Deal Street June 2013

In continuation of our goal of keeping you connected to the Indian legal market, Bar & Bench brings you Deal Street Monthly, a monthly compilation of deals involving Indian law firms. The deals have been categorized under three broad heads viz., Mergers & Acquisitions, Capital Markets and Banking & Finance. Ranking by Deal Count Rank 1 1 1 Law Firm J. Sagar Associates Amarchand Mangaldas Khaitan & Co No. of Deals 6 6 6 M&A/PE

In the Mergers & Acquisitions league, Amarchand Mangaldas, J. Sagar Associates and Khaitan & Co top the table with 6 deals each.

Ranking by Deal Value Rank 1 2 3 Law Firm Amarchand Mangaldas Kochhar & Co. AZB & Partners Value Rs. 41,858 crore ($7 billion) Rs. 14,750 crore ($2.4 billion) Rs. 3,638 crore ($600

In terms of Deal Value, Amarchand Mangaldas tops the table with deals valued at a total of Rs. 41,858 crore ($7 billion). Kochhar & Co occupies the 2nd spot followed by AZB & Partners.!

million)

Amarchand Mangaldas was involved in two of the biggest deals in the month of June including the biggest outbound deal with ONGC and Oil India acquiring a 10% stake of Videocon Industries in the Mozambique Region for $2.5 billion also involving Kochhar & Co and Simmons & Simmons. The other deal was Apollo Tyres acquisition of Cooper Tire & Rubber for $2.5 billion. Capital Markets

Ranking by Deal Count Rank 1 2 3 Law Firm Amarchand Mangldas AZB & Partners Khaitan & Co

No. of Deals 5 4 2

In the Capital Markets segment, Amarchand Mangaldas tops the Deal Count with 5 deals with AZB & Partners placed 2nd with 4 deals, followed by Khaitan & Co. at the 3rd spot with 2 deals.

Ranking by Deal Value Rank 1 2 3 Law Firm Amarchand Mangaldas Khaitan & Co Singhania & Partners Deal Value Rs. 11,567 crore ($1.9 billion) Rs. 2,942 crore ($491 million) Rs. 1,900 crore ($317 million) Amarchand also leads the Deal Value table with 5 deals valued at Rs. 11,567 crore ($1.9 billion), while Khaitan & Co is 2nd with deals worth Rs. 2,942 crore ($491 million). Singhania & Partners occupies the third place with a deal value of Rs. 1,900 crore ($317 million).!

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Ranking by Deal Count Rank 1 2 3 3 Law Firm Khaitan & Co Trilegal Amarchand Mangaldas AZB & Partners

Banking & Finance

No. of Deals 3 2 1 1

In the Banking & Finance segment, Khaitan & Co. has secured the top spot with 3 deals against its name. Trilegal, with 2 deals, is placed 2nd while Amarchand Mangaldas and AZB & Partners share the 3rd place with 1 deal each.

Ranking by Deal Value Rank 1 2 2 Law Firm Khaitan & Co Trilegal Amarchand Mangaldas Deal Value Rs. 1,721 crore ($ 287 million) Rs. 297 crore ($ 49.5 million) Rs. 297 crore ($ 49.5 million)

Khaitan & Co. has topped the table in terms of Deal Value also with deals worth Rs. 1,721 crore ($ 287 million). Trilegal and Amarchand Mangaldas share the 2nd spot with a Deal Value of Rs. 297 crore ($ 49.5 million).
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COMPILED TABLE OF M&A/PE AND JVS

S. No.

Deal Amtek Auto acquires majority stake in German company Neumayer Tekfor Group CWT Commodities acquires majority stake in MAIIA Inspection Services StanCharts acquisition of Morgan Stanleys private wealth management business Aditya Birla Chemicals (India) Ltd buys acid business of Solaris Chemtech Industries

Law Firm Desai Diwanji

Deal Value

Freshfields Bruckhaus Deringer Talwar Thakore & Associates Linklaters Khaitan & Co

