Cyril Amarchand Mangaldas acted as the Indian legal and tax counsel to abrdn (Mauritius Holdings) 2006 Limited (abrdn) with respect the sale of equity shares of HDFC Life Insurance Company Limited (HDFC Life) by way of sale on the screen-based trading of BSE Limited. abrdn is one of the promoters of HDFC Life, and has undertaken multiple share sale after the IPO of HDFC Life. abrdn group was formerly known as the Standard Life Aberdeen Group.
The Capital Markets and Taxation Practices of Cyril Amarchand Mangaldas advised abrdn group on the transaction.
The transaction team was led by Abhinav Kumar, Partner & Regional Head Markets Practice (Western Region); with support from Jhalak Shah, Senior Associate; and Indira Satish, Associate.
Kunal Savani, Partner; with support from Bipluv Jhingan, Principal Associate; and Lakshya Gupta, Associate; advised on the taxation aspect in the transaction.
As part of the transaction, abrdn sold of 35,694,105 equity shares of the face value of Rs. 10 each (“Equity Shares”) of HDFC Life, representing approximately 1.66% of the total issued and paid-up Equity Share capital of HDFC Life, by way of sale on the screen-based trading of BSE Limited (“BSE”) (the “Sale”) for an aggregate consideration of Rs 2,047 crores (approx). With this Sale, abrdn (Mauritius Holdings) 2006 Limited (abrdn) has sold its entire stake in HDFC Life.
Other Parties to the transaction included BofA Securities India Limited (acted as broker), S&R Associates (acted as Indian legal counsel for broker) and Linklaters (acted as International legal counsel for broker).
The Transaction was signed on 30th May, 2023; and closed on 31st May, 2023.
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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.
