Cyril Amarchand Mangaldas (CAM) advised the Placement Agents, namely, BofA Securities India Limited, Morgan Stanley India Company Private Limited, BNP Paribas Securities India Private Limited and Jefferies India Private Limited ) in respect to the sale of 484.68 million equity shares of face value of INR 10 each (“Equity Shares”) of Indus Towers Limited (“Indus Towers”), by the Sellers (as set out hereinafter), representing approximately 17.98% of the total issued and paid-up Equity Share capital of Indus Towers, by way of sale on the screen-based trading ofNationalStockExchangeofIndiaLimited (“NSE”)(the “Sale”)for an aggregate consideration of INR 153 billion (approx.).
The Sellers, which are also the promoters of Indus Towers, include Euro Pacific Securities Ltd, CCII (Mauritius), Inc., Asian Telecommunication Investments (Mauritius) Limited, Trans Crystal Ltd, Mobilvest, Prime Metals Ltd, Vodafone Telecommunications (India) Limited and Al-Amin Investments Limited.
Thissecondary tradewas oneofthe largestsecondary tradesin thehistoryof the Indian capital markets. The transaction involved coordination among multiple sellers and brokers, requiring several rounds of discussion to finalize the documentation. CAM played crucial role in ensuring exclusion of competitors and sanctioned parties from the trade, demonstrating their expertise in navigating complex legal and regulatory requirements.
The Capital Markets team of Cyril Amarchand Mangaldasadvised on thematter.The transactionwasled by Abhinav Kumar, Partner & Regional Head Markets Practice (Western Region); Gokul Rajan, Partner & Regional Head Markets Practice (Northern Region); with support from Jhalak Shah, Senior Associate.
The transaction was signed on 18th June 2024 and closing was done on 20th June, 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.
