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LexCounsel continues carving out education sector focus with Educomp, Leapstart investments

LexCounsel has advised longstanding clients Educomp Solutions on its 67 per cent acquisition of engineering coaching institute Vidya Mandir for Rs 34 crore and venture capital (VC) fund Leapstart Trust on its second portfolio investment into hospitality service provider Bliss Inns.

LexCounsel partner Seema Jhingan was assisted by senior associate Varsha Gupta and associate Dhruv Manchanda in the Educomp deal, which is its maiden investment in the $1.7bn test preparation business.

Jhingan acted for Leapstart with senior associate Gupta and associate Supriya Kaur.

On both deals LexCounsel was the sole legal adviser, said Jhingan.

Commenting on the majority-stake takeover in Vidya Mandir, Jinghan said: "It basically involved negotiating and structuring the deal, drafting the commercial docs including share purchase, share acquisition agreement and the employment agreement the promoters will sign with the parties because now they will cease to remain promoters and will become employees."

The investments by Leapstart are intended for the management and operation of several hotels, resorts and boutique inns across India wherein funds would be dispersed in tranches and at variable premium on meeting of certain milestones, said Jinghan.

She added: "They’re looking at tier 2 town hotels and resorts. It’s not budget or five star category but something in between for leisure travellers. It’s an untapped sector in the Indian industry.”

Last year the firm was also instrumental in the first portfolio investment of the VC fund in a niche technology called LET.

LexCounsel was also responsible for setting-up this SEBI registered VC fund that was rolled out last year while helping Educomp in its JV agreement with Lavasa Corporation for the establishment of international baccalaureate residential school.

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