Cyril Amarchand Mangaldas (CAM) is advising Kedaara Capital and Partners Group in relation to their sale of controlling stake in Aavas Financiers Limited (“Company”) to CVC (“Purchaser”). The Purchaser has entered into a separate share sale agreementwith each ofLake District Holdings Limited,Partners Group ESCL Limited and Partners Group Private Equity (Master Fund), LLC (collectively, “Sellers”) for acquisition of their respective shareholding in the Company, aggregating to 20,949,112 equity shares representing 26.47% of the share capital of the Company (“Transaction”). The execution of the share sale agreements has also triggered an obligation on the Purchaser to make an open offer to the public shareholders of the Company under Regulations 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Our firm played a crucial role as legal counsel to the Sellers and the Company providing advice on structuring the transaction in light of relevant regulatory requirements, undertaking a vendor due diligence of the Company and presently, assisting with the CP fulfillment and closing processes.
The General Corporate team of Cyril Amarchand Mangaldas acted on the matter. The transaction wasled by Anchal Dhir, Partner; Anshu Choudhary, Partner; with support from Arnav Shah, Principal Associate; Aman Deep Borthakur, Senior Associate; Samraddhi Shetty, Associate; Navjot Chhabra, Associate; and the deal team advised on structuring and documentation and conducted vendor due diligence on the Company.
Aditi Manchanda, Partner; advised on regulatory aspects relevant to housing finance companies.
Abe Abraham, Partner; with support from Ankita Sharma, Principal Associate; Kriti Singh, Associate; Shivika Gupta, Associate; assisted with due diligence on employment related matters.
Pururaj Bhar, Partner; with support from Sohrab Kharadi, Principal Associate; Aayush Kakodkar, Associate; advised on financing related aspects.
Gazal Rawal, Partner; with support from Anshuman Sugla, Senior Associate; Yash Mukadam, Associate; is assisting with the application for obtaining approval of the RBI for the Transaction.
Avaantika Kakkar, Partner& Head – Competition; Dhruv Rajain, Partner; with support from Vanya Agarwal, Associate; and Jaibir Bindra, Associate; is assisting with the notification to CCI regarding the Transaction.
The transaction was signed on 10th August, 2024.
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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. 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.
