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The latest deals involving Indian companies and law firms.

06 February 2018
Corporate M&A

Leading investment and financial services firm, Jupiter Capital has recently completed the acquisition of up to 33 lakh shares amounting to nearly 66% of BSE-listed non-banking financial company TRC Financial Services, by way of an open offer to the shareholders and contractual arrangements for an aggregate transaction value of Rs 5.92 crores (around $924,000). The offer price of the fully paid shares of TRC Financial Services was quoted at Rs 18 per share.

05 February 2018
Private equity / VC

Cyril Amarchand Mangaldas (CAM) Bangalore-based partner Reeba Chacko led for BigBasket, with partner Akshay Bhat and principal associate S Harish. The firm also acted for the existing investors.

29 January 2018
Private equity / VC

Gurgaon-based upcoming micro-delivery grocery platform has secured Rs 19 crores (around $3m) in a Pre-Series A funding round, led by Unilever Ventures Holdings the investment arm of Unilever PLC, as reported by The Times of India and Mint. The grocery delivery platform had raised around $500k in another Pre-Series A funding round from Blume Ventures and Lenovo Capital and Incubator Group, earlier in August, 2017.

25 January 2018
Litigation

India reversed its trend of death row population spike since last year, with a drop of nearly 27% in the number of prisoners sentenced to death by sessions courts in 2017, according to the second NLU Delhi Death Penalty Report.

25 January 2018
Corporate M&A

Hero Enterprises, led by ex-Hero MotoCorp joint MD Sunil Kant Munjal has acquired 25% of the share capital in Mumbai-based consumer lighting firm Corvi LED Light through an investment of Rs 63 crores (around $10m), as reported by The Economic Times and Business Standard.

18 January 2018
Private equity / VC

Chennai-based NBFC Samunnati Financial Intermediation & Services has raised Rs 150 crores ($23.5m) in a Series-C funding round led by Swiss investment firm responsAbility with participation from existing investors Elevar Equity and Accel Partners, as reported by VCCircle and The Hindu. The investment was done by way of subscription to 100 equity shares and 317,423 compulsory convertible preference shares of Samunnati.

17 January 2018
Litigation

Zerick Dastur Advocates & Solicitors has filed an appeal before the Securities Appellate Tribunal (SAT) on behalf of PricewaterhouseCoopers (PwC) challenging the jurisdiction of the Securities and Exchange Board of India (SEBI) order of last week banning the Big 4 consultancy from auditing work in India.

10 January 2018
Corporate M&A

Itochu Petroleum Co, the Singapore-based subsidiary of Japanese trading company Itochu Corporation has announced the acquisition of 19.7% stake in Aegis Logistics' wholly-owned subsidiary, Hindustan Aegis LPG (HALPG), for INR 239 crores (apporximately $37.8m), as reported by Business Standard and VC Circle in May of last year. In addition to India, Itochu Corporation, the Japanese multinational trading group specialising in oil & gas, metals and other commodities, operates LPG import hubs in Japan and the Philippines.

10 January 2018
Litigation

Senior advocate Harish Salve helped the Delhi high court approve, but not yet notify, a set of new rules which would enable it to impose a staggering and unprecedented amount of costs on litigants filing frivolous cases before it, encourage video-conferencing trials and reduce litigation time in other ways.

09 January 2018
Litigation

The death penalty would stay on Indian statute books for at least another 50 years, predicted a former Chief Justice of India (CJI) in a wide-ranging study of opinions of former apex court judges conducted by NLU Delhi on the death penalty in India.

04 January 2018
Corporate M&A

AZB & Partners was the busiest and fastest growing law firm in India this year according to year-end rankings released separately by Bloomberg and Thomson Reuters.

03 January 2018
Corporate M&A

“Ola, operated by ANI Technologies Pvt. Ltd, has acquired online food delivery start-up Foodpanda India from its German parent Delivery Hero AG in an all-stock deal that will see the ride-hailing firm infuse $200m in Foodpanda India’s operations,” reported Mint.

29 December 2017
Corporate M&A

Acadgild, the Bengaluru-based online education startup operated by Edvista Education Services has recently been acquired by Aeon Learning in an all-stock deal amounting to Rs 64 crores ($10m) as reported by VC Circle and Mint. Acadgild focuses on online degrees and skill development programmes in big data, deep learning and UI/UX design web development, among others and had raised initial investment from venture capital firm Jupiter Capital and K. Ganesh of GrowthStory.

28 December 2017
Corporate M&A

“Indo-UK Institute of Health (IUIH), a healthcare provider, said that work on the second of its 11 Medicity facilities in Amaravati is slated to begin in the coming days as IUIH is scheduled to get possession of allotted land from the Andhra Pradesh government very soon. The hospital is being built in association with King's College Hospital, London, at an investment outlay of Rs 1,600 crore,” reported the Times of India.

