Realty Major DLF Limited has entered into an agreement to sell a stake of 33.34% in its rental arm, DLF Cyber City Developers Limited (DCCDL) to Reco Diamond Private Limited, an affiliate of the Singapore sovereign wealth fund, GIC Group, in a multi-stage transaction for an aggregate value of US$ 1.9 billion, as reported by VCCircle and Business Standard.

Shardul Amarchand Mangaldas (SAM) advised and acted on behalf of DLF Ltd, led by its transaction team headed by Delhi-based executive chairman Shardul Shroff, and partner Akila Agrawal, along with senior associates Mukul Sharma and Navin Kumar, principal associates, Ishita Khandelwal and Sumi Saikia. Partners Mrinal Kumar and Avnish Sharma and senior associate Shrutikirti Kumar worked together as the real estate team while the competition law team was led by partners Shweta Shroff Chopra and Manika Brar, and includes associates Supritha Prodaturi and Akkriti Bhatt.

The other parties acting for DLF in the deal were Ernst & Young, who represented as the transaction advisor together with Morgan Stanley, and JP Morgan as the financial advisors.

AZB & Partners acted as the legal advisor to GIC whereas Wadia Ghandy represented as legal advisor on real estate matters.

The deal, estimated at a gross value of $1.9bn (Rs 11,900 crores), involves a combination of secondary purchase of equity shares by the GIC affiliate for around $1.4bn (Rs 8,900 crores) and two rounds of buyback for $0.5bn (Rs 3,000 crores), to give effect to the agreed commercial terms. It is expected to conclude by November 2017.

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Like +0 Object -0 Alias 11 Sep 17, 20:03
What was AZB team's composition?
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Like +0 Object -0 Iliyas 12 Sep 17, 12:40
What was WGs team composition?
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Like +0 Object -0 Cross reference 12 Sep 17, 16:17
Included in the report published a few days back.
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Like +0 Object -0 Raudy 20 Sep 17, 01:49
Who cares!
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Like +0 Object -0 Skadden 11 Sep 17, 21:48
PA and SA jumbled
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Like +1 Object -2 Why 12 Sep 17, 16:16
You would rather report the same deal twice (with different deal considerations!) beacuse it's easier to do that than combine the press releases of AZB and SAM. Even then you misspelt names in the first one and here you have mixed up the designations of poor associates. Next time, please don't edit, just copy and paste the press releases. And why not include names of WG team?
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Like +5 Object -1 Guest 14 Sep 17, 20:20
SAM forget to include names of the secretarial staff, the photo copy guy and the gold fish
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