Cyril Amarchand Mangaldas advised the IDFC Group (comprised of IDFC Limited, IDFC Financial Holding Company Limited, IDFC Asset Management Company Limited (IDFC AMC), and IDFC Trustee Company Limited (IDFC Trustee)), on the sale of IDFC’s Mutual Funds (MF), Portfolio Management Services (PMS) and Alternative Investment Funds (AIF) businesses to the winning consortium comprising of the Bandhan Group, GIC (Singaporean sovereign wealth fund) and ChrysCapital (Purchasers) for an aggregate amount of INR 4,500 crore (approx.).
The Financial Services Regulatory, Competition and Capital Markets practices of Cyril Amarchand Mangaldas played a turnkey role on behalf of the IDFC Group, in managing the bidding, documentation, negotiations, transaction execution and closing process, which also involved (a)filing regulatory applications with the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI), (b) exit option per SEBI (Mutual Funds) Regulations, 1996; (c) other applicable regulations for the sale of the IDFC AMC and IDFC Trustee, (d)closing documentation, (e) amendments to transaction documents and additional closing related agreements, (e) advising the IDFC Group in relation to the offer for sale of Gandhar Oil Refinery (India) Limited, and (f) the cashing out of existing vested ESOPs of IDFC AMC.
The transaction and due diligence team was led by Anu Tiwari, Partner, Ketaki Mehta, Partner; with support from Utkarsh Bhatnagar, Principal Associate, Kush Wadehra, Senior Associate; Shobhit Dave, Associate; Jinisha Motwani, Associate; and Riddhi Swami, Associate.
Partner Avantika Kakkar, Partner and Competition Practice Head and Kirthi Srinivas, Partner advised and assisted on the approval sought from Competition Commission of India.
Team led by Abhinav Kumar, Partner& Regional Head Markets Practice (Western Region); with support from Rishav Buxi, Associate; Sanjana Ravjiani, Associate; advised on capital markets aspects of the participation by IDFC AMC in the OFS/ IPO of Gandhar Oil Refinery (India) Limited.
Other Parties and Advisors to the transaction included Citigroup Global Markets (acted as financial advisor to IDFC Limited) and JM Financial (acted as financial advisor to purchasers)
The transaction was signed on 06th April 2022; and closed on 31st January 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.