Cyril Amarchand Mangaldas advised Abrdn Investment Management Limited, a subsidiary of Abrdn Plc (formerly known as Standard Life Aberdeen Plc), in relation to the block trade by Abrdn Plc in HDFC Asset Management Company Limited (HDFC AMC). Abrdn Investment Management is one of the promoters of the HDFC AMC and had undertaken several rounds of secondary trade of equity shares of the HDFC AMC on the stock exchange in the past.
The Capital Markets Practice of Cyril Amarchand Mangaldas advised abrdn Group on the transaction. documents. The transaction team was led by Yash Ashar, Partner & Head – Capital Markets; and Abhinav Kumar, Partner; with support from Parth Desai, Senior Associate.
Tax advisory was led by SR Patnaik, Partner; with assistance from Bipluv Jhingan, Principal Associate.
As a part of the transaction, Abrdn Investment Management, undertook the sale by way of one or more share sales on the screen-based trading of BSE Limited and National Stock Exchange of India Limited for an aggregate consideration of Rs 2,477 crores (approx.). The transaction involved a sale of 12,800,000 equity shares of the face value of Rs. 5 each of HDFC AMC, representing 6.00% of the paid-up equity share capital of HDFC AMC, by Abrdn Investment Management.
Other Parties and Advisors to the transaction included Jefferies India Private Limited (acted as Broker).
The aggregate value of the transaction is INR 2,477 crore (approx.).
The transaction was signed on August 15, 2022; and closing on September 18, 2022..
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.