Confidential

Confidential

Amarchand Mangaldas

Confidential

Vaish Associates

Rs. 153 crore ($27 million)

Cadence Design Systems, Inc. acquires Cosmic Circuits

J. Sagar Associates King Stubb & Kasiva Rs. 359 crore ($62 million)

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S. No. 6

Deal Cartica Capital acquires 5.6 % stake in TTK Prestige in two transactions Multiples Private Equity Fund acquires 50 % stake in Milltec Machinery Apollo Tyres acquires Cooper Tire & Rubber Company SBI Mutual Fund buys Daiwas Indian asset management business Intel Capital invests in Jasper Infotech which runs snapdeal.com TVS ASL forms joint venture with US based Myers Tire Supply Amagi Media Labs raises funds from Mayfield Fund

Law Firm Khaitan & Co S&R Associates J. Sagar Associates Khaitan & Co Dua Associates Amarchand Mangaldas Sullivan & Cromwell LLP Jones Day AZB & Partners Amarchand Mangaldas

Deal Value Rs. 230 crore ($41 million)

Rs. 250 crore ($43 million)

Rs. 14,507 crore ($2.5 billion)

Rs. 1.3 crore ($2,13,993)

10

AZB & Partners HSB & Partners Singhania & Partners Dua Associates Economic Laws Practice

Confidential

11

Confidential

12

Rs. 27.5 crore ($4.5 million)

S. No.

Deal Zamil Industrial Investment Company buys out its Indian JV Partners stake in Advantec Coils BanyanTree Growth Capital II LLC invests in Atria Brindavan Power Naspers India arm ibiboGroup acquires Pilani Soft Labs (redBus.in) TVS Automobile Solutions Joint Venture with Myers Tire Supply International OIL & ONGC Videsh Ltd acquires Videocon Industries 10 % participating interest in Rovuma Area 1 Offshore Block in Mozambique Warburg Pincus-led investment

Law Firm

Deal Value

13

J. Sagar Associates

Rs. 300 crore ($49.3 million)

Kochhar & Co Juris Corp Amarchand Mangaldas IndusLaw HSB Partners Singhania Partners Confidential Rs. 600 crore ($100 million) Rs. 50 crore ($8.5 million)

14

15

16

Amarchand Mangaldas Kochhar & Co Simmons & Simmons AZB & Partners Rs. 3,637 crore ($600 million) Rs 14,750 crore ($2.475 billion)

17

18

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S. No.

Deal in Delonex Energy Limited

Law Firm Luthra & Luthra Davis Polk Vinson & Elkins SJ Berwin J. Sagar Associates IndusLaw S&R Associates OMelveny & Myer Allen & Overy Desai & Diwanji Amicus

Deal Value

19

GTI Capital Group picks up stake in the National Stock Exchange from IDFC Limited Partners Group acquires a majority stake in CSS Corp. Amtek Auto Limited acquires majority stake in JMT Auto Limited Weber Shandwick acquires Corporate Voice Weber Shandwick by buying out 60% stake from its JV partner MAA Group Holdings Pyramid Wilmar Plantations acquires 35% of the equity of EMSPL from Tata Global Beverages

Rs. 79 crore ($13 million)

20

Rs. 1,611 crore ($270 million)

21

Rs. 110 crores ($18 million)

22

Khaitan & Co

Confidential

23

AZB & Partners

Confidential

S. No.

Deal

Law Firm

Deal Value

24

IL&FS Investment Managers exits from Bhartiya City

J. Sagar Associates

Rs. 325 crore ($55.3 million)

25

Britvics Group distribution agreement with Narang Group Reliance Infocomm and Infotel sign agreement with Network i2i Limited Reliance Jio Infocomm and Reliance Communications have entered into agreement for sharing tower infrastructure. Eredene sells 7.69% stake in Ocean Sparkle Limited to Infrastructure India Holdings Fund LLC Business transfer of the Recap business of Deloitte Recap LLC to Thomson Reuters (Scientific)

Khaitan & Co DSK Legal Addleshaw Goddard

Confidential

26

Khaitan & Co

Confidential

27

Amarchand Mangaldas

Rs. 12,000 crore ($2.1 billion)

Trilegal Rs. 73.4 crore ($12 million) J. Sagar Associates

28

29

Trilegal Berger Legal LLC

Confidential

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S. No.

