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JSA, Amarchand, Wadia on $221m Nirlon share sale to GIC

J Sagar Associates advised Geraldton Finance, Real India Invest Aktiengesellschaft and the promoters of IT park owner Nirlon on selling 39.2 per cent equity in Nirlon to Singapore’s sovereign fund GIC. Amarchand Mangaldas and Wadia Ghandy advised GIC.

JSA Mumbai partners Somasekhar Sundaresan, Vikram Raghani and Gautam Gandotra and associate Suren Sundaram acted for the sellers.

Amarchand Mumbai partner Nivedita Rao and senior consultant Ravi Kumar and Wadia Mumbai partner Dhaval Mehta acted for GIC affiliate Rico Berry which bought the equity from the sellers as well as through an open offer.

The total deal value, including the open offer, is around Rs 1400 crore.

This deal is the first instance of a sovereign fund picking a large stake in an Indian listed company even though GIC has been otherwise fairly active in India with its recent investments in Flipkart, the Brigade Group and the Vatika group, reported VC Circle.

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