Cyril Amarchand Mangaldas acted as the legal counsel for International Finance Corporation (IFC) in relation to the Initial Public Offering (IPO) of Samhi Hotels Limited (Samhi). IFC was an existing investor in Samhi.
The Capital Markets and General Corporate Practices of Cyril Amarchand Mangaldas advised IFC with respect to drafting, finalization and negotiations of Policy rights agreement and amendments to shareholders agreement and put option agreement. Additionally, the transaction team advised IFC with respect to various documents executed by IFC in relation to the IPO. The transaction team was led by Gokul Rajan, Partner& Regional Head Markets Practice (Northern Region); Vishwanath Pratap Singh, Partner; Aashima Johur, Partner; with support from Nikhil Variyar, Senior Associate.
As a part of the transaction, Samhi’s IPO involved a sale of 13,500,000 equity shares of face value of Re. 1 each (“Equity Shares”), and a fresh issue of 95,238,095 Equity Shares (the “IPO”, or the “Offer”). The offer for sale component comprised an offer for sale of (i) 8,428,510 Equity Shares by Blue Chandra Pte. Ltd., (ii) 4,931,490 Equity Shares by Goldman Sachs Investments Holdings (Asia) Limited, (iii) 140,000 Equity Shares by GTI Capital Alpha Pvt Ltd. International Finance Corporation (“IFC”) was entitled to sell up to 738,797 Equity Shares (which would arise from conversion of the compulsorily convertible debentures (“CCDs”) held by IFC), as set out in the DRHP. However, IFC withdrew from the offer for sale pursuant to conversion of the CCDs held by IFC into 1 Equity Share of the Company in accordance with their terms.
The parties and advisor to the transaction included Kotak Mahindra (acted as book running lead manager for company) and JM Financial (acted as book running lead manager for company).
The DRHP was filed on 31th March 2023; and the listing happened in September 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.
