Cyril Amarchand Mangaldas acted as the legal counsel to Aditya Birla Fashion and Retail Limited (ABFRL) on its acquisition of TCNS Clothing Co. Limited. (TCNS)
The General Corporate Practice of Cyril Amarchand Mangaldas advised on the transaction. The transaction team was led by Nivedita Rao, Partner & Deputy Head – Corporate; Ruetveij Pandya, Partner; Anand Jayachandran, Partner with support from Abhilasha Malpani, Principal Associate; Sheetal S, Senior Associate; Anushka Jain, Senior Associate; Kritika Dobhal, Associate; Ayushi Singh, Associate; Vishvas Bharadwaj, Associate; Rohit Maheshwary, Associate; Ipkshita Singh, Associate; and Alok Agrawal, Associate;
Avaantika Kakkar, Partner and Head-Competition, Kirthi Srinivas, Partner, Shivani Sathe, Associate, Shruti Khaitan, Associate and Vanya Agarwal, Associate; assisted in the Competition law related advisory
Pallavi Rao, Partner, Shatrajit Banerji, Principal Associate and Shubhaankar Ray, Associate; assisted in the IP related advisory.
As part of the transaction, ABFRL is to acquire 51% stake in TCNS by way of a share purchase from the promoters of the TCNS, followed by a conditional open offer to the TCNS’ public shareholders, and subsequent merger of the TCNS in ABFRL.
Other parties to the transaction included Credit Suisse (acted as Investment Banker for target company).
The Transaction was signed on 5th May 2023; and will be closed within 9-12 months.
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.