Deal LLC (TR).

Law Firm Kramer Levin Naftalis & Frankel LLP Vaish Associates Wadia Ghandy

Deal Value

30

Brainworks Learning Systems and its investor Kusumbala sells business to Tree House Education & Accessories

Rs. 5 crore ($824,810)

COMPILED TABLE OF CAPITAL MARKETS TRANSACTIONS

S. No.

Deal Vedanta Resources plc issuance of 6% bonds due 2019 and 7.125% bonds due 2023 McGraw Hill Financial Incs voluntary open offer to acquire up to 22.23 % additional stake in CRISIL Ltd Oracle Financial Services Softwares OFS Buy-back of shares by HT Media Limited

Law Firm Amarchand Mangaldas Latham & Watkins Singhania & Partners

Deal Value

Rs. 9,500 crore ($1.7 billion)

Rs 1,900 crore ($340 million) Khaitan & Co Kochhar & Co. Amarchand Mangaldas Latham & Watkins Amarchand Mangaldas Amarchand Mangaldas Jones Day Khaitan & Co ALMT Legal

Rs. 1,000 crore ($164.6 million)

Rs. 25 crore ($4.5 million)

5 6

Adani Ports IPP State Bank of Mysore IPP

Rs. 1,042 crore ($180 million) Rs. 66.14 crore ($11.5 million)

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S. No. 7 8

Deal Novartis India Limited OFS Essar Shipping & Logistics OFS Sale of 10% shares of Shriram Transport Finance Company held by TPG by way of a block trade

Law Firm AZB & Partners Amarchand Mangaldas

Deal Value Rs. 27 crore ($4.5 million) Confidential

AZB & Partners

Rs. 1,600 crore ($295.8 million)

10

Just Dial IPO

S&R Associates Trilegal ARA Law Latham & Watkins AZB & Partners

Rs. 950 crore ($156.3 million)

11

ACB India Ltd filing of DRHP Port of Antwerp International converts global depository shares into equity shares in Essar Group

Confidential

12

AZB & Partners

Rs. 175 crore ($29 million)

COMPILED TABLE OF BANKING & FINANCE TRANSACTIONS

S. No.

Deal Bank of America ECB to Karnavati Aviation

Law Firm

Deal Value

Khaitan & Co

Rs. 133.65 crore ($22.1 million)

StanCharts ECB to Khubchandani Hospitals HDFC Loan facility to Palace Solar Energy Axis Bank extends loan facility to Piramal Healthcare Inc.

Amarchand Mangaldas

Rs. 297.67 crore ($49 million)

Khaitan & Co

Rs. 130 crore ($21.3 million)

Khaitan & Co Trilegal SJ Berwin LLP Hunt & Hunt lawyers Eversheds Trilegal Allen & Overy Advokatfirman Cederquist

Rs. 1,458 crore ($240 million)

Axis Bank extends term loan facility to Gujarat NRE Limited Standard Chartered Bank extends credit facility to Grasim Industries

Rs. 60.75 crore ($10 million)

Rs. 236.9 crore ($39 million)

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S. No.

Deal Apollo Tyres Limited avails financial assistance from Standard Chartered Bank and other lenders

Law Firm

Deal Value

AZB & Partners

Confidential

ALL DEALS FOR JUNE 2013

S.No.