20 December 2017
Capital Markets

State-owned lender Union Bank of India (UBI) has proposed to raise up to Rs 2,000 crores (approximately $312.4 million) through qualified institutional placement (QIP) with an initial offer of Rs 1,000 crores followed by a green-shoe option for another Rs 1,000 crores, as reported by Financial Express. The placement document was filed with the Indian stock exchanges on 12 December 2017. As a part of the transaction, equity shares of face value of INR 10 each of UBI were placed with QIBs, aggregating to INR 2000 Crores.

13 December 2017
Private equity / VC

“Airtel will sell a 15% stake in the DTH business to Warburg Pincus entity Lion Meadow Investment for Rs 1,623.76 crore, the telecom firm said in a stock exchange filing on Tuesday. Another group company that holds 5% of Bharti Telemedia will offer its entire stake to the PE firm. The deal values Bharti Telemedia at close to Rs 11,300 crore. This may make it India’s second largest DTH player by valuation, according to industry experts,” reported The Economic Times.

05 December 2017
Corporate M&A

"Bharti Airtel Ltd, India’s largest telecom service provider, on Monday said that it has acquired a strategic stake in digital publishing platform Juggernaut Books," reported Mint.

30 November 2017
Private equity / VC

“Portea Medical has raised series C funding of $26 million led by new investors Sabre Partners and MEMG CDC. Portea’s existing investors Accel, International Finance Corporation (IFC), and Qualcomm Ventures also participated in this round. Avendus Capital provided financial advisory services to the latest funding round in Portea,” reported MediaNama.

27 November 2017
Finance

KKR India Asset Finance, the realty-focused investment unit of global PE Firm KKR & Co. have invested INR 500 crores (USD 82 million) in a township project of the Bangalore-based Bhartiya City Developers Group by extending a term loan facility, as reported by Mint.

24 November 2017
Capital Markets

Trigyn Technologies, a company listed on the BSE and the NSE, has informed the Exchange regarding the scheme of reduction of share capital in the securities premium account has been approved by the NCLT by writing off the losses accumulated in its balance sheet against the amounts standing to the credit of the securities premium account of the company, as reported by Reuters.

23 November 2017
Private equity / VC

Shardul Amarchand Mangaldas advised and acted as the legal counsel for Axis Bank and was led by the private equity group of their general corporate practice team for all the legal aspects of the transaction. The transaction team was led by executive chairman Shardul Shroff, Mumbai-based regional practice head Raghubir Menon (M&A and PE, General Corporate), partners Abhishek Guha, Yogesh Chande, and senior associates Ankit Kejriwal and Anwesha Haldar, associates Kanwardeep Kapany, Gaurav Malhotra and Keegan Pavrey.

23 November 2017
Corporate M&A

Vodafone India, Vodafone Mobile Services and Idea Cellular have announced their proposal separately to sell their standalone telecom tower businesses to ATC Telecom Infrastructure, a majority-owned subsidiary of American Tower Corporation for about INR 7,850 crores ($1.2 billion), as reported by Mint. The transaction is subject to customary closing conditions and receipt of necessary regulatory approvals.

22 November 2017
Corporate M&A

The promoters of Mumbai-based Donear Group have announced the acquisition of OCM Woollen Mills from its existing owner, a private equity fund house, as part of the strategy to consolidate their top position in Indian textiles industry, as reported by The Economic Times. OCM is one of India’s best-quality manufacturer of premium range of high-quality all-wool and wool-blended worsted suiting fabrics.

20 November 2017
Capital Markets

“The Rs 1,001 crore initial public offer has received good response from investors, with the issue getting oversubscribed 2.28 times. It was the first IPO by a power exchange in the country.”, reported Moneycontrol. IEX is India’s premier power trading platform and provides an automated platform for physical delivery of electricity, enables efficient price discovery and offers participants the opportunity to trade in a variety of energy products. The issue opened for subscription during October 9-11, with a price band of Rs 1,645-1,650 per share and debuted on the bourses on October 23rd.

20 November 2017
Finance

KKR India Financial Services, Indian non-banking financial company of US private equity firm KKR & Co, has extended debt of Rs 125 crore (USD 19 million) through a three-year credit facility to Accord Builders, a part of the Mumbai-based Omkar Realtors group, as reported by The Economic Times & Mint. The funds are to be utilised for construction and development of two residential projects in Mumbai.

17 November 2017
Projects

India Infrastructure Finance Company Limited (IIFCL) has said to have provided a term loan of Rs. 156 crore (USD 23.8 million) to Gurugram based Mihit Solar Power under its Takeout Finance Scheme, for substituting the outstanding principal amount of the loan sanctioned by L&T Infrastructure Finance, for the purpose of developing and commissioning a 74 MW Solar Power Project in Mansa District, Punjab.

17 November 2017
Corporate M&A

Subhash Chandra-owned, Essel Finance Management, the financial services arm of the Essel Group has acquired the controlling stake of insurance policy aggregator Bimadirect, operated by Coretree Insurance Brokers (India) for an estimated amount of Rs. 25-30 crores (approximately $3.8 - $4.6 million), as reported by The Economic Times & VC Circle. The deal will see Essel Finance paying 75% of the deal amount upfront, and the rest over a period of two years.