deal street monthly (march 2013)

Deal Street Monthly:

March 2013 In continuation of our goal of keeping you connected to the Indian legal market, Bar & Bench brings you Deal Street Monthly, a compilation of deals involving Indian law firms. Please note that this may not be the exhaustive list of deals in March 2013, but only a compilation of deal information received by Bar & Bench. Law firms interested in having their deals reported may contact [email protected]

Deal Street: March 2013

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The following pages have the compiled list of deals divided into Capital Markets, M&A/PE, Project Finance and Banking & Finance practice areas.

Amarchand Mangaldas tops the Capital Markets chart both by deal count and value while AZB & Partners tops the M&A/PE deal table. In terms of value, the following law firms top the deal tables in respective practice areas:

S.No. Practice Area Law Firm Value

1 Capital Market Amarchand Mangaldas Rs. 14,666 crore ($2.68 billion)

2 M&A/PE AZB & Partners Rs. 2,661 crore ($487 million)

3 Project Finance VERUS Rs. 450 crore ($82 million)

4 Banking & Finance Chitale & Chitale Partners Rs. 2,382 crore ($437 million)

5 Projects HSA Advocates Rs. 21,000 crore ($3.82 billion)


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In terms of deal count, the following law firms top the deal tables in the respective practice areas:

S.No. Practice Area Law Firm Deal Count

1 Capital Market Amarchand Mangaldas 5

2 M&A/PE AZB & Partners 7

3 Project Finance HSA Advocates 2

4 Banking & Finance ** **

5 Projects HSA Advocates 1

** There is no ranking for this practice area as all the deals reported have been evenly divided with each firm doing one deal.


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Capital Markets Amarchand tops the Capital Markets chart with 5 deals valued at Rs. 14,666 crore ($2.68 billion) followed by AZB & Partners with 3 deals valued at Rs. 7,273 crore ($1.32 billion). The Offer for Sale (OFS) Route has been the most-preferred share sale route for listed firms to meet minimum public shareholding requirement. Earlier this year, Reliance Infrastructure, Adani Group, Oil India Limited raised funds through the OFS Route. In 2013, there has been an increasing trend of Indian companies raising funds by issuing bonds in the foreign market due to the lower cost of financing available in the international market. The latest deal was that of Bharti Airtel raising $1 billion through bond issuance in overseas market. Axon Partners led the transaction for Bharti Airtel.

S.No. Deal Law Firm Deal Value

Axon Partners

Milbank, Tweed, Hadley & McCloy 1 Bharti Airtel (Bonds)

Allen & Overy

Rs. 5,443 crore ($1 billion)

2 IRFCL (Bonds) AZB & Partners Rs. 5,373 crore ($ 978 million)

3 Rashtriya Chemicals and Fertilizers Limited (OFS) Desai & Diwanji Rs. 310 crore ($56.7

million)*

4 Mobme Wireless Solutions (IPO) Desai & Diwanji N/A

5 Asahi India Glass (Rights issue) AZB & Partners Rs. 250 crore ($ 46.3 million)


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6 National Housing Bank (Bonds) Dhir & Dhir Associates Rs. 3,750 crore ($688 million)

7 Air India Limited (NCD) Amarchand Mangaldas Rs. 7,400 crore ($1.3 billion)

Amarchand Mangaldas 8 JNPT (Bonds)

MV Kini & Co

Rs. 2,000 crore ($365 million)

9 Ennore Port (Bonds) Amarchand Mangaldas Rs. 1,000 crore ($182 million)

Amarchand Mangaldas 10 Power Grid Corporation (Notes)

Allen & Overy


11 Merrill Lynch sells stake in Multi Commodity Exchange (Open Market Transaction) AZB & Partners Rs. 104 crore ($ 19.14

million)

12 Uttam Galva Steels (QIP) Rajani Associates Rs. 160 crore ($29 million)

13 TPG sells stake in Shriram Transport Finance Co. (Open Market Transaction) AZB & Partners Rs. 1,650 crore ($300

million)

Crawford Bayley & Co

Dorsey & Whitney

Amarchand Mangaldas 14 Ministry of Steel divested 5.82 per cent stake

in SAIL (OFS)

Cleary Gottlieb Steen & Hamilton

Rs. 1,516 crore ($279m)

* Deal value as reported in LiveMint


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M&A/PE and Joint Venture AZB & Partners makes it to the top of the M&A list with 7 reported deals this month. The combined value of 5 of the 7 deals is Rs. 1,841 crore ($ 336 million). MNK Law Offices, set up by Gyanendra Kumar, ranks second with 5 deals having a combined value of Rs. 444.60 crore ($ 81.7 million). Amarchand ranks third with 4 deals of which three have a combined value of Rs. 363.55 crore ($ 66.23 million).


