Cyril Amarchand Mangaldas advised Blackstone Advisors India Private Limited (“Blackstone”) and Cessna Garden Developers Private Limited (the “Company“) in relation to the issuance of share warrants to multiple subscribers (“Subscribers”) through two share warrant subscription agreements, for an aggregate consideration of approximately INR1400 crore on a private placement basis, that were converted into equity shares following the exercise of share warrants on occurrence of specific identified events (“Warrant Shares”). The Company owns certain real estate assets and has been 100% acquired by Knowledge Realty Trust (the “REIT“) as a special purpose vehicle, with existing shareholders including the Subscribers, receiving REIT units in exchange for their shareholding in the Company. To implement this transaction, Cyril Amarchand Mangaldas also advised Blackstone and the Company in relation to two share purchase agreements entered into by the Axis Trustee Services Limited and Knowledge Realty Office Management Services Private Limited, acting on behalf of the REIT with the Subscribers. Escrow agreements were also executed with the Subscribers to facilitate the transfer of equity shares issued upon conversion of the Warrant Shares to the REIT, wherein KFin Technologies Limited acted as the escrow agent.
The investment was a key element of the REIT’s pre-IPO capital raise aimed at consolidating real estate assets (commercial office spaces) across India and strengthening its financial position. The REIT was successfully listed on the BSE and the NSE on August 18, 2025.
The transaction was led by Reeba Chacko, Senior Partner; Mohit Gogia, Partner, with support from Varsha Nair Principal Associate; Anisha Dash, Senior Associate; Aashna Gupta, Associate; Muskaan Garg, Associate; Swathi Kathi, Associate.
Pranav Sharma, Partner; and Okram Singha, Partner; with support from Anmol Bhargava, Principal Associate; and Jay Shah, Senior Associate; advised on banking aspects of the transaction.
Emil Joseph, Partner; with support from Amrita Dubey, Senior Associate; advised on general corporate part of the transaction.
Yash Ashar, Senior Partner; and Janhavi Manohar Partner; with support from Subham Jain, SA — Designate; and
Adwait Deshmukh, Associate; advised on capital markets part of the transaction.
