AZB &Partners advised Varde Partners to acquire 15% stakes in Reliance Power for USD 117 Million

AZB &Partners advised Varde Partners to acquire 15% stakes in Reliance Power for USD 117 Million

AZB & Partners acted as the legal advisors for VFSI Holdings Pte. Ltd., an affiliate of Varde Investment Partners L.P. ("Varde Partners") in the acquisition of 15% stake in Reliance Power Limited, for a total consideration of up to INR 9.3 Bn/ approx. USD 117 Million. Few days ago, the two companies had signed an agreement where RPL would avail debt of up to ₹1,200 crore ($150 million) from the US private equity investor.

The RPL board approved issuance of up to 60 crore equity shares and/or warrants convertible into equity shares at an Issue Price of ₹15.55 per share and/or warrant, aggregating to ₹933 crore to VFSI Holdings Pte. Limited, an affiliate of Varde Partners, as per a regulatory disclosure. The shares will be issued through preferential allotment on a private placement basis, RPL said in the disclosure.

AZB's M&A/Private Equity team was led by Partners Vaidhyanadhan Iyer, Nilang Desai, along with counsel Abhilash Chandran and Senior Associates Himanshoo Tembe and Saloni Thakker.

The Date of signing was 8 September 2022.