Deal Street October 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 and Finance. M&A/PE Ranking by Deal Count Rank 1 2 3 4 4 Law Firm AZB & Partners Amarchand Mangaldas Khaitan & Co Desai & Diwanji J. Sagar Associates No. of Deals 7 6 4 3 3 AZB & Partners has topped Deal Count ranking in the M&A segment with 7 deals followed by Amarchand Mangaldas with 6 deals and Khaitan & Co. with 4 deals is in the 3rd place. Desai & Diwanji and J. Sagar Associates have done 3 deals each

Ranking by Deal Value Rank 1 2 Law Firm Khaitan & Co Majmudar & Partners Value Rs. 3,682 crore ($595 million) Rs. 1,607 crore ($260 million) In terms of Deal Value, Khaitan & Co is placed 1st followed by Majmudar & Partners coming in 2nd with Amarchand Mangaldas occupying the 3rd position.

3 4 5

Amarchand Mangaldas AZB & Partners Desai & Diwanji

Rs. 1,241 crore ($201 million) Rs. 1,239 crore ($200 million) Rs. 748 crore ($121 million)

Capital Markets Ranking by Deal Count Rank 1 2 3 4 Law Firm Dhir & Dhir Associates AZB & Partners Amarchand Mangaldas Khaitan & Co No. of Deals 3 2 1 1 In Capital Markets segment, Dhir & Dhir Associates is placed 1st in terms of Deal Count with 3 deals followed by AZB & Partners with 2 deals. Amarchand Mangaldas and Khaitan & Co did one deal each.

Ranking by Deal Value Deal Value Rs.14,000 crore ($2.26 billion) Rs. 6,162 ($1 billion) Rs. 545 crore ($88 million)

Rank 1 2 3
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Law Firm Dhir & Dhir Associates AZB & Partners Amarchand Mangaldas

Dhir & Dhir Associates tops the chart with a combined deal value of Rs. 14,000 crore beating Amarchand Mangaldas (Rs. 6,162 crore) in terms of value followed by AZB & Partners (Rs. 545 crore) and Khaitan & Co (Rs 339 crore)

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Khaitan & Co

Rs. 339 crore ($55 million)

Projects and Project Finance Ranking by Deal Count Rank 1 2 3 3 Law Firm Amarchand Mangaldas Jurisperitus Law Offices Samvad Partners KSP Partners No. of Deals 4 2 1 1 Amarchand Mangaldas tops the project finance table in terms of deal count with 4 deals followed by Jurisperitus with 2 deals.
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Ranking by Deal Value Deal Value Rs. 2,211 crore ($357 million) Rs. 1,825 crore ($295 million) Rs. 290 crore ($47 million) Rs. 171 crore ($28 million)

Rank 1 2 3 4

Law Firm Jurisperitus Law Offices Amarchand Mangaldas Samvad Partners KSP Partners

In terms of value, Jurisperitus Law Offices ranks first followed by Amarchand Mangaldas

Practice Area Wise leaders By Deal Count In terms of Deal Count, the following law firms top the deal tables in the respective practice areas for the month of October!" S No 1 2 3 4
! Practice Area Law Firm

M&A/PE Capital Markets Projects and Project Finance Banking & Finance

AZB & Partners Dhir & Dhir Associates Amarchand Mangaldas Amarchand Mangaldas

By Deal Value In terms of Deal Value, the following law firms top the deal tables in the respective practice areas for the month of October. S.No 1 2 3 4 Practice Area M&A/PE Capital Markets Projects and Project Finance Banking & Finance Law Firm Khaitan & Co Dhir & Dhir Associates Jurisperitus Law Offices Amarchand Mangaldas

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COMPILED TABLE OF M&A/PE

S. No.

Deal HT Media Limited sells its entire 51% stake in JV Company HT Burda Media to its German JV partner Burda Druck GmbH

Law Firm

Deal Value

Gnarus Partners

Rs. 60 crore ($9.7 million)

S&R Associates Tata Power acquires AES Saurashtra Windfarms from the US based AES Corporation

Trilegal Desai & Diwanji

Rs. 150 crore ($24 million)

Jindal Power Limited acquires Kineta Power Private Limited

Amarchand Mangaldas

Confidential

BIC Clichy acquires 15% stake in Cello Pens from the Promoter group

AZB & Partners

Rs. 290 crore ($49 million)

WestBridge Ventures II, LLC acquires 1.48% equity shares capital of SKS Microfinance

AZB & Partners

Rs. 21.7 crore ($3.5 million)

S. No.

Deal

Law Firm

Deal Value

BSE Limited acquires 50% of the JV Company for the conduct of index business in South East Asia. S&P Dow Jones acquires balance 50%.

