Aadhar Housing Finance Limited

Cyril Amarchand Mangaldas (CAM) advised Aadhar Housing Finance Limited (“Company”) on initial public offering of its equity shares of face value of Rs. 10 each for cash at a price of Rs. 315 per equity share aggregating to Rs. 30,000 million comprising a fresh issuance of 31,763,535 equity shares aggregating to Rs. 10,000 million by the Company (“Fresh Issue”) and an offer for sale of 63,492,063 equity shares aggregating to Rs. 20,000 million by BCP Topco VII Pte. Ltd. (“Promoter Selling Shareholder”, and such equity shares offered by the promoter selling shareholder, the “Offered Shares”) (“Offer for Sale” and together with the fresh issue, the “Offer”).

The Company is a retail-focused housing finance company focused on the low-income housing segment, serving economically weaker and low-to-middle income customers, who require small ticket mortgage loans.

CAM’s role encompassed advising Company on regulatory compliance, preparing necessary documentation, and ensuring the smooth execution of the IPO process.

The Capital Markets team of Cyril Amarchand Mangaldas advised on the matter. The transaction team was led by Yash Ashar, Partner & Head Capital Markets; Devaki Mankad, Partner; with support from Indira Satish, Associate; Hitesh Nagpal, Associate; and Tanishq Mohta, Associate.

Other parties and advisors to the transaction included ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited &SBI Capital Markets Limited, acted as book running lead managers for Aadhar Housing Finance Limited; White & Case, acted as international legal counsel for the book running lead managers; Allen & Gledhill LLP, acted as international legal counsel for the promoter selling shareholder.

The transaction was signed on 9th January, 2024 and closing was done on 15th May, 2024.

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