Cyril Amarchand Mangaldas (CAM) advised BNP Paribas in relation to its exit from Sharekhan Group by a 100% stake sale to Mirae Asset Capital Markets (India) Pvt. Ltd. (MACM) and Mirae Asset Securities Co., Ltd. (MAS) (Proposed Transaction). The Sharekhan Group is primarily engaged in the business of stock broking, commodities/currency derivatives broking, related products and services, and lending. CAM previously assisted BNP Paribas in its acquisition of the Sharekhan Group in 2015. The Proposed Transaction will result in the 100% exit of BNP Paribas from the Sharekhan Group.
The General Corporate, Intellectual Property, Competition, Tax, and Financing Practices of Cyril Amarchand Mangaldas advised on the Proposed Transaction. The Transaction team was led by Shishir Vayttaden, Partner; K Aishwarya, Partner; with support from Shweta Sriram, Principal Associate; Aparajita Kaul, Associate; and Gitika Lahiri, Associate.
Arun Prabhu, Partner (Head – Technology and Telecom); and Anirban Mohapatra, Partner; with support from Mahim Sharma, Senior Associate- Designate; Soumya Tiwari, Associate; and Sabreen Hussain, Associate advised on the technology, privacy and transactional intellectual property aspects.
Ankita Ray, Partner; with support from Mansi Mantoo, Principal Associate – Designate; and Kriti Singh, Associate, advised on labour and employment related matters.
Rishiraj Bhatt, Partner; with support from Anjali Kadam, Consultant; Shantanu Kondaskar, Senior Associate; Shivom Sharma, Associate; and Kinnari Jain, Associate, advised on real estate related aspects.
Kirthi Srinivas, Partner; with support from Swaha Sinha, Associate, advised on Competition law related aspects.
SR Patnaik, Partner (Head – Taxation); with support from Reema Arya, Consultant, advised on tax related aspects for the share purchase agreement.
Subhojit Sadhu, Partner; with support from, Nandita Menon, Principal Associate; Tanvi Apte, Associate, advised on financing matters.
General Corporate and regulatory diligence team was led by Shishir Vayttaden, Partner; K Aishwarya, Partner; with support from Shweta Sriram, Principal Associate; Kashish Mahajan, Associate; Sayali Jadhav, Associate; Aparajita Kaul, Associate; Anjali Kumari, Associate; Gitika Lahiri, Associate; Isha Tandon, Associate; Kinjal Sharma, Associate; Raajash Kulmi, Associate; Sanskruti Kulkarni, Associate; Sparsh Mallya, Associate; and Ved Thakur, Associate.
The Proposed Transaction will involve sale of 72.76% of the paid-up share capital of Sharekhan Limited, the Sharekhan Group’s holding company and main stock broking entity, to MACM and sale of 100% of the paid-up share capital of Human Value Developers Private Limited (which currently holds 27.24% stake in Sharekhan Limited) to MAS.
The deal was signed on 13th December, 2023 and the closing is subject to fulfilment of the conditions precedent set out under the share purchase agreement, including receipt of the requisite regulatory approvals.
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About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 160 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.
