Cyril Amarchand Mangaldas acted as legal counsel to ESAF Small Finance Bank Limited (ESAF) in relation its INR 463 crore Initial Public Offering (IPO) and its corporate promoter, ESAF Financial Holdings Private Limited (ESAF Holdings) in its offer for sale (OFS) of INR 49.26 crore in the IPO.
The Capital Markets Team of Cyril Amarchand Mangaldas advising ESAF and ESAF Holdings was led by Reuben Chacko, Partner& Regional Co-head Markets Practice (Southern Region); with support from Tanvi Kini, Principal Associate; Satakshi Sharma, Senior Associate Designate; Pragya Gupta, Associate; Prajna Kariappa, Associate; Sabreen Hussain, Associate; Achyutha G M, Associate; and Anna Kallivayalil, Associate.
As a part of the transaction, the IPO of 77,356,059 equity shares of ESAF at an offer price of INR 60 per equity share, including a share premium of INR 50 per equity share aggregating to INR 463 crore, comprised a fresh issue of 65,306,060 equity shares aggregating to INR 390.7 crore, and an offer for sale by PNB Metlife India Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited and ESAF Holdings aggregating to 12,049,999 equity shares aggregating to INR 72.3 crore.
Other parties and advisors to the transaction included ICICI Securities Limited, DAM Capital Advisors Limited and Nuvama Wealth Management Limited (formerly Edelweiss Securities Limited) (collectively the book running lead managers); Duane Morris & Selvam LLP (acted as International legal counsel for book running lead managers)
The Equity Shares commenced trading on Stock Exchanges on November 10, 2023, within 3 working days from the date of closure of the Offer.
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.