Cyril Amarchand Mangaldas Advised Kedaara Capital And Partners Group On Sale Of Controlling Stake In Aavas Financiers To CVC
Cyril Amarchand Mangaldas Advised Kedaara Capital And Partners Group On Sale Of Controlling Stake In Aavas Financiers To CVC
Cyril Amarchand Mangaldas (CAM) advised Kedaara Capital and Partners Group in relation to their sale of a controlling stake in Aavas Financiers Limited (Company) to CVC (Purchaser). The Purchaser has entered into a separate share sale agreement with each of Lake District Holdings Limited, Partners Group ESCL Limited, and Partners Group Private Equity (Master Fund), LLC (collectively, Sellers) for the acquisition of their respective shareholding in the Company, aggregating to 20,949,112 equity shares representing 26.47% of the share capital of the Company (Transaction).
The execution of the share sale agreements has also triggered an obligation on the Purchaser to make an open offer to the public shareholders of the Company under Regulations 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Our firm played a crucial role as legal counsel to the Sellers and the Company, providing advice on structuring the transaction in light of relevant regulatory requirements, undertaking vendor due diligence of the Company, and presently assisting with the CP fulfillment and closing processes.
The General Corporate team of Cyril Amarchand Mangaldas acted on the matter. The transaction was led by Anchal Dhir, Partner; and Anshu Choudhary, Partner, with support from Arnav Shah, Principal Associate; Aman Deep Borthakur, Senior Associate; Samraddhi Shetty, Associate; Navjot Chhabra, Associate; and the deal team advised on structuring and documentation and conducted vendor due diligence on the Company.
Aditi Manchanda, Partner, advised on regulatory aspects relevant to housing finance companies.
Abe Abraham, Partner, with support from Ankita Sharma, Principal Associate; Kriti Singh, Associate; and Shivika Gupta, Associate, assisted with due diligence on employment-related matters.
Pururaj Bhar, Partner, with support from Sohrab Kharadi, Principal Associate; and Aayush Kakodkar, Associate, advised on financing-related aspects.
Gazal Rawal, Partner, with support from Anshuman Sugla, Senior Associate; and Yash Mukadam, Associate, is assisting with the application for obtaining approval of the RBI for the Transaction.
Avaantika Kakkar, Partner & Head – Competition; and Dhruv Rajain, Partner, with support from Vanya Agarwal, Associate; and Jaibir Bindra, Associate, are assisting with the notification to CCI regarding the Transaction.
The transaction was signed on August 10, 2024.