1 Bharti Airtel buys Alcatel-Lucent’s stake in the JV, Alcatel Lucent Managed Network

Service India ALMT Legal Confidential

ALMT Legal

MNK Law Offices 2 India Infrastructure Development Fund

acquires minority stake in Bharat Light and Power

Indus Law

Rs. 51.5 crore ($9.5 million)

3 Magma Fincorp acquires GE India’s home loan portfolio AZB & Partners Rs. 1,600 crore ($293

million)

JSA 4 Bureau Veritas acquires Sievert Group

AZB & Partners

Confidential


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DLA Pipers

I&S Associates 5 Gulf Capital invests in OCB Oilfield Services

DLA Pipers Confidential

Khaitan & Co 6

Hoshizaki Electric Ltd acquires a 50.01% stake in Western Refrigeration Private

Limited Wadia Ghandy & Co Confidential

7 Glatt sells 50% stake in PAM Glatt to PAM Indtech Machines, a group company of ACG AZB & Partners Confidential

AZB & Partners 8 Belgium’s Aliaxis buys majority stake in

Ashirvad Pipes Amarchand Mangaldas

Rs. 81.25 crore ($14.8 million)

9 Acquisition of KPIT Cummins Infosystems shares by Van Dyck, CX Partners and AAJV

Investment Trust AZB & Partners Rs. 160 crore ($ 30.5

million)

Rajani Associates 10 Motilal Oswal Private Equity invests in

Magicrete Building Solutions Luthra & Luthra Law Offices

Rs. 35 crore ($ 6.4 million)

MNK Law offices 11 Bharat Light & Power Private Limited

acquires a wind farm of DLF Limited Amarchand Mangaldas

Rs. 282.30 crore ($ 50 million)

12 Creation Investments invests in Grameen JSA Rs. 37.5 crores ($ 6.8


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JSA 12 Financial Services

Tatva Legal million)

PXV Law Partners 13 Omidyar Network invests in iMerit

Technology Services Desai & Diwanji Confidential

14 Gerdau S.A. acquires stake held by the Kalyani Group in the JV AZB & Partners Confidential

MNK Law Offices 15

VentureEast and Draper Fisher Jurvetson invest in Bharat Light & Power Private

Limited Indus Law Rs. 48.8 crore ($ 9 million)

AZB & Partners

Norton Rose 16 GIC Singapore invests in Greenko Plc

Lawrence Graham

Rs. 820 crore ($ 151 million)

Vaish Associates

Crawford Bayley 17 Globus Spirits Limited raises funds from Templeton

BMR Legal

Rs. 70 crore ($13 million)

Amarchand Mangaldas 18

Intec Capital raises funds from India Business Excellence Fund-II and India

Business Excellence Fund-IIA (IBEF-IIA) Udwadia Udeshi & Confidential


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Argus Partners

19 Getit acquires ‘Infomedia Yellow Pages’ and

‘Ask Me’ from Network18 Media and Investments Limited

MNK Law Offices Rs. 27 crore ($5 million)

MNK Law Offices 20 Helion Venture Partners acquires stake in

LifeCell International Private Limited Sterling Associates Rs. 35 crore ($6.5 million)

SNG & Partners 21 Prime Focus Limited –AID Partners Capital

JV; AID invests in Prime Focus Eversheds LLP Rs. 55 crore ($10 million)

22 I-S Iron Ore Pte Ltd – Vijaya Mining Private Limited JV HSA Advocates Confidential

Project Finance There are only three reported deals in the Project Finance segment, with HSA Advocates working on two deals [combined value Rs. 389 crore ($ 71 million)] and VERUS working on the Rs. 450 crore ($82 million) MIHAN SEZ deal. S.No. Deal Law firm Deal Value

1 HUDCO & Bank of Maharashtra extends term loan facility to Maharashtra Airport Development Company for MIHAN SEZ

VERUS Rs. 450 crore ($82 million)


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S.No. Deal Law firm Deal Value

2 Consortium led by REC extends loan facility

for financing a solar power project in Gujarat

HSA Advocates Rs. 145 crore ($ 26 million)

