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8 Instructions: PVR-LCap-Multiples $47.5m: Amss-AZB-Vaish | DHL-Citi: TTA-Linklaters-Amss-Cleary | Mahindra Satyam-SBI $50m JV: Khaitan-Wong | Ming Yang-GWPL: AZB-AMSS & more…

Deals flowing in from the rest of the world
Deals flowing in from the rest of the world

This week’s instructions starring: Amarchand Mangaldas, AZB & Partners, Khaitan & Co, Vaish Associates, Talwar Thakore & Associates, Desai & Diwanji and Khaitan Sud & partners, with Linklaters, Cleary Gotlieb and WongPartnership

Corporate/M&A and joint ventures

Leading Indian cinema chain PVR made a preferential issue of equity worth Rs 260 crores ($47.5m) to its promoters, French fashion major L Capital, and new private equity investor Multiples Private Equity Fund. Multiples will invest Rs 153 crores, L Capital will spend Rs 82.3 crores to hold 15.8 per cent each and the promoters will invest Rs 25 crore to hold 32 per cent.
PVR: Amarchand Mangaldas Delhi managing partner Shardul Shroff with partner Akila Agrawal and principal associate Sourav DeBiswas
L Capital: AZB & Partner Delhi co-founding partner Ajay Bahl with senior associate Ritika Rathi
Multiples: Vaish Associates Mumbai partner Bomi Daruwala with associates Siddharth Dang and Madhav Sharma

Domestic courier service Blue Dart Express’ promoters made an offer for sale of Rs 1.43 crore of shares, with a floor price of Rs 1720 by majority shareholder DHL Express Singapore - a division of German logistics company Deutsche Post. International financial conglomerate Citi drafted the share trade agreement, acting as the stock broker to undertake the offer.
DHL Express: Talwar Thakore & Associates Mumbai counsel Rahul Gulati, with best friend Linklaters Singapore partner for the India group Arun Balasubramanian
Citi: Amarchand Mangaldas Mumbai partners Yash Ashar and Gaurav Gupte, and Cleary Gottlieb Steen & Hamilton London partner Sebastian R Sperber

Hyderabad-based IT services company Mahindra Satyam invested $25m in a $50m joint venture with Japan’s largest venture capital fund SBI Holdings
Mahindra Satyam: Khaitan & Co Mumbai senior partner Ravi Kulkarni, with partner Vaishali Sharma, and WongPartnership Singapore partners Low Kah Keong and Felicia Marie NG
SBI Holdings: WongPartnership Singapore partners Low Kah Keong and Felicia Marie NG

China’s largest private wind-turbine maker Ming Yang’s (MY) Singapore subsidiary MY Holdings bought equity shares and acquired management control over Reliance ADA’s Global Wind Power Limited (GWPL)
MY Holdings: AZB & Partners Mumbai co-founding partner Bahram Vakil
GWPL: Amarchand Mangaldas Mumbai partner Alice George with principal associate Ajay Joseph

Leading global water-purifier maker Waterlogic entered into a 50:50 Dehradun-based joint venture with Eureka Forbes subsidiary Aquamall Water Solutions. The JV is called Aquaignis Technologies
Waterlogic: Khaitan & Co Mumbai partner Kalpana Unadkat
Aquaignis Technologies: Desai & Diwanji Mumbai associate partner Natasha Treasurywala

Capital markets

Indian hospitality major the Oberoi Group’s EIH Associated Hotels made a rights issue of $20.15m
EIH Associated Hotels: Khaitan & Co Mumbai partner Vibhava Sawant

A consortium of 19 banks led by State Bank of India (SBI) advanced a loan of Rs 8636 crore to Lalitpur Power Generation Company (LPGCL) for setting up a supercritical thermal power plant in Lalitpur, Uttar Pradesh
SBI-led consortium; Khaitan Sud & Partners partner Tanuj Sud with principal associate Sujeet Das and associate Jayant Gupta.
LPGCL: In-house

A consortium of lenders including Exim Bank and State Bank of Patiala agreed to lend Rs 38 crore to Sunborne Energy Rajasthan Solar (SERSPL) for setting up a solar photo voltaic plant in Jodhpur Rajasthan
Lenders: Khaitan Sud & Partners partner Tanuj Sud with principal associate Sujeet Das, senior associate Priyadarshi Debashis Satapathy and associates Henna Vadhera and Bhumika Tripathy
SERSPL: In-house

If you would like your deals included in future deals round-ups, please send us an email at with details of the transaction and lead partners.

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