Deals In Brief

0
137
Deals

GMR Airports sells stake

S&R Associates advised France’s Groupe ADP (formerly Aéroports de Paris or ADP), on its acquisition of an aggregate 49% stake in GMR Infrastructure’s airport business for ₹107.8 billion (US$1.4 billion), in two tranches.

The first tranche of ₹52.4 billion will be received by GMR immediately. The second tranche is still subject to approval from regulatory authorities. The cash infusion will aid GMR reduce its debt burden and expand further globally.

The S&R transaction team included partners Rajat Sethi and Mohit Gogia. Simran Dhir, head of competition practice, advised on competition law matters. The GMR Group, is India’s biggest private airport developer, that operates New Delhi and Hyderabad airports.

Reliance restructures

Reliance Industries restructured and consolidated three of its listed media and distribution enterprises under the umbrella brand Network 18 Media. The new entity, with ₹80 billion (US$1 billion) in revenue, consisted of TV18 Broadcast, Hathway Cable & Datacom and DEN Networks.

Under the scheme, for every 100 shares of TV18, Hathway and DEN, their shareholders would get 92, 78 and 191 shares, respectively, of Network18. Trilegal advised Reliance Industries and the team included partners Harsh Maggon and Vaibhav Kothari. S&R Associates represented Citigroup as financial advisor to the board of directors of Network18 Media. The S&R team was led by partners Sandip Bhagat and Sudip Mahapatra, and included associate Lakshmi Pradeep.

Naari Pharma raises funds

IC Universal Legal (ICUL) advised women-focused hormone drug-maker Naari Pharma and Tenshi Life Sciences, in its fundraise from mid-market private equity firm Ascent Capital. The equity investment totalled ₹1.2 billion (US$17.5 million).

Noida-based Naari Pharma was originally established as Indo Phyto Chemicals in 1978. The company was renamed after SeQuent Scientific acquired a 51% stake in Indo Phyto in 2016. SeQuent, which also counts Ascent Capital among its investors, sold Naari Pharma to another group company Tenshi Life Sciences in May 2017.

The team was led by partner Sameena Chatrapathy along with senior associates Shreya Deora and Alpna Arya and associate Aishwarya Mahesh.

CloudCover sells stake

CloudCover, a cloud-native service company with a presence in India and Southeast Asia, sold a majority stake to strategic investor ST Telemedia, which is focused on communications and media, data centres and infrastructure technology businesses.

With STT as an investor, CloudCover will accelerate its market expansion and talent acquisition. LegaLogic advised CloudCover and provided assistance on due diligence, reviewing, negotiating and the finalization of deal documentation and the closure of the transaction. The deal team included partners Vikas Agarwal and Vivek Sadhale.

Prince Pipes sells shares

Pipe manufacturer Prince Pipes and Fitting raised ₹1.5 billion (US$20 million) from a group of investors including Oman India Joint Investment Fund (OIJIF). The investment fund participated in the pre-IPO funding round and acquired equity shares in return.

K Law advised OIJIF on structuring the transaction and drafting, negotiation and finalization of transaction documents and provided assistance with closing of the transaction.The team included partner Alok Sonker, associate partner Christopher Rao and associates Dipi Jethwa, Henal Shah and Siddhant Bhargava.