3 PTC Financing Services extends loan facility for wind power project in Maharashtra HSA Advocates Rs. 244 crore ($ 44 million)

Banking & Finance In terms of value, Chitale & Chitale Partners tops the Banking & Finance chart with one deal valued at Rs. 2,382 crore ($ 437 million). Otherwise, the deal market has been evenly divided with AZB, Fox Mandal, KS Partners, Majmudar & Partners, and Khaitan & Co working on one deal each. The combined value of four of these deals is Rs. 5,067 crore ($ 931 million). S.No. Deal Law Firm Deal Value

1 Tata Technologies avails a secured SBLC facility from Citibank N.A., India AZB & Partners Rs. 220 crore ($40 million)

Fox Mandal

2 NTPC secures loan from SBI and Mizuho Corporate Bank

Allen & Overy



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3 Consortium of banks led by Central bank of

India provides finance assistance for debt restructuring for Moser Baer

Chitale & Chitale Partners


4 SBI has extended working capital loan to Bhushan Steel KS Partners Rs. 1,000 crore ($184

million)

5 Axis Bank Limited, Singapore, extends loan to Shyam Metalics and Energy Limited Majmudar & Partners Rs. 108.8 crore ($20

million)

6 HDFC Bank extends term Loan Facility to Birla Institute of Technology and Science

Company for acquisition of BITS Pilani FZ Khaitan & Co Confidential

Projects

The sole reported deal under this segment is the Rs. 21,000 crore ($ 3.82 billion) elevated rail corridor project in Mumbai. The project is reportedly the single largest public-private partnership in its segment.


1 Elevated Rail Corridor project in Mumbai HSA Advocates Rs. 21,000 crore ($3.82 billion)


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Complete List of Reported Deals

S.No Deal Details Law Firms Involved Deal Size

1 Bharti Airtel buys Alcatel-Lucent’s stake in the JV, Alcatel Lucent Managed Network

Service India Ltd ALMT Legal Confidential

ALMT Legal MNK Law Offices 2

India Infrastructure Development Fund acquires minority stake in Bharat Light and

Power Indus Law Rs. 51.5 crore ($9.5 million)

Axon Partners Milbank, Tweed,

Hadley & McCloy 3 Bharti Airtel Bond Issue

Allen & Overy

Rs. 5,443 crore ($1 billion)

4 Magma Fincorp acquires GE India’s home

loan portfolio AZB & Partners Rs. 1600 crore ($293 million)

5 IRFCL Tax Free Bonds AZB & Partners Rs. 5,373 crore ($ 978 million)

JSA AZB & Partners 6 Bureau Veritas acquires Sievert Group

DLA Pipers Confidential

I&S Associates 7 Gulf Capital invests in OCB Oilfield Services

DLA Piper Confidential

8 Elevated Rail Corridor project in Mumbai HSA Advocates Rs. 21,000 crore ($3.82 billion)


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9 HUDCO & Bank of Maharashtra extends term loan facility to Maharashtra Airport Development Company for MIHAN SEZ

VERUS Rs. 450 crore ($82 million)

10 Tata Technologies avails a secured SBLC

facility from Citibank N.A., India AZB & Partners Rs. 220 crore ($40 million)

Fox Mandal 11

NTPC secures loan from SBI and Mizuho Corporate Bank Allen & Overy


12 Rashtriya Chemicals and Fertilizers Limited OFS through Stock Exchanges Mechanism Desai & Diwanji Rs. 310 crore ($56.7

million)

13 Mobme Wireless Solutions has filed draft red

herring prospectus with National Stock Exchange

Desai & Diwanji N/A

14 I‐S Iron Ore Pte. Limited - Vijay Mining Private Limited JV

HSA Advocates Confidential

15 Asahi India Glass Limited issues equity

shares on rights basis to existing shareholders AZB & Partners Rs. 250 crore ($ 46.3 million).