AZB & Partners

Not available

IFC acquires 10% stake in Sustainable Agro-commercial Finance Limited

AZB & Partners

Rs. 12 crore ($2.70 million)

Tata Sons and Singapore Airlines Ltd. joint venture to set up a new full-service airline in India.

Amarchand Mangaldas AZB & Partners

Rs. 610 crore ($100 million)

Inventus Capital Partners Fund II Limited and IDG Ventures India Fund II LLC invest in UNBXD Software Private Limited

Samvad Partners

Rs. 12.3 crore ($2 million)

Apax Partners acquires 5" #$%&"'()$$("*+,(-&."+/(+0$)"!123!

10

Khaitan & Co

S. No.

Deal GlobalLogic

Law Firm Kirkland & Ellis Hogan Lovells

Deal Value Rs. 2,578 crore ($420 million)

11

Reliance Alternative Investments Fund invests in Khadim India Limited.

Amarchand Mangaldas ALMT Legal

Rs. 90 crore ($14.64 million)

12

IDFC Alternatives invests in Medi Assist Group.

Amarchand Mangaldas Nishith Desai Associates

Rs. 125 crore ($20.3 million)

13

Tata Opportunities Fund and Tata Capital Limited invest in Tata Sky Limited Bharti Airtel acquires Qualcomms stake in Wireless Business Services Private Limited New Silk Route acquires majority stake in Moshes Fine Foods

Amarchand Mangaldas

Rs. 250 crore ($ 40.7 million)

AZB & Partners

Confidential

14

15

Samvad Partners Vaish Associates

Confidential

S. No.

Deal Actis acquires 69.9% stake in Symbiotec Pharmalab Ltd.

Law Firm

Deal Value Rs. 293 crore ($48 million)

16

Desai & Diwanji Platinum Partners

17

Brenntag Group acquires the indenting and distribution business of industrial enzymes from the Zytex Group Providence Equity Partners acquires Corporate Training businesses of Informa PLC Sika AG acquires Texsa India Limited from Soprema Group SL

J. Sagar Associates

Rs. 83 crore ($13.7 million)

Khaitan & Co 18 Rs. 1,104 crore ($180 million) Weil Gotshal & Manges Khaitan & Co Confidential

19

Trilegal 20 Publicis Groupe acquires Beehive Communications J. Sagar Associates Confidential

21

US-based Customers Bancorp Inc invests in Religare Enterprises for 51% stake

AZB & Partners

Rs. 305 crore ($51 million)

Desai & Diwanji 6" #$%&"'()$$("*+,(-&."+/(+0$)"!123!

S. No.

Deal Flexfab LLC, USA acquires organic black rubber and hose manufacturing businesses of Shore Auto Rubber Exports Private Limited Flakt Woods Group sells shares of Flakt Woods global infrastructure and industry business to Colfax Corporation

Law Firm Majmudar & Partners

Deal Value Confidential

22

23

Majmudar & Partners Weil Gotshal and Manges

Rs. 1,607 crore ($262 million)

24

The Middleby Corporation acquires the foodservice products business of Celfrost Innovations

J. Sagar Associates Luthra & Luthra Skadden, Arps, Slate, Meagher & Flom Khaitan & Co

Confidential

25

Tata Capital Innovations Fund invests in Mitra Biotech Pvt Ltd

Confidential

26

JSW Steel acquires Heidelberg Cement India's cement grinding facility

Amarchand Mangaldas PXV Law Partners

Rs. 166 crore ($27 million)

S. No.

Deal SACEF Holdings II acquires a minority stake in Rishabh Instruments Private Limited.

