Carlyle sells Metropolis shares

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Carlyle

CA Lotus Investments, an investment arm of the Carlyle Group, sold its shareholding in Metropolis Healthcare on the stock market via a block trade. The block trade marks Carlyle’s near-exit from Metropolis.

Prior to the trade, Carlyle held a 14.31% stake of the equity share capital, which was reduced to 1.25%. The promoters of Metropolis were given a call option on a portion of the equity shares held by Carlyle.

L&L Partners was domestic legal counsel to CA Lotus Investments. “The firm was also involved in drafting, negotiating and finalizing the transaction documents with several banks, of which Carlyle finally entered into final transaction documentation with Goldman Sachs and Citibank,” said Bikash Jhawar, a partner at L&L Partners.

The L&L team also consisted of partner Jitesh Shahani, managing associates Avinash Subramaniam and Murtaza Zoomkawala, and associate Mittu Choudhary. Partner Sundeep Dudeja and managing associate Avisha Gupta provided input on insider trading and other key regulatory issues.

IndusLaw advised its long-time client Goldman Sachs (India) Securities, a broker on the trade. The transaction was launched during the COVID-19 lockdown. “Certain logistical challenges on account of non-availability of stamp papers had to be resolved after discussions with the working group,” Manshoor Nazki, a partner at IndusLaw, told India Business Law Journal. But he added that the team was able to ensure that the deal went on smoothly.

Besides Nazki, the firm was represented by partner Manan Lahoty and associate Mansi Jhaveri.

Freshfields Bruckhaus Deringer was international legal counsel to Goldman Sachs. The firm was represented by partner Arun Balasubramanian and associate Robert Zehbe. White & Case was the international legal counsel to CA Lotus Investments.