Deal Street Monthly: March 2013

In continuation of our goal of keeping you connected to the Indian legal market, Bar & Bench brings you Deal Street Monthly, a compilation of deals involving Indian law firms.

Please note that this may not be the exhaustive list of deals in March 2013, but only a compilation of deal information received by Bar & Bench. Law firms interested in having their deals reported may contact pallavi@barandbench.com

Deal Street: March 2013 The following pages have the compiled list of deals divided into Capital Markets. In terms of value. 1 2 3 4 5 Practice Area Capital Market M&A/PE Project Finance Banking & Finance Projects Law Firm Amarchand Mangaldas AZB & Partners VERUS Chitale & Chitale Partners HSA Advocates Value Rs.000 crore ($3.82 billion) ©Bar & Bench 2   . Project Finance and Banking & Finance practice areas. 2. 21. 14.661 crore ($487 million) Rs. M&A/PE. 2.68 billion) Rs.382 crore ($437 million) Rs. 450 crore ($82 million) Rs. Amarchand Mangaldas tops the Capital Markets chart both by deal count and value while AZB & Partners tops the M&A/PE deal table.666 crore ($2. the following law firms top the deal tables in respective practice areas: S.No.

Deal Street: March 2013 In terms of deal count. ©Bar & Bench 3   . 1 2 3 4 5 Practice Area Capital Market M&A/PE Project Finance Banking & Finance Projects Law Firm Amarchand Mangaldas AZB & Partners HSA Advocates ** HSA Advocates Deal Count 5 7 2 ** 1 ** There is no ranking for this practice area as all the deals reported have been evenly divided with each firm doing one deal.No. the following law firms top the deal tables in the respective practice areas: S.

Deal Street: March 2013 Capital Markets Amarchand tops the Capital Markets chart with 5 deals valued at Rs. 250 crore ($ 46.68 billion) followed by AZB & Partners with 3 deals valued at Rs. Reliance Infrastructure. Deal Law Firm Axon Partners 1 Bharti Airtel (Bonds) Milbank.3 million) Rs. 5.7 million)* N/A Rs.32 billion). 5. Oil India Limited raised funds through the OFS Route.273 crore ($1. Earlier this year. Axon Partners led the transaction for Bharti Airtel. 7. there has been an increasing trend of Indian companies raising funds by issuing bonds in the foreign market due to the lower cost of financing available in the international market. 14.666 crore ($2. The Offer for Sale (OFS) Route has been the most-preferred share sale route for listed firms to meet minimum public shareholding requirement. Adani Group.No. In 2013. 310 crore ($56. Hadley & McCloy Allen & Overy 2 3 4 5 IRFCL (Bonds) Rashtriya Chemicals and Fertilizers Limited (OFS) Mobme Wireless Solutions (IPO) Asahi India Glass (Rights issue) AZB & Partners Desai & Diwanji Desai & Diwanji AZB & Partners Rs.373 crore ($ 978 million) Rs. S.443 crore ($1 billion) Deal Value ©Bar & Bench 4   . The latest deal was that of Bharti Airtel raising $1 billion through bond issuance in overseas market. Tweed.

No.750 crore ($500 million) Rs. 1.400 crore ($1.Deal Street: March 2013 S. 7. 6 7 8 9 10 11 12 13 Deal National Housing Bank (Bonds) Air India Limited (NCD) JNPT (Bonds) Ennore Port (Bonds) Power Grid Corporation (Notes) Merrill Lynch sells stake in Multi Commodity Exchange (Open Market Transaction) Uttam Galva Steels (QIP) TPG sells stake in Shriram Transport Finance Co. (Open Market Transaction) Law Firm Dhir & Dhir Associates Amarchand Mangaldas Amarchand Mangaldas MV Kini & Co Amarchand Mangaldas Amarchand Mangaldas Allen & Overy AZB & Partners Rajani Associates AZB & Partners Crawford Bayley & Co Deal Value Rs.000 crore ($182 million) Rs. 2. 2.750 crore ($688 million) Rs.82 per cent stake in SAIL (OFS) Dorsey & Whitney Amarchand Mangaldas Cleary Gottlieb Steen & Hamilton Rs. 1. 3. 1.000 crore ($365 million) Rs.650 crore ($300 million) 14 Ministry of Steel divested 5. 160 crore ($29 million) Rs.14 million) Rs.516 crore ($279m) * Deal value as reported in LiveMint ©Bar & Bench 5   .3 billion) Rs. 104 crore ($ 19.

