Cyril Amarchand Mangaldas advises Alpha Alternatives in acquisition of stakes in Dilip Buildcon Limited and SPVs of Dilip Buildcon Limited. Dilip Buildcon Limited (“DBL”) and our client Alpha Alternatives (“AA”) have entered a long-term strategic partnership for construction, financing, and monetization of road projects through an InvIT platform.
As part of partnership, Alpha Alternatives engaged in the following transactional agreement.
(a) acquisition of 26% stake in 3 road SPVs (i) Dodaballapur Hoskote Highways Limited; (ii) Dhrol Bhadra Highways Limited; and (iii) Repallewada Highways Limited (collectively, “SPVs“) from DBL (“SPV Investment”). The deal documents were executed on March 30, 2024, and closing was done March 30, 2024; and
(b) subscription of warrants (“Warrants”) in DBL for an aggregate amount of up to INR 530 Crores by way of a preferential issue on a private placement basis, which would result in 9.99% stake in DBL on a fully diluted basis. The preferential issue was approved by the shareholders of DBL through a special resolution and the warrants were allotted to the AA by DBL on December 21, 2023 (“Warrants Investment”).
CAM played vital by providing strategic guidance to Alpha Alternatives on the terms and conditions for subscribing to the Warrants of DBL.
The General Corporate and Project & Project Finance team of Cyril Amarchand Mangaldas advised on the transaction. The transaction team was led by Anchal Dhir, Partner; Ajay Sawhney, Partner; & Aditi Misra, Partner; with support from Shubham Rastogi, Principal Associate; Kanhai Srivastava, Senior Associate; Ragini Agarwal, Associate; Samraddhi Shetty, Associate; Krish Vadodaria, Associate; Shravani Shendye, Associate; Aeruva Akash, Associate; Isha Choudhary, Associate; Kartik Sharma, Associate; Satwik Anand, Associate; and Yathansh Joshi, Associate.
Team led by Sreetama Sen, Partner; with support from Mohak Thukral, Associate; Siddharth Rana, Sanya Rizvi, Associate; assisted in the corporate diligence aspects for the SPVs as well as the closing formalities.
Kranti Mohan, Partner& Head – REITs and InvITs; Janhavi Seksaria, Partner; with support from Saloni Tyagi, Senior Associate; advised on transaction documents keeping in view future formation of InvIT platform.
Avaantika Kakkar, Partner & Head Competition Law; Vijay Chauhan, Partner; & Dhruv Rajain, Partner; with support from Rajat Sharma, Associate; and Srishti Chhabra, Associate; advised on Competition Law related aspects of the transaction.
The transaction was signed on 30th March, 2024 and closing was done March 30, 2024 ______________________________________
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. The Firm is one of the largest full-service law firm in India and offices in key business centers at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
The Firm received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive years in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. 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 2022.
