Deals-in-brief

CAM advises Belgian company

Cyril Amarchand Mangaldas (CAM) acted as the sole legal counsel to Belgium based company Aliaxis Group, which has a 60% shareholding in Ashirvad Pipes, to acquire the remaining 40% stake in the company from minority Indian promoters including the Poddar family.

CAM’s strategic and general corporate advisory team comprised Mumbai, based managing partner Cyril Shroff along with Bengaluru, based partners Rashmi Pradeep and Arun Prabhu and Mumbai-based partner Shaneen Parikh. CAM’s litigation advisory team and IP advisory team also worked on the deal. AZB & Partners and Aarna Law were legal counsel to the Poddar family.

The transaction is the largest in the pipes and fittings sector in India and has resulted in a change in the management of Ashirvad Pipes.

Sindicatum buys out PLG

J Sagar Associates (JSA) advised PLG Photovoltaic, a subsidiary of Zamil Air Conditioning and Refrigeration Services, on the sale of its entire shareholding to Sindicatum Renewable Energy Group.

The JSA team comprised partners Upendra Nath Sharma and Pallavi Puri and associate Akshay Bhagchandani. Saikrishna & Associates advised Sindicatum.

PLG is engaged in the business of generation and sale of power from a 20 MW solar photovoltaic power plant situated in Gujarat. Sindicatum develops, owns and operates renewable energy projects worldwide.

Westbridge acquires stake

Shardul Amarchand Mangaldas & Co (SAM) advised Westbridge Capital on a ₹1 billion (US$146 million) investment in Innovent Spaces. SAM’s venture capital practice was involved in drafting and negotiating the share subscription agreement and the shareholder agreement and assisting with pre-closing and closing processes.

The SAM team was led by partner Siddharth Nair, senior associate Asmita Mishra and associates Shachi Singh and Vibhu Khanna. Innovent Spaces is engaged in the business of earning rent and services income on the leasing, sub-leasing, licensing and sub-licensing of commercial real estate.

Acquisition of football club

ANM Global advised Sudeva FC, one of the largest football clubs in Delhi in the purchase of an 85% stake in the Spanish football club Olimpic.

The firm carried out due diligence of the Spanish club along with structuring, drafting and negotiating the purchase agreement. Partner Nidhish Mehrotra and principal associate Piyush Joshi worked on the deal.

This is the second overseas acquisition of a football club by an Indian entity after Venky’s took over English club Blackburn Rovers in 2010. Sudeva International, which is a subsidiary of Sudeva FC, bought the shares for an undisclosed amount.

AZB advises on Yatra offer

AZB & Partners advised online travel company Yatra on its offer for sale of 10.3 million ordinary shares, which included 1.3 million shares offered to the underwriters. The net proceeds from the sale were US$53 million. Yatra stated that it intends to use the net proceeds for general corporate and business purposes.

Partners Madhurima Mukherjee and Agnik Bhattacharyya represented AZB on the matter and were supported by associate Shivali Singh. Citigroup and Jefferies acted as joint bookrunning managers for the offering.