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6 big deals in brief: MCX IPO, edible oil, software, Electrotherm CCI & more…

Deals deals deals x 6 (in brief)Deals deals deals x 6 (in brief)

Six deals in brief covering capital markets, M&A, competition law and more.

Capital markets

Amarchand & Mangaldas partner Yash Ashar, alongside Jones Day partner Manoj Bhargava and associates Nikhil Naredi, Karun Cariappa and Kevin Khan, advised international financial conglomerates Edelweiss, Citi and Morgan Stanley in underwriting the Rs 6,626m ($135m) inital public offering (IPO) by India's first listed electronic commodities futures exchange, Multi Commodity Exchange of India, which was advised by J Sagar Associates (JSA) partner Nosh Modi. The offering closed on March 7, 2012.

Corporate / M&A

J Sagar Associates partners Jyoti Sagar and Rohitashwa Prasad with Associates Kaustubh George and Nidhi Sahay advised BSE listed Amrit Banaspati in the Rs 220.7 crore ($44m) sale of its edible oil business to the Indian subsidiary of New York-based Bunge which was advised by Desai & Diwanji. The transaction also comprised an additional Rs 151 crore ($30m) purchase of trademarks and non-compete rights by Bunge from Amrit’s affiliate and promoters respectively. The acquisition was announced as completed on 10 February 2012.

 

Amarchand & Mangaldas partners Reeba Chacko, Aseem Chawla and Shaneen Parikh, with international law firm Cravath Swaine & Moore, advised drug developer Aptuit group in the sale of a Rs 1.3bn ($25m) stake held in its Indian subsidy Aptuit Laurus, which was advised by Platinum Partners, to private equity investor Fidelity which advised by Desai & Diwanji also invested Rs 490m directly in Laurus. The deal was closed on 14 February 2012.

Amarchand & Mangaldas partner Arjun Lall advised Manthan Software Services in the sale of Rs 755m ($15m) equity to Norwest Venture Partners which was advised by Trilegal. The sale was divided into a primary transaction comprising sale of the stake of its investors Fidelity India Ventures and Fidelity India Principals which were also advised by Amarchand & Mangaldas, and a secondary sale of the stake held by IDG Ventures and Draper Fisher Jurvetson which were advised by Narasappa Doraswamy & Raja. The deal was signed on 23 November 2011.

 

Khaitan & Co partners Rabindra Jhunjhunwala and Dinesh Kumar Aggarwal, with International law firm Weil Gotshal & Manges, advised data and news provider Thomson Reuters in its Rs 8.6bn ($170m) sale of the investment-management software business of its Portia division to Financial-services software company SS&C Technologies Holdings which was advised by Majmudar & Co with international law firm Wilmer Cutler Pickering Hale and Dorr. The sale was announced on 29 February 2012.

Competition law

J Sagar Associates partners Farhad Sorabjee and Amitabh Kumar with senior associate Reeti Choudhary and associates Gautam Shahi, Divya Chaturvedi & Arti Raghavan advised Saint Gobain in its pre-merger filing under the Competition Act 2002 for the proposed Rs 9.5bn ($189m) acquisition of the duct pipe business of Electrotherm India which was advised by Desai & Diwanji. The CCI after inquiry and a data requisition unconditionally approved the acquisition on 16 February 2012.

 

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Like +2 Object -1 k 09 Mar 12, 21:45
While you are factually correct, I am wondering what role did J Sagar play in the IPO of MCX in 2011. The DRHP was already ready in 2008 (http://www.sebi.gov.in/dp/mcxdraft.pdf). I think they merely replaced AZB.......I doubt as regards "advise". The DRHP was just updated and later refiled in 2011 (http://www.sebi.gov.in/dp/mcxdraftrhp.pdf).
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Like +3 Object -1 L 12 Mar 12, 15:29
replacing company counsel is not unique for capital market transactions...to my mind it happens primarily because a few lawyers are excellent in upsetting their clients!
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Like +3 Object -1 Mama 09 Mar 12, 23:04
Congrats Aditya Bhaiya.... Bunge was the last major deal you worked on
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