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AZB Delhi’s Kastia deepens Religare ties in Rs 200 cr Jacob Ballas PE deal with S&R

Exclusive: AZB & Partners Delhi office advised NBFC Religare Finvest in which private equity firm NYLIM Jacob Ballas purchased a Rs 200 crore ($39.8m) stake, which was advised by S&R Associates.

S&R Partner Uday Walia with associates Mohit Gogia and Radhika Agrawal acted for Ballas, which picked up 5 per cent equity in Religare Finvest.

AZB Delhi partner Vinati Kastia with senior associate Ritika Rathi and associate Shiladitya acted for Religare on the private equity transaction.

It is a subsidiary of Religare Enterprises which has had a longstanding relationship with AZB, Vinati Kastia told Legally India. Kastia said that she had been working with the Religare group for over a year now.

Religare is engaged in the business of providing financial products secured against movable and immovable assets and certain unsecured financial services.

The private equity firm Jacob Ballas, which specialises in growth capital investments, put the money into Finvest in the form of compulsory convertible preference shares (CCPS), reported the Economic Times on 2 January.

VC Circle reported on 2 January that the Ballas investment was RFL's second private equity fundraising in the past two months. In November 2010 it had raised Rs 150 crore, also in the form of CCPS, from Avigo Capital Partners, a mid-market private equity firm.

The deal came at a time when various regulatory changes are taking place in the non-banking financial sector, reported Business Standard reported on 2 January, and that the NBFC sector was facing financial pressure from a rise in interest rates that also affected listed company shares in recent months.

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