Khaitan & Co

Online lending startup Ziploan, operated by Delhi-based Blue Jay Finlease, has raised Rs 20 crores (around $3m) in a funding round led by Matrix Partners India along with existing investors Whiteboard Capital, Waterbridge Ventures, Capital 18 Managing Director Sarabvir Singh & GrowX Projects as reported by VC Circle and The Economic Times.

Online insurance selling platform Policybazaar, which is operated by ETechAces Marketing and Consulting, has raised Rs 515 crore ($79 million) in a Series E funding round, as reported by VC Circle.

Former Khaitan & Co Bangalore partner Abhilekh Verma, whom we had reported as leaving in July, is joining Kochhar & Co as a senior partner according to a press release from the firm.

“Cash management company CMS Info Systems has filed preliminary papers with markets regulator Sebi to raise about Rs1,000-1,200 crore through its initial share-sale offering. The company’s initial public offer (IPO) is a pure offer for sale.” reported Livemint and Moneycontrol. CMS Info Systems, fully owned by Baring Private Equity Asia, provides cash management services, which include ATM services, and cash delivery and pick-up. Existing shareholders would sell 44.4 million equity shares, resulting in a 30% stake dilution on a post-issue basis.

“Private equity firm IDFC Alternatives has invested Rs 75 crore ($11 million) for a minority stake in ASG Eye Hospitals,” reported VCCircle.

Massive Vodafone-IDEA merger continues causing quakes in league tables half a year after having been announced...

Hyderabad-based Itelligence India Software Solutions Private Limited, a subsidiary of Germany’s itelligence AG, acquired 100% of Hyderabad-based Vcentric Technologies Private Limited for an undisclosed amount. Vcentric had revenues of around Rs 72 crore and profits of Rs 1.59 crore in 2015-16, according to VCCircle.

Khaitan & Co Delhi counsel Nishant Beniwal has joined Spanish solar energy company Fotowatio Renewable Ventures (FRV) as head of legal for India and Asia.

Khaitan & Co partner Joyjyoti Misra will become the new India general counsel (GC) of global taxi 2.0 giant Uber, after the former Uber India GC Mohit Abraham moved to San Francisco in July to become legal director for regulatory and the Americas.

"B9 Beverages Pvt. Ltd has raised around $8 million from venture capital fund Sequoia Capital India Advisors, said Ankur Jain, founder of the company that sells the popular Bira 91 craft beer. With the latest round of funding from Sequoia Capital, B9 Beverages has so far raised around $30 million," reported Mint.

Former Khaitan & Co projects partner Upendra Joshi has joined Legasis Partners as a partner in Mumbai.

Trilegal Delhi-based counsel Abhimanyu Ghosh will be joining Khaitan & Co in its energy, infrastructure and resources practice as an associate partner next week.

“State-owned reinsurance company General Insurance Corp. of India (GIC) filed the draft red herring prospectus (DRHP) for its initial public offering (IPO). The IPO will see a total stake dilution of 14.22%, according to the DRHP available on the website of one of the investment banks managing the share sale,” reported Mint.

"Dollar Industries Limited announced an equal joint venture with Pepe Jeans Europe BV. Pepe London would pump in ₹36 crore worth of equity as its contribution over four years," reported The Hindu.

Khaitan & Co Bangalore partner Ganesh Prasad with associate partner Vinay Joy, principal associate Arun Scaria and senior associate Sanjay Khan Nagra represented Indian Singapore-headquartered e-commerce Flipkart on the $2.5bn investment.

Khaitan & Co Bangalore general corporate and commercial partner Abhilekh Verma is set to leave the firm, after six years with it.

Despite the progress, there are still quite a few structures which, though common abroad, are difficult to implement in India. A traditional leverage buy-out, which might otherwise seem fairly straightforward, is not permissible under the Indian legal regime. To make a leverage buy-out work, acquirers need to demonstrate an appetite for innovative structures.

"SBI Life Insurance Co. Ltd on Monday filed the draft red herring prospectus for its initial public offering (IPO), joining several other insurance companies headed for the stock market. In an offer for sale, SBI and BNP Paribas will sell 80 million and 40 million shares respectively, amounting to a combined 12% stake. SBI Life is not raising any primary capital. The IPO could see SBI Life raise more than $1 billion (about Rs6,500 crore), a Bloomberg story quoted bankers as saying," reported Mint.

"After fighting for over three decades for a share in ancestral properties, three branches of the Singhania family told the Supreme Court on Wednesday that they had amicably settled the dispute by honouring and implementing the decision of the arbitrator who had in 2008 divided the assets in three parts. 

"The initial public offer (IPO) of Eris Lifesciences was subscribed 3.27 times on the last day of the public offer and book running lead managers to the offer are Axis Capital, Citigroup Global Markets India and Credit Suisse Securities (India)," reported Economic Times.