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SAM, AZB act on $55m Fairfax buy of Privi Organics with Khaitan

"Canadian billionaire Prem Watsa’s Fairfax India Holdings Corp. ... said it had agreed to acquire a 51% stake in Privi Organics Ltd for about Rs 370 crore. Privi Organics is a supplier of aroma chemicals to many large fragrance and consumer goods companies globally.” reported Mint.

Shardul Amarchand Mangaldas acted for Privi Organics on the investment, led by Mumbai private equity team partner Abhishek Guha, with Mumbai partner Radhika Pereira, principal associate Ekta Tyagi, and associate Aditi Tralshawala.

Senior associate Priyanka Sheth and associate Neekesh Shetty advised on employment-law issues.

Fairfax India was advised by AZB & Partners Mumbai partners Ashwin Ramanathan and Bhavi Sanghvi, with senior associates Divya Mundra & Molla Hasan, according to the firm’s press release.

Khaitan & Co’s Mumbai office acted for Standard Chartered. We have reached out to Khaitan to confirm the partners responsible.

PwC and ICICI Securities also advised on the deal.

According to Shardul Amarchand’s press release:

As a part of the transaction, FIH Mauritius Investments Ltd. will subscribe to the equity shares of Privi Organics, and purchase equity shares of from certain existing shareholders, including Standard Chartered Private Equity.

Subsequently, the aroma chemicals business of Privi Organics is to be demerged and transferred to Adi Aromatic Limited, a wholly owned subsidiary of Adi Finechem Limited, in consideration of allotment of securities of AFL to the shareholders of the Company. The said demerger will be pursuant to the scheme of demerger between the Company, Adi Aromatic Limited and AFL (and their respective shareholders and creditors) under Sections 391-394 of the Companies Act, 1956.

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