First of its kind transaction under SEBI’s new mutual fund sponsor eligibility criteria
Cyril Amarchand Mangaldas (CAM) advised NextBillion Technology Private Limited (GROWW), India’s leading investment platform, on the completion of its acquisition of Indiabulls asset management business. This was the first transaction in India to fall within SEBI’s new sponsor eligibility criteria for mutual funds. The CAM team worked with the client on transaction negotiation, execution, post signing,regulatory applications/ approvals, and an internal restructuring to carve-out the portfolio management and alternative investment funds business of the Indiabulls Group, resulting in closing of the transaction..
Cyril Amarchand Mangaldas advised GROWW on the transaction led by Anu Tiwari, Partner, Co-Head Fintech, Ketaki Mehta, Partner – GIFT City, with support from Kush Wadehra, Principal Associate; and Shobhit Dave, Associate.
As part of the transaction, GROWW acquired 100% stake in (i) Indiabulls Asset Management Company Limited, and (ii) Indiabulls Trustee Company Limited, the asset management company and trustee company, respectively, of Indiabulls Mutual Fund, from its sponsor, Indiabulls Housing Finance Limited for an aggregate purchase consideration of INR 1.75 billion.
Other Parties and Advisors to the transaction included Price Waterhouse& Co LLP (acted as the tax and financial advisor to the transaction). Indiabulls was represented by its inhouse team..
The Transaction was signed on 10th May 2021 and closed on 3rd May 2023.
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.