16 HDFC Bank extends term Loan Facility to Birla Institute of Technology and Science

Company for acquisition of BITS Pilani FZ Khaitan & Co Confidential

Khaitan & Co 17

Hoshizaki Electric Ltd acquires a 50.01% stake in Western Refrigeration Private

Limited Wadia Ghandy & Co Confidential


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18 Glatt sells 50% stake in PAM Glatt to PAM

Indtech Machines, a group company of ACG AZB & Partners Confidential

AZB & Partners 19

Belgium’s Aliaxis buys majority stake in Ashirvad Pipes Amarchand Mangaldas

Rs. 81.25 crore ($148 million)

Acquisition of KPIT Cummins Infosystems shares by Van AZB & Partners

20 Dyck, CX Partners and AAJV Investment

Trust Amarchand Mangaldas

Rs. 160 crore ($ 30.5 million)

21 Consortium of banks led by Central bank of

India provides finance assistance for debt restructuring for Moser Baer

Chitale & Chitale Partners


Rajani Associates 22

Motilal Oswal Private Equity invests in Magicrete Building Solutions Luthra & Luthra Law

Offices Rs. 35 crore ($ 6.4 million)

MNK Law Offices 23

Bharat Light & Power Private Limited acquires a wind farm of DLF Limited Amarchand Mangaldas

Rs. 282.30 crore ($ 50 million)

24 National Housing Bank public issue of

secured redeemable non-convertible tax free bonds

Dhir &Dhir Associates Rs. 3,750 crore ($688 million)

JSA 25

Creation Investments invests in Grameen Financial Services Tatva Legal

Rs. 37.5 crores ($ 6.8 million)

26 Merrill Lynch sells stake in Multi Commodity Exchange picked up by Blackstone AZB & Partners Rs. 104 crore ($ 19.14

million)


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S.No Deal Details Law Firms Involved Deal Size PXV Law Partners

27 Omidyar Network invests in iMerit Technology Services Desai & Diwanji

Confidential

28 SBI has extended working capital loan to Bhushan Steel KS Partners Rs. 1000 crore ($184

million)

29 Consortium led by REC extends loan facility for financing a solar power project in Gujarat HSA Advocates Rs. 145 crore ($ 26 million)

30 PTC Financing Services extends loan facility for wind power project in Maharashtra HSA Advocates Rs. 244 crore ($ 44 million)

31 Axis Bank Limited, Singapore, extends loan to Shyam Metalics and Energy Limited Majmudar & Partners Rs. 108.8 crore ($20

million)

32 NCD issue by Air India Limited Amarchand Mangaldas Rs. 7,400 crore ($1.3 billion)

33 Gerdau S.A. acquires stake held by the Kalyani Group in the JV AZB & Partners Confidential

MNK Law Offices 34

VentureEast and Draper Fisher Jurvetson invest in Bharat Light & Power Private

Limited Indus Law Rs.48.8 crore ($9 million)

AZB & Partners Norton Rose 35 GIC Singapore invests in Greenko Plc

Lawrence Graham

Rs. 820 crore ($ 151 million)

Vaish Associates Crawford Bayley 36 Globus Spirits Limited raises funds from

Templeton BMR Legal



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S.No Deal Details Law Firms Involved Deal Size Amarchand Mangaldas

37 Intec Capital raises funds from India Business

Excellence Fund-II and India Business Excellence Fund-IIA (IBEF-IIA)

Udwadia Udeshi & Argus Partners

Confidential

38 Getit acquires 'Infomedia Yellow Pages' and

'Ask Me' from Network18 Media and Investments Limited

MNK Law Offices Rs. 27 crore ($5 million)

MNK Law Offices

39

Helion Venture Partners acquires stake in

LifeCell International Private Limited

Sterling Associates Rs. 35 crore ($6.5 million)

SNG & Partners 40

Prime Focus Limited -AID Partners Capital

JV; AID invests in Prime Focus Eversheds LLP Rs. 55 crore ($10 million)

Amarchand Mangaldas 41 JNPT public issue of Tax Free Bonds

MV Kini & Co Rs. 2000 crore ($365

million)

42 Ennore Port public issue of Tax Free Bonds Amarchand Mangaldas Rs. 1000 crore ($182 million)

Allen & Overy 43 Issue of Notes by Power Grid Corporation

Amarchand Mangaldas Rs. 2,750 crore ($500

million)

44

TPG sells stake in Shriram Transport Finance Co. on stock exchange

AZB & Partners Rs. 1,650 crore ($300 million)

45 Uttam Galva Steels Limited Rajani Associates Rs. 160 crore ($29 million) Crawford Bayley & Co 46 Ministry of Steel divested 5.82 per cent stake

in SAIL through OFS Dorsey & Whitney 1,516 crore ($279m)

deal street monthly (march 2013)

Documents

iron ore pte

respective practice areas

secured sblc facility

solar power project

pam indtech machines

shriram transport finance

wadia ghandy

mccloy allen