Law Firm Vaish Associates

Deal Value Rs. 75 crore ($12 million)

27

Nishith Desai Associates

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COMPILED TABLE OF CAPITAL MARKETS TRANSACTIONS

S. No.

Deal IFC Launches Bond Program to Strengthen Indias Capital Markets

Law Firm Amarchand Mangaldas

Deal Value Rs. 6,162 crore ($1 billion)

India Infrastructure Finance Company Limited - Public issue of Tax Free Bonds

Dhir & Dhir Associates

Rs. 10,000 crore ($1.6 billion)

National Housing Bank - Public issue of tax free bonds NHPC - Public issue of tax free bonds Muthoot Finance - Public issue of secured and unsecured nonconvertible debentures Blue Dart Express Limited Issue of unsecured, redeemable, non-convertible debentures

Dhir & Dhir Associates

Rs. 3,000 crore ($487 million)

Dhir & Dhir Associates

Rs. 1,000 crore ($162 million)

AZB & Partners

Rs. 300 crore ($49 million)

Khaitan & Co

Rs. 339 crore ($55 million)

S. No.

Deal

Law Firm

Deal Value

Asahi Glass Rights Issue

AZB & Partners

Rs. 245 crore ($40.50 million)

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COMPILED TABLE OF PROJECTS AND PROJECT FINANCE

S. No.

Deal A consortium led by SBI extends loan facility to Orange Jaisalmer Wind Energy Private Limited A consortium led by SBI extends loan facility to Orange Renewable Power Private Limited NTPC 500 MW Power Project in Sri Lanka

Law Firm Amarchand Mangaldas

Deal Value Rs. 195 crore ($31.6 million)

Amarchand Mangaldas

Rs. 90 crore ($14 million)

Amarchand Mangaldas

Confidential

Power Finance Corporation Limited and PTC India Financial Services extends term loan funding to Facor Electric Limited

KSP Partners

Rs. 171 crore ($27.7 million)

Power Finance Corporation provides financing of Chennai based power generation company for its power plant based at Chhattisgarh. A consortium led by PNB extends

Jurisperitus Law Offices

Rs. 1,311crore ($212 million)

Jurisperitus Law Offices

Rs. 900 crore ($146 million)

S. No.

Deal loan facility to Mumbai based ABG Cement Limited A consortium of lenders involving Rural Electrification Corporation Limited and others provides term loan facility to KSK Wardha Power Company Limited for coal thermal power plant ICICI Bank extends loan facility to Udupi Power Corporation Limited for operation and maintenance of a 1200 MW thermal power project in Karnataka

Law Firm

Deal Value

Amarchand Mangaldas

Rs. 1,540 crore ($250 million)

Samvad Partners

Rs. 290 crore ($47 million)

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COMPILED TABLE OF BANKING AND FINANCE S.No Deal Law Firm Deal Value

Deutsche Bank provides bridge loan facility to Air India for acquisition of 2 Boeing 787 aircrafts.

Amarchand Mangaldas Hogan Lovells

Rs. 1,170 crore ($190 million)

Royal Bank of Scotland Plc, Singapore Branch extends a foreign currency facility to Axis Bank Limited, Hong Kong Branch

Amarchand Mangaldas Baker & Mckenzie

Rs. 308 crore($ 50 million)

Indiabulls Housing Finance Limited in relation to securitisation of portfolio of priority sector loans

Khaitan & Co

Rs. 290 crore ($47 million)

ALL DEALS FOR JUNE 2013 S. No. Deal HT Media Limited sells its entire 51% stake in JV Company HT Burda Media to its German JV partner Burda Druck GmbH Law Firm Deal Value

Gnarus Partners

Rs. 60 crore ($9.7 million)

S&R Associates Tata Power acquires AES Saurashtra Windfarms from the US based AES Corporation

Trilegal Desai & Diwanji

Rs. 150 crore ($24 million)

Jindal Power Limited acquires Kineta Power Private Limited

Amarchand Mangaldas

Confidential

BIC Clichy acquires 15% stake in Cello Pens from the Promoter group

AZB & Partners

Rs. 290 crore ($49 million)

WestBridge Ventures II, LLC acquires 1.48% equity shares capital of SKS Microfinance

AZB & Partners

Rs. 21.7 crore ($3.5 million)

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S. No.

