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13 Christmas deals in brief: Bharti, Power Grid, Carlyle, Mahindra, Blackstone & more as SEBI norms push deals

The best of law firms' pre-Christmas deals, wrapped up
The best of law firms' pre-Christmas deals, wrapped up

As 2013 year-end approaches and law firms send out a flood of press releases to ensure they make it into the annual deals league tables, Legally India has wrapped up the most interesting ones in one tidy package.

Bharti sells out to JV-partner Walmart, AZB, JSA do paperwork and clear CCI

The Competition Commission of India has given the nod for the Bharti group to sell its nearly 50 per cent stake in the Cedar Support Services joint venture to the US retail giant Walmart, which had a majority stake in the venture [Moneycontrol: Details of transaction & CCI]

Bharti: AZB & Partners Delhi partners Gautam Saha and Samir Gandhi

Walmart: JSA partner Amitabh Kumar, senior associates Reeti Choudhary and Gautam Shahi, and associate Lagna Panda.

AMSS, Luthra, S&R, CC, Latham sell 27% Medanta-Medicity stake to Carlyle for Rs 960 crore

PE firm Carlyle Group invested 27 per cent in Gurgaon-based multi-specialty Medanta Medicity Hospital for Rs 960 crore ($155m), buying from US-based PE firm Avenue Capital [Financial Express / Livemint]

Carlyle: Luthra & Luthra Mumbai private equity partner Shishir Vayttaden, supported by competition law, regulatory and IP teams; International advisers: Clifford Chance Hong Kong, and Latham & Watkins Brussels on anti-trust

Avenue Capital: S&R Associates partner Rajat Sethi, and associates Radhika Iyer and Neha Goyal.

Medanta Medicity: Amarchand Mangaldas

Invus Group invests in Capital Foods, Biyani exits with AMSS, AZB

Kishore Biyani-owned Future Consumer Enterprises sold its 44 per cent stake to European family office Artal Investments and its affiliate PE fund Invus Group [ET]

Invus: Amarchand Mangaldas Delhi partner Raghubir Menon, principal associate designates Ekta Gupta and Natashaa Shroff, senior associate designate Anirban Bhattacharyya, associates Neha Udeshi and Niti Chatterjee, and consultant Shaun Star.

Capital Foods & promoter Ajay Gupta: AZB & Partners Mumbai partner Alka Nalavadi and senior associate Jasmin Karkhanis

Amarchand, S&R, DLA bag Power Grid $1.13bn public equity offering

Power Grid Corporation, which owns and operates more than 90% of India’s inter-state transmission systems, raised Rs 6,900 crore through a follow-on public offer, which it would use to invest in 27 transmission projects. Book running lead managers (BRLM) were Citigroup, ICICI Securities, Kotak Mahindra Capital Company, SBI Capital Markets and UBS Securities India [ET]

Power Grid: Amarchand Delhi partner Prashant Gupta, principal associate Sayantan Dutta, senior associate Agnik Bhattacharyya, associates Rishika Sengupta, Akanksha Mahapatra and Medha Kumar

BRLM: S&R Associates partners Juhi Singh and Venkatesh Vijayaraghavan, with associates Mohit Gogia, Ganeev Dhillon, Priyanka Mehta, Rohit Anand and Dhruv Agarwal

DLA Singapore acted as international counsel to the deal

A&M, Dua help Dutch start-up fund insert $5m into EPS ATM services business

Mumbai Electronic Payment and Services (EPS), managing end-to-end ATM operations for Indian commercial banks, raised Rs 33 crore ($5m) from Asia Participation, which is an affiliate Dutch entrepreneurial development bank FMO NV [VCCircle]

FMO: A&M Law Offices New Delhi partner Viral Mehta and associates Prachi Goel and Kinnari Sanghvi

EPS: Dua Associates Mumbai partner Vinod Joseph, senior associate Sugandha Kamal and associate Rajat Agarwal

AMSS, JSA, Luthra help Gillette shareholders Poddar, P&G divest for SEBI, with Jones Day, OMM

The promoters of Gillette India (The Poddar Group and Procter & Gamble (P&G)), sold off 2.8m shares worth $91.52m, to reduce their stake to comply with SEBI’s minimum public shareholding norms [Dealcurry]. DSP Merrill Lynch and ICICI Securities were the brokers.

Brokers: Luthra & Luthra partner Manan Lahoty and senior associates Surya Bala and Komal Mehta, with O’Melveny & Myers Singapore partner Pooja Sinha

P&G: J Sagar Associates partner Kaushik Mukherjee, and Jones Day Singapore partner Manoj Bhargava

Poddar Group: Amarchand Mangaldas partner Prashant Gupta

Khaitan, BakerMacs get $500m BNP Paribas loan to Bharat Petrol

BNP Paribas granted $500m in external commercial borrowing to Bharat Petroleum Corporation to finance its crude oil imports

BNP Paribas: Khaitan & Co partner Devidas Banerji, with Baker & McKenzie Wong & Leow Singapore-based principal James Huang on English law

ELP, Tempus structure D-Link’s F1 Networks purchase through SEBI Chapter VII share swap

Networking company D-Link Group in India and with its Mauritius holding company is set to acquire Team F1 Networks, which specialises in embedded software engineering and R&D, with expertise in networking and security. The acquisition will be made through a preferential issue of equity shares in a share swap, under Chapter VII of the SEBI (ICDR) Regulations.

D-Link: ELP partner Suhail Nathani, associate partner Vinayak Burman, consultant Yogesh Chande and associate manager Archana Khosla

Team F1 Networks: Tempus Law partner Sundari R Pisupati and associate Sambit Das

AMSS, AZB, ELP do complex $110m Blackstone takeover of Agile Electric

PE firm Blackstone bought a 97.9 per cent stake in auto parts maker Agile Electric Sub Assembly for around Rs 650 crore ($110m) via an open offer, including stakes in Agile shareholders HBL Power Systems from Hyderabad and in Igarashi Motors, which was bought by HBL in 2010. Padmanaban Mukund also sold shares to Blackstone, according to Livemint.

“Through its acquisition of shares in Agile, including the subscription of OCDs by the resident individual as a [Blackstone and Padmanabhan Mukund], Blackstone will exercise indirect control over [Igarashi], resulting in an indirect trigger of an open offer to the public shareholders of IMIL in terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.” said ELP in a statement. Mape Advisory Group was the manager to the offer.

Agile & Igarashi Motors India: ELP partner Suhail Nathani, consultant Yogesh Chande and associate Tomu Francis

Blackstone: Amarchand Mangaldas partner Raghubir Menon

Selling shareholders & Mape Adivsory Group: AZB & Partners

JSA acts in Red Fort Capital 49% sale of Godrej Developers

Red Fort Capital sold its 49 per cent stake in Godrej Developers to Godrej Properties

Red Fort: JSA partner Vivek Chandy and associate Siddharth K Vedula

Godrej: In-house

JSA, KPMG help France’s GDF Suez buy into Rs 6,000 crore Meenakshi AP power project

French energy company GDF Suez bought 74% in a 1,000 megawatt, Rs 6,000 crore Meenakshi Energy and Infrastructure Holdings coal-fired power project in Andhra Pradesh [Livemint]

GDF Suez: J Sagar Associates M&A partners Upendra N Sharma and Nitesh Bhasin, and Associates Udhav Gulati & Mudita Roy; Projects & project finance partners Sumanto Basu and Pallavi Bedi, senior associate Deepak Thakur and associate Kartikeya Dar; Regulatory partner Vishnu Sudarsan and associate Kartikeya GS, and Hyderabad real estate partner Sanjay Kishore and associate Mohan Kumar.

Meenakshi: KPMG partners Manish Aggarwal and Hitesh Sachdeva

Luthra, AMSS get French Indian solar foothold with $50m EDF-ACME deal

The French government-run renewables company EDF Energies Nouvelles has entered India with a $50m investment into ACME Solar Energy to produce solar power cells [Mint]

EDF: Luthra & Luthra partners Sudipta Routh and Tarun Govil

ACME: Amarchand Mangaldas partners Jatin Aneja and Vidyut Gulati

Khaitan helps Tech Mahindra & Engineering on strategic merger

Tech Mahindra and Mahindra Engineering Services merged through a scheme of amalgamation and arrangement under sections 391 to 394, read with sections 78, 100 to 104 of the Companies Act 1956, in order to strengthen its engineering offering [Mint / Mahindra press release]

Mahindra companies: Khaitan & Co corporate partner Vaishali Sharma and competition partner Avaantika Kakkar

If you would like your deals reported in Legally India, please send us an email at with details of the transaction and lead partners.

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