AZB & Partners advised veteran client diversified technology and manufacturing major Honeywell Asia Pacific in its Rs 130 crore ($25m) sale of 6.24 per cent stake in its subsidiary Honeywell Automation India in an offer for sale through the stock exchange (OFS).

Amarchand Mangaldas and Herbert Smith Freehills advised Deutsche Equities India which was the stock broker for the OFS.

AZB & Partners Delhi co-founding partner Ajay Bahl with partner Anil Kasturi and senior associate Aparna Mehra acted for Honeywell with which Bahl’s relationship dates back to the early 1990s, he told Legally India.

Amarchand Mangaldas Mumbai capital markets partners Yash Asher and Gaurav Gupte acted for Deutsche Equities India, with Herbert Smith Freehills Singapore counsel Siddhartha Sivaramakrishnan.

Honeywell offloaded 5,51,333 shares as part of this OFS, to bring down the promoters’ holding to 75 per cent as per SEBI’s directive on minimum public shareholding, according to Money Control.