S.Deal Street: March 2013 M&A/PE and Joint Venture AZB & Partners makes it to the top of the M&A list with 7 reported deals this month. set up by Gyanendra Kumar. 1 Deal Bharti Airtel buys Alcatel-Lucent’s stake in the JV. ranks second with 5 deals having a combined value of Rs.No.55 crore ($ 66.23 million). 363. 444. Amarchand ranks third with 4 deals of which three have a combined value of Rs. 1.7 million). The combined value of 5 of the 7 deals is Rs.5 million) 3 4 Rs.841 crore ($ 336 million). 51. MNK Law Offices. 1.600 crore ($293 million) Confidential ©Bar & Bench 6   . Alcatel Lucent Managed Network Service India India Infrastructure Development Fund acquires minority stake in Bharat Light and Power Magma Fincorp acquires GE India’s home loan portfolio Bureau Veritas acquires Sievert Group Law Firm ALMT Legal ALMT Legal MNK Law Offices Indus Law AZB & Partners JSA AZB & Partners Deal Value Confidential 2 Rs.60 crore ($ 81.5 crore ($9.

a group company of ACG Belgium’s Aliaxis buys majority stake in Ashirvad Pipes Acquisition of KPIT Cummins Infosystems shares by Van Dyck. 81. 37.No. Deal Law Firm DLA Pipers Deal Value 5 Gulf Capital invests in OCB Oilfield Services Hoshizaki Electric Ltd acquires a 50.8 million) Rs.Deal Street: March 2013 S.01% stake in Western Refrigeration Private Limited Glatt sells 50% stake in PAM Glatt to PAM Indtech Machines. 282.8 ©Bar & Bench 7   . 160 crore ($ 30.4 million) 8 9 10 11 12 Rs.25 crore ($14. CX Partners and AAJV Investment Trust Motilal Oswal Private Equity invests in Magicrete Building Solutions Bharat Light & Power Private Limited acquires a wind farm of DLF Limited Creation Investments invests in Grameen I&S Associates DLA Pipers Khaitan & Co Wadia Ghandy & Co AZB & Partners AZB & Partners Amarchand Mangaldas AZB & Partners Rajani Associates Luthra & Luthra Law Offices MNK Law offices Amarchand Mangaldas JSA Confidential 6 Confidential 7 Confidential Rs. 35 crore ($ 6.5 crores ($ 6.30 crore ($ 50 million) Rs.5 million) Rs.

48. 820 crore ($ 151 million) 17 Globus Spirits Limited raises funds from Templeton Intec Capital raises funds from India Business Excellence Fund-II and India Business Excellence Fund-IIA (IBEF-IIA) Crawford Bayley BMR Legal Rs.Deal Street: March 2013 S. acquires stake held by the Kalyani Group in the JV VentureEast and Draper Fisher Jurvetson invest in Bharat Light & Power Private Limited Law Firm JSA Tatva Legal PXV Law Partners Desai & Diwanji AZB & Partners MNK Law Offices Indus Law AZB & Partners Deal Value million) 13 Confidential 14 Confidential 15 Rs.No.8 crore ($ 9 million) 16 GIC Singapore invests in Greenko Plc Norton Rose Lawrence Graham Vaish Associates Rs.A. 12 Deal Financial Services Omidyar Network invests in iMerit Technology Services Gerdau S. 70 crore ($13 million) 18 Amarchand Mangaldas Udwadia Udeshi & Confidential ©Bar & Bench 8   .

5 million) 21 Rs. 1 Deal HUDCO & Bank of Maharashtra extends term loan facility to Maharashtra Airport Development Company for MIHAN SEZ Law firm VERUS Deal Value Rs.Deal Street: March 2013 S. 27 crore ($5 million) 20 Rs. 450 crore ($82 million) ©Bar & Bench 9   . 55 crore ($10 million) 22 Confidential Project Finance There are only three reported deals in the Project Finance segment. S. 35 crore ($6. 389 crore ($ 71 million)] and VERUS working on the Rs. with HSA Advocates working on two deals [combined value Rs. 450 crore ($82 million) MIHAN SEZ deal. AID invests in Prime Focus I-S Iron Ore Pte Ltd – Vijaya Mining Private Limited JV MNK Law Offices MNK Law Offices Sterling Associates SNG & Partners Eversheds LLP HSA Advocates Rs. Deal Law Firm Argus Partners Deal Value 19 Getit acquires ‘Infomedia Yellow Pages’ and ‘Ask Me’ from Network18 Media and Investments Limited Helion Venture Partners acquires stake in LifeCell International Private Limited Prime Focus Limited –AID Partners Capital JV.No.No.

and Khaitan & Co working on one deal each.A. 1 Deal Tata Technologies avails a secured SBLC facility from Citibank N.No.382 crore ($ 437 million). 145 crore ($ 26 million) 3 HSA Advocates Rs.Deal Street: March 2013 S. the deal market has been evenly divided with AZB. 2. 220 crore ($40 million) 2 NTPC secures loan from SBI and Mizuho Corporate Bank Rs.. S. Fox Mandal. Chitale & Chitale Partners tops the Banking & Finance chart with one deal valued at Rs. 1. India Law Firm AZB & Partners Fox Mandal Allen & Overy Deal Value Rs. Majmudar & Partners.No. KS Partners. 244 crore ($ 44 million) Banking & Finance In terms of value.067 crore ($ 931 million). 5.357 crore ($250 million) ©Bar & Bench 10   . The combined value of four of these deals is Rs. 2 Deal Consortium led by REC extends loan facility for financing a solar power project in Gujarat PTC Financing Services extends loan facility for wind power project in Maharashtra Law firm HSA Advocates Deal Value Rs. Otherwise.

1 Deal Elevated Rail Corridor project in Mumbai Law Firm HSA Advocates Deal Value Rs. The project is reportedly the single largest public-private partnership in its segment. 21.382 crore ($437 million) Rs.No.Deal Street: March 2013 S.8 crore ($20 million) Confidential Projects The sole reported deal under this segment is the Rs. 21. 3 4 5 6 Deal Consortium of banks led by Central bank of India provides finance assistance for debt restructuring for Moser Baer SBI has extended working capital loan to Bhushan Steel Axis Bank Limited.No.82 billion) ©Bar & Bench 11   . 108. 1. Singapore.82 billion) elevated rail corridor project in Mumbai. 2.000 crore ($184 million) Rs.000 crore ($ 3.000 crore ($3. S. extends loan to Shyam Metalics and Energy Limited HDFC Bank extends term Loan Facility to Birla Institute of Technology and Science Company for acquisition of BITS Pilani FZ Law Firm Chitale & Chitale Partners KS Partners Majmudar & Partners Khaitan & Co Deal Value Rs.

1600 crore ($293 million) Rs. 5.373 crore ($ 978 million) Confidential Confidential Rs. Hadley & McCloy Allen & Overy 4 5 6 7 8 Magma Fincorp acquires GE India’s home loan portfolio IRFCL Tax Free Bonds Bureau Veritas acquires Sievert Group Gulf Capital invests in OCB Oilfield Services Elevated Rail Corridor project in Mumbai AZB & Partners AZB & Partners JSA AZB & Partners DLA Pipers I&S Associates DLA Piper HSA Advocates Rs. 21.No 1 Deal Details Bharti Airtel buys Alcatel-Lucent’s stake in the JV.5 crore ($9. Tweed. 5. 51.000 crore ($3.5 million) 3 Bharti Airtel Bond Issue Rs.82 billion) Deal Size Confidential 2 Rs.443 crore ($1 billion) ©Bar & Bench 12   . Alcatel Lucent Managed Network Service India Ltd India Infrastructure Development Fund acquires minority stake in Bharat Light and Power Law Firms Involved ALMT Legal ALMT Legal MNK Law Offices Indus Law Axon Partners Milbank.Deal Street: March 2013 Complete List of Reported Deals S.

310 crore ($56. India NTPC secures loan from SBI and Mizuho Corporate Bank Rashtriya Chemicals and Fertilizers Limited OFS through Stock Exchanges Mechanism Mobme Wireless Solutions has filed draft red herring prospectus with National Stock Exchange I‐S Iron Ore Pte.. Confidential 17 Confidential ©Bar & Bench 13   .7 million) N/A Confidential Rs. 220 crore ($40 million) Rs.A. 450 crore ($82 million) Rs.01% stake in Western Refrigeration Private Limited Law Firms Involved VERUS AZB & Partners Fox Mandal Allen & Overy Desai & Diwanji Desai & Diwanji HSA Advocates AZB & Partners Khaitan & Co Khaitan & Co Wadia Ghandy & Co Deal Size Rs.3 million).No 9 10 11 12 13 14 15 16 Deal Details HUDCO & Bank of Maharashtra extends term loan facility to Maharashtra Airport Development Company for MIHAN SEZ Tata Technologies avails a secured SBLC facility from Citibank N. 250 crore ($ 46. 1357 crore ($250 million) Rs.Vijay Mining Private Limited JV Asahi India Glass Limited issues equity shares on rights basis to existing shareholders HDFC Bank extends term Loan Facility to Birla Institute of Technology and Science Company for acquisition of BITS Pilani FZ Hoshizaki Electric Ltd acquires a 50. Limited .Deal Street: March 2013 S.

25 crore ($148 million) Rs.5 crores ($ 6.8 million) Rs.30 crore ($ 50 million) Rs.No 18 19 Deal Details Glatt sells 50% stake in PAM Glatt to PAM Indtech Machines. 3. 104 crore ($ 19.4 million) Rs.750 crore ($688 million) Rs.382 crore ($437 million) Rs. 282. CX Partners and AAJV Investment Trust Consortium of banks led by Central bank of India provides finance assistance for debt restructuring for Moser Baer Motilal Oswal Private Equity invests in Magicrete Building Solutions Bharat Light & Power Private Limited acquires a wind farm of DLF Limited National Housing Bank public issue of secured redeemable non-convertible tax free bonds Creation Investments invests in Grameen Financial Services Merrill Lynch sells stake in Multi Commodity Exchange picked up by Blackstone Law Firms Involved AZB & Partners AZB & Partners Amarchand Mangaldas AZB & Partners Amarchand Mangaldas Chitale & Chitale Partners Rajani Associates Luthra & Luthra Law Offices MNK Law Offices Amarchand Mangaldas Dhir &Dhir Associates JSA Tatva Legal AZB & Partners Deal Size Confidential Rs.Deal Street: March 2013 S.14 million) 20 21 22 23 24 25 26 ©Bar & Bench 14   . 81. 160 crore ($ 30. 2. a group company of ACG Belgium’s Aliaxis buys majority stake in Ashirvad Pipes Acquisition of KPIT Cummins Infosystems shares by Van Dyck. 35 crore ($ 6.5 million) Rs. 37.

70 crore ($13 million) ©Bar & Bench 15   . 7. Singapore. 1000 crore ($184 million) Rs.400 crore ($1.Deal Street: March 2013 S.3 billion) Confidential Rs.8 crore ($9 million) Rs.No 27 28 29 30 31 32 33 34 Deal Details Omidyar Network invests in iMerit Technology Services SBI has extended working capital loan to Bhushan Steel Consortium led by REC extends loan facility for financing a solar power project in Gujarat PTC Financing Services extends loan facility for wind power project in Maharashtra Axis Bank Limited. extends loan to Shyam Metalics and Energy Limited NCD issue by Air India Limited Gerdau S. 820 crore ($ 151 million) 35 36 Globus Spirits Limited raises funds from Templeton Rs. 108.A. 145 crore ($ 26 million) Rs.8 crore ($20 million) Rs. acquires stake held by the Kalyani Group in the JV VentureEast and Draper Fisher Jurvetson invest in Bharat Light & Power Private Limited GIC Singapore invests in Greenko Plc Law Firms Involved PXV Law Partners Desai & Diwanji KS Partners HSA Advocates HSA Advocates Majmudar & Partners Amarchand Mangaldas AZB & Partners MNK Law Offices Indus Law AZB & Partners Norton Rose Lawrence Graham Vaish Associates Crawford Bayley BMR Legal Deal Size Confidential Rs. 244 crore ($ 44 million) Rs.48.

AID invests in Prime Focus JNPT public issue of Tax Free Bonds Ennore Port public issue of Tax Free Bonds Issue of Notes by Power Grid Corporation TPG sells stake in Shriram Transport Finance Co. 2. 1000 crore ($182 million) Rs.650 crore ($300 million) Rs.Deal Street: March 2013 S.750 crore ($500 million) Rs. on stock exchange Uttam Galva Steels Limited Ministry of Steel divested 5. 2000 crore ($365 million) Rs. 27 crore ($5 million) 39 Rs.5 million) 40 41 42 43 44 45 46 Rs. 35 crore ($6. 160 crore ($29 million) 1.No 37 Deal Details Intec Capital raises funds from India Business Excellence Fund-II and India Business Excellence Fund-IIA (IBEF-IIA) Getit acquires 'Infomedia Yellow Pages' and 'Ask Me' from Network18 Media and Investments Limited Helion Venture Partners acquires stake in LifeCell International Private Limited Prime Focus Limited -AID Partners Capital JV. 55 crore ($10 million) Rs. 1.516 crore ($279m) ©Bar & Bench 16   .82 per cent stake in SAIL through OFS Law Firms Involved Amarchand Mangaldas Udwadia Udeshi & Argus Partners MNK Law Offices MNK Law Offices Sterling Associates SNG & Partners Eversheds LLP Amarchand Mangaldas MV Kini & Co Amarchand Mangaldas Allen & Overy Amarchand Mangaldas AZB & Partners Rajani Associates Crawford Bayley & Co Dorsey & Whitney Deal Size Confidential 38 Rs.

No Deal Details Law Firms Involved Amarchand Mangaldas Cleary Gottlieb Steen & Hamilton Deal Size ©Bar & Bench 17   .Deal Street: March 2013 S.