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In brief: Desai & Diwanji, Rajani do stake in auto parts co Minda

Desai & Diwanji and Rajani Associates have advised Motilal Oswal Private Equity Advisers on its Rs 40 crore investment in automobile component maker Minda Industries.

Desai & Diwanji partners Amit Khansaheb, senior associate Madhavan Srivatsan and junior associate Ravi Kapoor advised Minda Industries and its promoters.

Rajani Associates founding partner Prem Rajani, partner Purvi Kapadia and associate Amish Shroff advised Motilal Oswal, which represented India Business Excellence Fund I and Business Excellence Trust through which the investment was made.

Khansaheb explained that the transaction was a preferential allotment of convertible preference shares in Minda, for a converted stake of a minimum of 11.5% of the paid up equity share capital of the company.

The transaction closed on 17 February 2010.

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