Deal

Law Firms Desai Diwanji Freshfields Bruckhaus Deringer Talwar Thakore & Associates Linklaters Khaitan & Co Khaitan & Co DSK Legal Addleshaw Goddard Khaitan & Co

Deal Value

Amtek Auto acquires majority stake in German company Neumayer Tekfor Group Bank of America ECB to Karnavati Aviation for acquisition of Embraer Legacy 650 Aircraft Britvics Group distribution agreement with Narang Group CWT Commodities acquires majority stake in MAIIA Inspection Services Vedanta Resources plc issuance of 6% bonds due 2019 and 7.125% bonds due 2023 McGraw Hill Financial Incs voluntary open offer to acquire

Rs. 3,693 crore ($607.9 million)

Rs. 133.65 crore ($22.1 million)

Confidential

Confidential

Amarchand Mangaldas Rs. 9,500 crore ($1.7 billion) Latham & Watkins Singhania & Partners Rs 1,900 crore ($340 million)

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S.No.

Deal up to 22.23 % additional stake in CRISIL Ltd

Law Firms Khaitan & Co Amarchand Mangaldas

Deal Value

StanCharts acquisition of Morgan Stanleys private wealth management business StanCharts ECB grant to Khubchandani Hospitals Oracle Financial Services Softwares OFS Buy-back of shares by HT Media Limited

Confidential

Amarchand Mangaldas Kochhar & Co. Amarchand Mangaldas Latham & Watkins Amarchand Mangaldas

Rs. 297.67 crore ($49 million)

Rs. 1,000 crore ($164.6 million)

10

Rs. 25 crore ($4.5 million)

11

Aditya Birla Chemicals (India) Ltd buys acid business of Solaris Chemtech Industries

Vaish Associates

Rs. 153 crore ($27 million)

12

Cadence Design Systems, Inc. acquires Cosmic Circuits

J. Sagar Associates King Stubb & Kasiva Rs. 359 crore ($62 million)

S.No.

Deal

Law Firms Amarchand Mangaldas Jones Day Khaitan & Co Khaitan & Co ALMT Legal Khaitan & Co. S&R Associates J. Sagar Associates Khaitan & Co Dua Associates Amarchand Mangaldas

Deal Value

13

Adani Ports IPP HDFC Loan facility to Palace Solar Energy State Bank of Mysore IPP Cartica Capital acquires 5.6% stake in TTK Prestige Multiples Private Equity Fund acquires 50 % stake in Milltec Machinery

Rs. 1,042 crore ($180 million)

14 15

Rs. 130 crore ($21.3 million) Rs. 66.14 crore ($11.5 million)

16

Rs. 230 crore ($41 million)

17

Rs. 250 crore ($43 million)

18

Apollo Tyres acquires Cooper Tire & Rubber Company Axis Bank Limited, Hong Kong extends loan facility to Piramal Healthcare Inc. SBI Mutual Fund buys Daiwas

Sullivan & Cromwell LLP Jones Day Khaitan & Co

Rs. 14,507 crore ($2.5 billion)

19 20

Rs. 1,458 crore ($240 million) Rs. 1.3 crore ($2,13,993)

AZB & Partners

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S.No.

Deal Indian asset management business

Law Firms Amarchand Mangaldas AZB & Partners AZB & Partners

Deal Value

21 22

Novartis India Limited OFS Intel Capital invests in Jasper Infotech which runs snapdeal.com TVS ASL forms joint venture with US based Myers Tire Supply

Rs. 27.33 crore ($4.5 million) Confidential

HSB & Partners Singhania & Partners Confidential

23

24

Reliance Jio Infocomm and Reliance Communications have entered into agreement for sharing tower infrastructure.