Deal

Law Firm

Deal Value

BSE Limited acquires 50% of the JV Company for the conduct of index business in South East Asia. S&P Dow Jones acquires balance 50%.

AZB & Partners

Not available

IFC acquires 10% stake in Sustainable Agro-commercial Finance Limited

AZB & Partners

Rs. 12 crore ($2.70 million)

Tata Sons and Singapore Airlines Ltd. joint venture to set up a new full-service airline in India.

Amarchand Mangaldas AZB & Partners

Rs. 610 crore ($100 million)

Inventus Capital Partners Fund II Limited and IDG Ventures India Fund II LLC invest in UNBXD Software Private Limited Apax Partners acquires GlobalLogic

Samvad Partners

Rs. 12.3 crore ($2 million)

Khaitan & Co 10 Rs. 2,578 crore ($420 million)

S. No.

Deal

Law Firm Kirkland & Ellis Hogan Lovells

Deal Value

11

Reliance Alternative Investments Fund invests in Khadim India Limited.

Amarchand Mangaldas Rs. 90 crore ($14.64 million) ALMT Legal

12

IDFC Alternatives invests in Medi Assist Group.

Amarchand Mangaldas Nishith Desai Associates

Rs. 125 crore ($20.3 million)

13

Tata Opportunities Fund and Tata Capital Limited invest in Tata Sky Limited Bharti Airtel acquires Qualcomms stake in Wireless Business Services Private Limited New Silk Route acquires majority stake in Moshes Fine Foods

Amarchand Mangaldas

Rs. 250 crore ($ 40.7 million)

AZB & Partners

Confidential

14

15

Samvad Partners Vaish Associates

Confidential

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S. No.

Deal Actis acquires 69.9% stake in Symbiotec Pharmalab Ltd.

Law Firm

Deal Value Rs. 293 crore ($48 million)

16

Desai & Diwanji Platinum Partners

17

Brenntag Group acquires the indenting and distribution business of industrial enzymes from the Zytex Group Providence Equity Partners acquires Corporate Training businesses of Informa PLC Sika AG acquires Texsa India Limited from Soprema Group SL

J. Sagar Associates

Rs. 83 crore ($13.7 million)

Khaitan & Co 18 Rs. 1,104 crore ($180 million) Weil Gotshal & Manges Khaitan & Co Confidential

19

Trilegal 20 Publicis Groupe acquires Beehive Communications J. Sagar Associates Confidential

21

US-based Customers Bancorp Inc invests in Religare Enterprises for 51% stake

AZB & Partners Desai & Diwanji

Rs. 305 crore ($51 million)

S. No.

Deal Flexfab LLC, USA acquires organic black rubber and hose manufacturing businesses of Shore Auto Rubber Exports Private Limited Flakt Woods Group sells shares of Flakt Woods global infrastructure and industry business to Colfax Corporation

Law Firm Majmudar & Partners

Deal Value Confidential

22

23

Majmudar & Partners Weil Gotshal and Manges

Rs. 1,607 crore ($262 million)

24

The Middleby Corporation acquires the foodservice products business of Celfrost Innovations

J. Sagar Associates Luthra & Luthra Skadden, Arps, Slate, Meagher & Flom Khaitan & Co

Confidential

25

Tata Capital Innovations Fund invests in Mitra Biotech Pvt Ltd

Confidential

26

JSW Steel acquires Heidelberg Cement India's cement grinding facility

Amarchand Mangaldas PXV Law Partners

Rs. 166 crore ($27 million)

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S. No.

Deal SACEF Holdings II acquires a minority stake in Rishabh Instruments Private Limited.

Law Firm Vaish Associates

Deal Value Rs. 75 crore ($12 million)

27

Nishith Desai Associates Amarchand Mangaldas Rs. 6,162 crore ($1 billion)

28

IFC Launches Bond Program to Strengthen Indias Capital Markets India Infrastructure Finance Company Limited - Public issue of Tax Free Bonds National Housing Bank - