Luthra & Luthra advised India’s largest pre-schools’ operator Tree House Education and Accessories in preferentially allotting its equity shares for Rs 81.25 crore ($15m) to Aditya Birla Private Equity – Sunrise Fund (ABPESF) and Omidyar Network (ON) Mauritius and warrants to promoters, which were advised in-house.
Luthra & Luthra Mumbai partner Manan Lahoty with senior associate Ravi Dubey acted for Tree House which will allot 1.4 million shares to Aditya Birla Trustee Company on behalf of ABPESF, and 0.45 million shares to ON Mauritius which is its existing shareholder, according to the Business Standard.
Aditya Birla’s stake in Tree House will amount to 3.71 per cent post this allotment, while ON Mauritius’ stake will be raised from 2.61 per cent to 3.55 per cent, according to the Reuters.
Promoters Rajesh Bhatia and Geeta Bhatia were allotted 18 lakh warrants, according to the Money Control.
Luthra & Luthra also advised the book running lead managers on Tree House’s August 2011 initial public offering, it said in the press release.
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