Desai & Diwanji has acted as sole legal adviser on Rs 93.4 crores ($20m) investment by Templeton Strategic Emerging Markets Fund III (TSEMF III) in Shiv-Vani Oil & Gas Exploration Services for a 5.3 per cent stake in the company.

Partner Amit Khansaheb led the team consisting of senior associate Rachna Jain and associate Tania Walia on this transaction that closed on 23 March 2010.

Shiv-Vani Oil & Gas Exploration Services is a Delhi based company engaged in providing services to oil and gas exploration and production companies.

TSEMF III is managed by Templeton Asset Management Ltd which is a subsidiary of NYSE listed Franklin Resources Inc - a global investment management group operating as Franklin Templeton Investments.

ICICI Securities was the only investment banker engaged in the deal.