Cyril Amarchand Mangaldas has advised on the proposed preferential issue of warrants by Piramal Finance Limited (“Company”), a listed non-banking financial company, for an amount aggregating up to ~INR 1,750 crores (“Preferential Issue”) to Nithyam Realty Private Limited, a member of the Promoter Group, as part of its overall fundraise of up to ~INR 3,850 crores, which also includes a qualified institutional placement aggregating up to ~INR 2,100 crores.
The Preferential Issue is subject to receipt of necessary approvals from the shareholders and the stock exchanges.
CAM’s role included advising and assisting with the structuring and compliances with applicable legal and regulatory requirements as well as drafting and finalising of documents, disclosures and filings, in relation to the Preferential Issue.
The transaction was led by Ruetveij Pandya and Abhilasha Malpani, Partners; with support from Manjri Singh, Senior Associate; and Keerti Singh, Associate. Additional assistance to the transaction was provided by Sajith Anjickal, Senior Associate; and Kiara Dsouza, Associate.
Avaantika Kakkar, Partner (Head – Competition); with support from Anshul Jain, Senior Consultant — Competition Law; Pushkar Singh, Senior Associate; and Kartik Mishra, Associate; advised on the competition law related assessment for the transaction.
Jian Johnson, Partner; advised on the regulatory requirements for the transaction from an RBI perspective.
