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Instructions: Bharti $766m share sale: Amss-Luthra,Links-Milbank | CARE Rs 540 cr IPO: Amss-Luthra | Temasek S’pore-Godrej: JSA | PNB-MetLife: Amss-Tatva | PNB $2bn BharatPetro: AZB | SBI $300m Hinduja: Amss-Crawford & more…

Financings from christmas past
Financings from christmas past
Amarchand Mangaldas acts on a hoard of financings, while Luthra & Luthra sticks to the markets. Also in this deal round-up: JSA, Crawford, Tatva, AZB, Kochhar, Desai & Diwanji, Trilegal, Linklaters, Clifford Chance, Jones Day, Allen & Overy, Milbank, and other foreign firms..

Capital markets

Bharti Airtel’s tower subsidiary Bharti Infratel’s Rs 4,172 crore ($766m) worth of equity shares were sold to anchor investors, non-institutional bidders, and in an OFS by Compassville Investments, GS Strategic Investments, Anadale, and Nomura Asia Investment. 13 investment banks including BofA Merrill Lynch, JP Morgan, Standard Chartered, UBS Securities as underwriters
Bharti Infratel: Amarchand Mangaldas Mumbai partner Yash Ashar and Linklaters Singapore partner Arun Balasubramanium
Underwriters: Luthra and Luthra Delhi capital markets partner Madhurima Mukherjee with senior associate Kaushik Laik and associates Koushik Prasad and Rohan Sahai, and Milbank, Tweed, Hadley & McCloy partners Anthony Root and Naomi Ishikawa

The Adani group sold $120m of shares in Adani Enterprises through an offer-for-sale (OFS) of 23 million shares. DSP Merrill Lynch was the broker to the OFS.
DSP Merrill Lynch: Amarchand Mangaldas Mumbai partner Yash Asher and Jones Day Singapore partner Manoj Bhargava

Credit Analysis and Research Limited (CARE) issued Rs 540 crore of equity shares constituting 25.22 per cent of its post-offer paid-up equity in an initial public offering
CARE: Amarchand Mangaldas Mumbai partner Yash Ashar
BRLMs: Luthra & Luthra Delhi partners Manan Lahoty and Madhurima Mukherjee with senior associate Vishal Yaduvanshi and associates Manshoor Nazki and Aditi Venkatasubramanian and Jones Day Singapore partner Manoj Bhargava

Reliance Infrastructure, Reliance Innoventures and AAA Project Ventures sold Rs 1500 crore of shares in Reliance Power constituting 5.42 per cent of its share capital in an OFS. Axis Capital was the broker to the OFS.
Sellers: Amarchand Mangaldas Mumbai partner Yash Ashar


Corporate/M&A and joint venture

Asia investment firm Temasek Singapore bought 19.99 per cent stake in Agri company Godrej Agrovet for Rs 572 crore ($105m)
Temasek: J Sagar Associates (JSA) Mumbai partners Manisha Kumar, Vikram Raghani and Somasekhar Sundaresan with senior associates Gautam Gandotra and Manav Raheja

Godrej: Trilegal Mumbai partner Sridhar Gorthi and associate Majid Siddiqui

Punjab National Bank bought 30 per cent of the equity share capital of insurance company MetLife. The Competition Commission of India (CCI) for the first time reviewed the bancassurance sector through the merger notification for this deal.
Punjab National Bank: Amarchand Mangaldas Mumbai partner Vandana Shroff and competition partner Nisha Kaur Uberoi
Metlife: Tatva Legal Delhi partner Avinash Mody

Banking and finance
A consortium of domestic banks led by Punjab National Bank and State Bank of India, Hong Kong, extended a loan of Rs 10,000 crore ($2bn) to Bharat PetroResources
Consortium of banks: AZB & Partners Mumbai co-founding partner Bahram N Vakil and associate Kumarjit Ray
Bharat PetroResources: In-house

Standered Chartered bank London lent a $46m foreign currency facility to Essel Lucknow Raebareli Toll Roads
Standard Chartered: Amarchand Mangaldas Mumbai partner Amey Pathak and Clifford Chance London partner Ranbir Hunjan

State Bank of India (SBI) London extended a $300m foreign currency facility to HGHL Holdings and State Bank of India Hyderabad extended a letter of comfort facility to HGHL Holdings and Gulf Oil Corporation to part-finance Hinduja group’ buy of the US-based Hill Holding Corporation
SBI: Amarchand Mangaldas Mumbai partner Amey Pathak, Reed Smith London, and Appleby Cayman
HGHL Holdings and Gulf Oil Corporation: Crawford Bayley & Co

Bank of India Singapore leading a consortium of lenders extended a $276.4m long term facility to the Singapore-incorporated Armada D1 for construction and development of a floating production storage and offloading vessel (FPSO). This was a first ever financing by Indian public sector banks for an FPSO. The FPSO will be chartered by Forbes Bumi Armada Offshore for deployment in the D1 field of Oil and Natural Gas Corporation of India (ONGC) off the Mumbai coast to produce oil.
Bank of India and other Lenders: Amarchand Mangaldas Mumbai partner Amey Pathak, Reed Smith London, Zul Rafique & Partners Malaysia, Shook Link & Bok Singapore, and Madhun Gujadhar Chambers Mauritius
Armada D1: Desai & Diwanji and Watson, Farley & Williams

Export Development Canada extended a $100m loan to Hindalco industries for the development of an aluminium-smelter power plant in Madhya Pradesh
Export Development Canada: Amarchand Mangaldas Mumbai partner Amey Pathak, and Allen & Overy Singapore
Hindalco Industries: Toys LLP Canada

Competition and litigation

The CCI approved Pantaloon Retail (India) and Aditya-Birla Nuvo’s merger control filing which it had rejected in August on the basis of prematurity in filing.
Pantaloon: AZB & Partners Delhi competition partner Samir Gandhi with senior associate Aparna Shah and competition economist Bidisha Das
Aditya Birla Nuvo: Amarchand Mangaldas competition partner Nisha Kaur Uberoi, Mumbai managing partner Cyril Shroff and Bengaluru partner Nivedita Rao

Saket district court Delhi’s Motor Accidents Claims Tribunal (MACT) awarded a compensation of Rs 1.15 crore to the wife of deceased victim of an oil-tanker accident. The defendant Bajaj Alianz Insurance Company had claimed that the wife was not entitled to the insurance amount because it was the victim’s mistake that had led to the fatal accident.
Wife of the deceased: Kochhar & Co Delhi senior litigation partner Dhruv Wahi, and advocate Brijesh Chaudhry

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