Cyril Amarchand Mangaldas acted as legal counsel to PNB Housing Finance Limited (PNB Housing) in relation to its Rights Issue. The Issue was undertaken by the Company in compliance with Part B-1 of Schedule VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”).
The Capital Markets Practice of Cyril Amarchand Mangaldas advised PNB Housing on the transaction. The transaction team was led by Gokul Rajan, Partner (Regional Head Markets Practice Northern Region); with support from Amitpal Singh, Principal Associate; Rishav Buxi, Senior Associate; Shachi Singh, Associate and Ayana Banerjee, Associate.
As part of the transaction, for PNB Housing issued 9,06,81,828 fully paid equity shares of face value of INR 10 (“Rights Equity Shares“), for cash at a price of INR 275 per Rights Equity Share (including a premium of INR 265 per Rights Equity Share), aggregating to INR 2,493 cores (appox.) on a rights basis to the eligible equity shareholders of the PNB Housing in the ratio of 29 Rights Equity Shares for every 54 equity shares held by the eligible equity shareholders on the record date, i.e. Wednesday, April 5, 2023, (the “Issue“).
Other parties to the transaction included Axis Capital Limited, BNP Paribas, BofA Securities India Limited and J.P. Morgan India Private Limited acted as the lead managers to the Issue (collectively, the “Lead Managers”). Sidley Austin LLP (acted as international legal counsel for the Lead Managers).
The draft letter of offer for the Issue was dated November 29, 2022 (“DLOF”) and the letter of offer for the Issue was dated March 29, 2023 (“LOF”).
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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 170 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.
