Cyril Amarchand Mangaldas Advised Bain Capital On Its Proposed Investment In Manappuram Finance Limited
Cyril Amarchand Mangaldas advised Bain Capital on its ₹4,385 crore investment in Manappuram Finance, acquiring an 18% stake and gaining control of the company.;
Cyril Amarchand Mangaldas Advised Bain Capital On Its Proposed Investment In Manappuram Finance Limited
Cyril Amarchand Mangaldas advised Bain Capital on its proposed investment of approximately INR 4,385 crore in Manappuram Finance Limited ("Company") to acquire an 18% stake on a fully diluted basis and gain control of the Company ("Proposed Transaction").
BC Asia Investments XXV Limited and BC Asia Investments XIV Limited, affiliates of Bain Capital ("Investors"), have entered into a Securities Subscription Agreement (SSA) with the Company and certain members of its promoter group for the acquisition of 9,29,01,373 equity shares and 9,29,01,373 warrants, each convertible into one equity share, representing 18% of the Company's fully diluted share capital. Additionally, the Investors have signed a Shareholders' Agreement (SHA) with the aforementioned promoters and the Company, outlining management terms and inter-se rights and obligations.
Upon the consummation of the Proposed Transaction, the Investors will exercise control over the Company and be designated as its 'promoters', alongside the existing promoters. Following the execution of the SSA and SHA, the Investors are required to make a mandatory open offer to the public shareholders of the Company under Regulations 3 and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The transaction was led by Cyril Shroff (Managing Partner), L. Viswanathan (Senior Partner), and Anchal Dhir (Partner), with assistance from Shubham Rastogi (Principal Associate), Surabhi Saboo (Senior Associate), Aman Deep Borthakur (Senior Associate), Varun Kannan (Senior Associate), and Swini Khara (Associate).
On legal due diligence, the team was led by Aman Deep Borthakur (Senior Associate), with support from Kriti Jain (Associate), Samraddhi Shetty (Associate), Aanchal Jain (Associate), and Prachurya Sahu (Associate).
On regulatory aspects, the team was led by Jian Johnson (Partner), with support from Hamraj Singh (Senior Associate), Jemima Chelliah (Associate), Yusuf Kathawala (Associate), Aesha Shah (Associate), Charvi Sharma (Associate), Navjot Chhabra (Associate), Ishita Sharma (Associate), Anshum Agarwal (Associate), and Vidisha Sharma (Associate).
On intellectual property and technology matters, the team was led by Arun Prabhu (Partner, Head - Technology), Swati Sharma (Partner, Head - Intellectual Property), and Lakshmi Rajagopalan (Partner), with support from Arpita Sengupta (Principal Associate), Nidhi Jhawar (Consultant), Anoushka Soni (Associate), Himanshi Mahajan (Associate), and Mansi Jain (Associate).
On financing due diligence, the team was led by Abhijeet Das (Partner), with support from Reuben Mascreen (Senior Associate), Parnika Jain (Associate), Yashi Gulecha (Associate), Arushi Kankariya (Associate), Karthika Sanjay (Associate), Khushi Jaffar (Associate), Irene Sarkar (Associate), and Renuka Nevgi (Associate).
On employment matters, the team was led by Abe Abraham (Partner) and Anna Thomas (Director - Employment Practice), with support from Siddhi Kochar (Associate), Raunak Sood (Associate), and Tara Thakur (Associate).
On insurance regulatory aspects, the team was led by Pranjita Barman (Partner), with support from Shaleen Tiwari (Principal Associate) and Abhishek Chandel (Associate).
On competition law matters, the team was led by Avaantika Kakkar (Partner, Head - Competition), with support from Swaha Sinha (Senior Associate), Pushkar Singh (Associate), and Ridhima Sethi (Associate).
On RBI approval applications, the team was led by Gazal Rawal (Partner), with support from Yash Mukadam (Associate), Havish Gotecha (Associate), Ujjwal Agrawal (Associate), and Aastha Vyas (Associate).