Cyril Amarchand Mangaldas Advised on IDFC Group on INR 4,500 crore sale of MF, PMS, and AIF businesses to Bandhan Group, GIC and ChrysCapital
Cyril Amarchand Mangaldas Advised on IDFC Group on INR 4,500 crore sale of MF, PMS, and AIF businesses to Bandhan Group, GIC and ChrysCapital
Cyril Amarchand Mangaldas advised the IDFC Group (comprised of IDFC Limited, IDFC Financial Holding Company Limited, IDFC Asset Management Company Limited (IDFC AMC), and IDFC Trustee Company Limited (IDFC Trustee)), on the sale of IDFC's Mutual Funds (MF), Portfolio Management Services (PMS) and Alternative Investment Funds (AIF) businesses to the winning consortium comprising of the Bandhan Group, GIC (Singaporean sovereign wealth fund) and ChrysCapital (Purchasers) for an aggregate amount of INR 4,500 crore (approx.).
The Financial Services Regulatory, Competition and Capital Markets practices of Cyril Amarchand Mangaldas played a turnkey role on behalf of the IDFC Group, in managing the bidding, documentation, negotiations, transaction execution and closing process, which also involved:
(a) filing regulatory applications with the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI),
(b) exit option per SEBI (Mutual Funds) Regulations, 1996;
(c) other applicable regulations for the sale of the IDFC AMC and IDFC Trustee,
(d)closing documentation,
(e) amendments to transaction documents and additional closing related agreements,
(f) advising the IDFC Group in relation to the offer for sale of Gandhar Oil Refinery (India) Limited, and
(g) the cashing out of existing vested ESOPs of IDFC AMC.
The transaction and due diligence team was led by Anu Tiwari, Partner, Ketaki Mehta, Partner; with support from Utkarsh Bhatnagar, Principal Associate, Kush Wadehra, Senior Associate; Shobhit Dave, Associate; Jinisha Motwani, Associate; and Riddhi Swami, Associate.
Partner Avantika Kakkar, Partner and Competition Practice Head and Kirthi Srinivas, Partner advised and assisted on the approval sought from Competition Commission of India.
Team led by Abhinav Kumar, Partner & Regional Head Markets Practice (Western Region); with support from Rishav Buxi, Associate; Sanjana Ravjiani, Associate; advised on capital markets aspects of the participation by IDFC AMC in the OFS/ IPO of Gandhar Oil Refinery (India) Limited.
Other Parties and Advisors to the transaction included Citigroup Global Markets (acted as financial advisor to IDFC Limited) and JM Financial (acted as financial advisor to purchasers)
The transaction was signed on 06th April 2022; and closed on 31st January 2023.
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