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Cyril Amarchand Mangaldas Advises Aditya Birla Fashion and Retail

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Cyril Amarchand Mangaldas acted as the legal counsel to Aditya Birla Fashion and Retail Limited (Aditya Birla Fashion) in relation to its INR 995 crore fundraising by Aditya Birla Fashion by way of a Rights Issue (the Transaction).

The Capital Markets and General Corporate practices of Cyril Amarchand Mangaldas advised Aditya Birla Fashion as to Indian law on the Transaction. The Transaction team was led by Yash Ashar, Partner; and Abhinav Kumar, Partner; with support from Neha Samant, Principal Associate; Parth Desai, Associate; Surbhi Purohit, Associate; and Vanya Utkarsh, Associate, advised on capital markets aspect of the transaction.

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Nivedita Rao, Partner; with support from Rajalakshmi Natarajan, Senior Associate; and Sheetal S, Associate; advised on general corporate matters concerning the Issue.

As a part of the Transaction, Aditya Birla Fashion offered 90,465,693 partly paid-up Equity Shares for cash by way of Rights Issue at a price of INR 110 per Equity Share, including a premium of INR 100 per Equity Share, with the schedule of payment being (a) INR 55 on the application; (b) INR 27.5 on the first call in January 2021, and (c) INR 27.5 on the second call in July 2021) aggregating to a total of up to ~INR 995 crore (Issue).

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Other parties involved in the Transaction include ICICI Securities Limited, SBI Capital Markets Limited, Axis Capital Limited, BNP Paribas, and CLSA India Private Limited (Lead Managers to the Issue) Khaitan & Co. (Legal counsel to the Lead Managers as to Indian law) Squire Patton Boggs Singapore LLP (Special purpose international legal counsel to the Lead Managers) Link Intime India Private Limited (Registrar to the Issue). The Transaction closed on July 28, 2020.

Cyril Amarchand Mangaldas takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century have been unparalleled in the Indian legal fraternity.

Tracing its professional lineage to 1917, the Firm of Cyril Amarchand Mangaldas is now the largest full-service law firm in India, with over 750 lawyers including over 141 partners, and offices in India’s key business centers at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai, and Ahmedabad.

The Firm advises a large and varied client base, including domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups, and governmental and regulatory bodies.

The firm, Cyril Amarchand Mangaldas, was recently awarded India Firm of the Year at the AsiaLaw Regional Awards 2019 and India Deal Firm of the Year at the In-House Community Counsels of the Year Awards 2019.

The Cyril Amarchand Mangaldas was also named as the Most Innovative National Law Firm of the Year India for 2018 at the IFLR Asia Awards, has also been successful in winning the prestigious & coveted National Law Firm of the Year, 2018 for India at the Chambers Asia-Pacific Awards.

The firm was also voted as the Employer of Choice for 2018 from India, by the Asian Legal Business, now 4 years in a row, building upon the several awards that the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. had won in the past.

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