J Sagar in Vardhaman QIP
Vardhaman Special Steels (VSSL) issued 3.5 million shares through a qualified institutional placement that aggregated to ₹500 million (US$7.6 million). VSSL’s product portfolio comprises alloy steel bars and bright bars of various specifications, which finds application in the auto, engineering, bearings and allied industries. J Sagar Associates advised VSSL and the book running lead manager, IIFL Holdings.
SmartShift to merge
Mahindra’s logistics platform SmartShift announced it will merge with Resfeber Labs’ Porter, an on-demand app to hire trucks and other vehicles.
The merged company will be called Mahindra SmartShift. The merger will help both SmartShift and Porter reach a pan-India presence in the shared mobility space. Mahindra will invest ₹650 million (US$9.9 million) in the two entities.
Dua Associates acted for SmartShift, while Verist Law advised Porter. This merger is subject to corporate and regulatory approvals.
Infosys delists in Europe
Infosys announced its intention to voluntarily delist its American depositary shares (ADS) from the Euronext Paris and Euronext London exchanges, due to the company’s low average daily trading volume of ADS on both these exchanges.
During the five years of the company’s listing, average daily trading volume was significantly lower than its average on the New York Stock Exchange. AZB & Partners advised Infosys through partners Sai Krishna Bharathan and Sugandha Asthana, and associate Devika Nayak. The proposed delisting is subject to approval from both stock exchanges.
Tencent invests in Gaana
Music streaming service Gaana is raising US$115 million from Tencent Holdings and Times Internet. Tencent is the majority shareholder of Tencent Music Entertainment, China’s largest music streaming business.
Gaana intends to use the capital to further invest in technology to use AI to personalize music experiences, to further develop its subscription product, and to develop aligned music experiences for Gaana consumers. Shardul Amarchand Mangaldas and & Co advised Times Internet, while Platinum Partners assisted Tencent.
Bharat Forge divests stake
Bharat Forge completed the divestment of its 26% stake in Alstom Bharat Forge Power, a power equipment joint venture (JV) with GE. The divestment followed the approval of the company’s board on 8 November 2016 to divest 49% of its stake in the JV. Bharat Forge received US$35 million on agreed terms of sale upon relinquishing its stake. AZB & Partners advised GE on this transaction.
Paytm buys Nearbuy
Paytm acquired Nearbuy India and Little India, both of which run hyper-local deals discovery platforms called Nearbuy and Little for various services and activities. The transaction involved swap of shares and acquisition of a majority stake in Little India by Paytm, resulting in Nearbuy India becoming
a step-down subsidiary of Paytm.
Shardul Amarchand Mangaldas & Co represented One97 Communications, the parent company of Paytm. Nearbuy is a step-down subsidiary of Groupon, which was advised by J Sagar Associates. Winston & Strawn advised Groupon as US counsel.