Cyril Amarchand Mangaldas advises Swiss Parenterals Limited (“SPL”) and Mr. Naishadh Shah (“Seller”) in the proposed sale of the balance 30% stake of SPL to Eris Lifesciences Limited (“ELL”) for an aggregate consideration of INR 423,30,00,000 (Indian Rupees Four Hundred Twenty Three Crores and Thirty Lakhs). ELL will acquire such 30% stake from Seller for consideration other than cash, i.e. by way of issuance and allotment of 23,06,372 equity shares (constituting 1.69% of the share capital) of ELL to Seller, by way of a preferential issue under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
ELL, an Indian branded formulations company, for the expansion of its sterile injectables footprint had acquired majority equity stake in SPL, a leading player in the sterile injectables business in 80+ emerging markets across Africa, the Asia Pacific, and Latin America, in the year 2024. Upon closing of the proposed sale, which is subject to regulatory approvals, SPL will become a wholly owned subsidiary of ELL.
Cyril Amarchand Mangaldas’ team reviewed and negotiated the share purchase subscription agreement and various documents in relation to preferential allotment for SPL and the Seller and assisted with the execution and will be assisting with closing related aspects of the transaction.
The General Corporate team of Cyril Amarchand Mangaldas advised on the transaction. The transaction team was led by Ravi Shah, Partner; with support from Arushi Bindal, Senior Associate; and Aesha Shah, Associate.
The transaction was signed on 24th November, 2025.
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (CAM) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm’s generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With over 1100 lawyers including 220 Partners, the Firm is a full-service law firm with offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
The Firm has been named “Law Firm of the Year 2025” and consistently recognised as “Best Overall Law Firm” by the IBLJ Indian Law Firm Awards. It received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive year in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm also won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.