer Lam, who had left the firm amicably in April 2017, has joined the law firm ZBA as a partner.

Rajaram Legal advised and acted for Lenskart Solutions and was led by Mumbai-based founding partner Archana Rajaram and senior associate Prasad Subramanyan.

Indiabulls Ventures Ltd, the financial services arm of the Indiabulls Group, approved raising Rs 2,000 crore (USD 305 million) either through rights issue of shares, to meet the funding requirements and to support future growth of consumer finance and assets reconstruction businesses carried out by the Company, through its subsidiary companies, as reported by The Economic Times and Livemint

Chemicals company BASF India has sold its leather chemicals business to Stahl India Private Limited for Rs. 197.63 crores (USD 30.35 million) through a slump sale, as reported by Livemint and Business Standard.

Nihar Mody, the co-founding partner of Platinum Partners and head of the Mumbai office, has retired at age 51 last week.

Realty firm Embassy Group has entered into a joint-venture of about Rs 900 crores with US-based Taurus Investment Holdings in an SPV called Winterfell Realty Private Limited, to develop commercial projects, including an IT/ITES SEZ, encompassing 2.5 million square feet on a 10-acre land parcel as part of Phase III of the Technopark SEZ in Thiruvananthapuram, Kerala as reported by Livemint and The Economic Times.

K Law partner Abhishek Shinde has joined AZB & Partners as a corporate partner in Delhi, reported Bar & Bench.

“CMM Infraprojects is coming out with an initial public offering (IPO) of 45,45,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 40.00 per equity share.The shares will be listed on Emerge Platform of NSE. The share is priced 4 times higher to its face value of Rs 10,” reported Finalaya. The issue opened on September 29th and closed on October 4th and it was a 100% book-built issue.

Former Cyril Amarchand Mangaldas partner Nikhil Naredi, who resigned around April 2017, will join Shardul Amarchand Mangaldas soon, according to several authoritative sources, although nothing has been signed yet pending expiry of Naredi’s near-six months of gardening leave from his former firm to date.