Cyril Amarchand Mangaldas acted as the legal counsel to ICICI Securities Limited and Axis Capital Limited, the book running lead managers (“BRLMs“), on the Qualified Institutions Placement (QIP) of equity shares by Happiest Minds Technologies Limited (Happiest Minds).
The Capital Markets Practice of Cyril Amarchand Mangaldas advised on the transaction. The transaction team was led by Vijay Parthasarathi, Partner &Regional Co-head Markets Practice (Southern Region); with support from Akshay Singh Ralhi, Principal Associate- Designate; Neha Sahgal, Associate and Pragya Gupta, Associate.
The transaction involved an issuance of 54,11,255 equity shares of face value of INR 2 each (“Equity Shares“) at a price of INR 924 per equity share, including a premium of INR 922 per equity share, aggregating to approximately INR. 500 crore (“Issue“) by Happiest Minds. The Equity Shares are listed on National Stock Exchange of India Limited and BSE Limited.
Other Parties to the transaction included Hogan Lovells Lee & Lee (acted as International legal counsel for BRLMs).
The Transaction was signed on 30th August, 2022 and closed on 14th July, 2023.
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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.
