Cyril Amarchand Mangaldas (“CAM”) advises JM Financial Limited (“JMFL”) and its subsidiaries (JM Financial Credit Solutions Limited, a middle layer NBFC-ICC (“JM CSL”), and JM Financial Asset Restructure Company (“JM ARC”)) on the consolidation of the holdings of JMFL in JM CSL and JM ARC. Both JM CSL and JM ARC are high value debt listed entities.
The transaction involved acquisition of a 48.96% stake in JM CSL by JMFL from INH Mauritius 1 (a GIC backed entity) (in one or more tranches) for a total consideration of INR 1,460 Crores, with Tranche I being the acquisition of 42.99% shareholding in JM CSL for a consideration of approx. INR 1,282 Crores; and sale of 71.79% in JM ARC by JMFL to JM CSL for approx. INR 856 Crores. The share purchase agreements for the sale and purchase ofshares were executed on July 6, 2024, and the consummation of the transaction is subject to customary conditions precedents, including approvals from regulatory authorities.
CAM played a crucial role which involved advising and assisting the group entities in meticulously preparing and finalizing all transaction documents and providing guidance on the applicable laws for the implementation of the transaction, including the necessary applications to regulatory authorities for consummation of the transaction.
The General Corporate team of Cyril Amarchand Mangaldas advised on the matter, under the overall guidance of Cyril Shroff, Managing Partner; and L .Viswanathan, Senior Partner.
The transaction team comprised of L. Viswanathan Senior Partner, Ruetveij Pandya, Partner; Molla Hasan, Partner; Abhilasha Malpani, Principal Associate; Vishvas Bharadwaj, Senior Associate; Disha Tulsyan, Associate; and Anoushka Ishwar, Associate; with assistance from Nitya Ravichandra, Associate.
Anand Sinha, Senior Advisor; and Lily Vadera, Senior Advisor; provided strategic inputs and guidance on RBI related aspects.
Jian Johnson, Partner; & Karthik Narayan, Senior Associate; advised on the RBI related aspects of the transaction.
Avaantika Kakkar, Partner & Head Competition Law; and Dhruv Rajain, Partner; with support from Vanya Agarwal, Associate; advised on the competition law aspects of the transaction.
.
_____________________________________________
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.
