Cyril Amarchand Mangaldas (CAM) advised Aadhar Housing Finance Limited (“Company”) on initial public offering of its equity shares of face value of Rs. 10 each for cash at a price of Rs. 315 per equity share aggregating to Rs. 30,000 million comprising a fresh issuance of 31,763,535 equity shares aggregating to Rs. 10,000 million by the Company (“Fresh Issue”) and an offer for sale of 63,492,063 equity shares aggregating to Rs. 20,000 million by BCP Topco VII Pte. Ltd. (“Promoter Selling Shareholder”, and such equity shares offered by the promoter selling shareholder, the “Offered Shares”) (“Offer for Sale” and together with the fresh issue, the “Offer”).
The Company is a retail-focused housing finance company focused on the low-income housing segment, serving economically weaker and low-to-middle income customers, who require small ticket mortgage loans.
CAM’s role encompassed advising Company on regulatory compliance, preparing necessary documentation, and ensuring the smooth execution of the IPO process.
The Capital Markets team of Cyril Amarchand Mangaldas advised on the matter. The transaction team was led byYash Ashar, Partner & HeadCapital Markets; DevakiMankad, Partner;with supportfrom IndiraSatish, Associate; Hitesh Nagpal, Associate; and Tanishq Mohta, Associate.
Other parties and advisors to the transaction included ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited &SBI Capital Markets Limited, acted as book running lead managers for Aadhar Housing Finance Limited; White & Case, acted as international legal counsel for the book running lead managers; Allen & Gledhill LLP, acted as international legal counsel for the promoter selling shareholder.
The transaction was signed on 9th January, 2024 and closing was done on 15th May, 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.