Amarchand Mangaldas

Rs. 12,000 crore ($2.1 billion)

25 26 27

Essar Shipping & Logistics OFS Amagi Media Labs raises funds from Mayfield Fund BanyanTree Growth Capital II LLC invests in Atria Brindavan Power

Amarchand Mangaldas Dua Associates Economic Laws Practice Kochhar & Co Juris Corp

Confidential Rs. 27.5 crore ($4.5 million) Rs. 50 crore ($8.5 million)

S.No. 28 29

Deal Naspers India arm ibiboGroup acquires Pilani Soft Labs (redBus.in) TVS Automobile Solutions Joint Venture with Myers Tire Supply International OIL along with ONGC Videsh Ltd acquires Videocon Industries 10 % participating interest in Rovuma Area 1 Offshore Block in Mozambique Warburg Pincus investment in Delonex Energy Limited Zamil Industrial Investment Company acquires remaining 70 % from its joint venture partner Advantec Coils IL&FS Investment Managers exits its investment in Bhartiya City

Law Firms Amarchand Mangaldas IndusLaw HSB Partners Singhania Partners Amarchand Mangaldas Kochhar & Co Simmons & Simmons AZB & Partners Luthra & Luthra Davis Polk Vinson & Elkins SJ Berwin J. Sagar Associates

Deal Value Rs. 600 crore ($100 million) Confidential

30

Rs 14,750 crore ($2.475 billion)

31

Rs.3,637 crore ($600 million)

32

Rs. 300 crore ($49.3 million)

33

Rs. 325 crore ($55.3 million)

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S.No.

Deal GTI Capital Group picks up stake in the National Stock Exchange from IDFC Limited

Law Firms

Deal Value

34

J. Sagar Associates IndusLaw S&R Associates OMelveny & Myer Allen & Overy Desai & Diwanji Amicus

Rs. 79 crore ($13 million)

35

Partners Group acquires a majority stake in CSS Corp. Amtek Auto Limited acquires majority stake in JMT Auto Limited Weber Shandwick acquires Corporate Voice Weber Shandwick by buying out 60% stake from its JV partner MAA Group Holdings Axis Bank extends term loan facility to Gujarat NRE Limited Standard Chartered Bank extends credit facility to Grasim Industries Just Dial IPO

Rs. 1,611 crore ($270 million)

36

Rs. 110 crores (18 million)

37

Khaitan & Co Trilegal SJ Berwin LLP Hunt & Hunt lawyers Eversheds Trilegal Allen & Overy Advokatfirman Cederquist S&R Associates Trilegal

Confidential

38

Rs. 60.75 crore ($10 million)

39 40

Rs. 236.9 crore ($39 million) Rs. 950 crore ($156.3 million)

S.No.

Deal

Law Firms ARA Law Latham & Watkins Trilegal J. Sagar Associates Trilegal Berger Legal LLC Kramer Levin Naftalis & Frankel LLP Vaish Associates Wadia Ghandy AZB & Partners

Deal Value

41

Eredene sell 7.69% stake in Ocean Sparkle Limited to Infrastructure India Holdings Fund LLC Business transfer of the Recap business of Deloitte Recap LLC to Thomson Reuters (Scientific) LLC (TR). Brainworks Learning Systems & Kusumbala sells business to Tree House Education & Accessories ACB India Ltd filing of DRHP Port of Antwerp International converts the global depository shares into equity shares in Essar Group Pyramid Wilmar Plantations acquires 35% stake of EMSPL from Tata Global Beverages

Rs. 73.4 crore ($12 million)

42

Confidential

43

Rs. 5 crore ($824,810)

44

Confidential

45

AZB & Partners

Rs. 175 crore ($29 million)

46

AZB & Partners

Confidential

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S.No.

Deal Apollo Tyres Ltd avails financial assistance from Standard Chartered Bank and other lenders Sale of 10 % shares of Shriram Transport Finance Co. held by TPG Reliance Infocomm and Infotel sign agreement with Network i2i Limited

Law Firms

Deal Value

47

AZB & Partners

Confidential

48

AZB & Partners

Rs. 1,600 crore ($295.8 million)

49

Khaitan & Co

Confidential

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