Khaitan & Co
As first reported by us in August, two PwC indirect tax experts have now joined in partner-equivalent positions as executive and associate directors in Mumbai.
“State-owned NBCC’s share sale garnered 1.54 times subscription from institutional buyers, who put in bids totalling more than Rs 2,700 crore,” reported the Economic Times.
"ECL Finance, a part of the Edelweiss group, has raised Rs 502 crore by selling masala or rupee-denominated bonds to overseas investors in its debut issuance of such securities. Sun Global Investments, London and Emirates NBD Bank, Dubai are the global coordinators and joint lead managers on the transaction,” reported the Economic Times.
"Motilal Oswal Private Equity (MOPE) managed India Business Excellence Fund – II and India Business Excellence Fund – IIA have agreed to invest Rs 100 crore to buy a minority stake in Kolkata based Ganesh Grains. The Kolkata based unlisted firm is engaged in the business of manufacturing and selling of branded food staple,” reported the Economic Times.
Khaitan & Co topped the list of 13 domestic law firms’ M&A mandates by value of deals done with $18.7bn worth of transactions, followed by AZB & Partners which topped the list of deals by value, with 43 transactions worth $15.4bn.
"Third-party administrator Vidal Healthcare Services Pvt. Ltd Monday said Ambit Pragma Ventures Pvt. Ltd, the private equity arm of Ambit Holdings Pvt. Ltd, has invested about $10 million in the firm to buy a significant minority stake,” reported Mint.
K&S Partners Gurgaon partner Samuel Niranjan joined Khaitan & Co in Bangalore as a counsel in its intellectual property practice.
"Anil Ambani-controlled Reliance Communications Ltd (R-Com) has signed a definitive agreement to merge its wireless business with smaller rival Aircel Ltd to create India’s third largest telecom operator by users,” reported Mint.
"In what could be termed as the biggest news in the gaming industry this year, Delta Corp Ltd., India’s largest gaming and hospitality company announced its foray into the online gaming space in a regulatory filing to the stock exchanges. In its note to the stock exchanges and shareholders, Delta Corp informed its intention to acquire 26% shares in Gauss Networks Pvt. Ltd., the holding company which owns and operates Adda52.com and is saide to be the market leader in the online poker space in India,” reported gaming industry law blog GLaws.
Khaitan & Co has hired PricewaterhouseCoopers (PwC) director Abhishek Rastogi and associate director Rashmi Deshpande into its indirect tax practice in Mumbai.
"Credit rating firm ICRA Ltd said on Friday it has struck a deal to sell its software development arm, ICRA Techno Analytics Ltd, to IT firm Nihilent Technologies Ltd for Rs 68.75 crore ($10.3 million),” reported VCCircle.
"Shanghai Fosun Pharmaceutical (Group) Co. Ltd, the Hong Kong-listed company controlled by billionaire Guo Guangchang, will acquire India’s Gland Pharma Ltd for $1.3 billion (Rs 8,700 crore), the company announced on Thursday. According to the agreement, Fosun will acquire an approximate 86% stake in Gland, including the 36% stake held by existing private equity firm KKR & Co,” reported Mint.
K Law Delhi partner Gautham Srinivas will join Khaitan & Co in Delhi as a capital markets partner.
"Flipkart Ltd has acquired Jabong through its unit Myntra in a cut-price deal that values the online fashion store at $70 million, moving to preserve its position as India’s No.1 e-commerce marketplace in the face of an onslaught by Amazon India,” reported Mint.
Cyril Amarchand Mangaldas has continued rebuilding its competition team, ahead of the impending departure of competition head Nisha Kaur Uberoi, with the hire of Khaitan & Co principal associate Anshuman Sakle as a partner.
"Canadian billionaire Prem Watsa’s Fairfax India Holdings Corp. ... said it had agreed to acquire a 51% stake in Privi Organics Ltd for about Rs 370 crore. Privi Organics is a supplier of aroma chemicals to many large fragrance and consumer goods companies globally.” reported Mint.
Cyril Amarchand Mangaldas has topped the list of 13 domestic law firms’ M&A mandates by value of deals done with $6.2bn worth of transactions, followed by AZB & Partners and Vaish Associates, with stronger performances across the board than at the same time last year.
MDP & Partners won for IndusInd Bank in the Bombay high court yesterday, which directed the stock exchanges and others to allow the bank to correct its filing mistake in its subscription of Mahanagar Gas Limited’s initial public offer (IPO).
Clove Legal advised Indian equipment rental company Rent Alpha on investment in it by Hong Kong based investor Bravia Capital which was advised by Khaitan & Co.
Khaitan & Co advised Mumbai-based RPG Life Sciences on the Rs 25 crore ($3.7m) sale of its biotech unit to Intas Pharmaceuticals which was advised by J Sagar Associates (JSA).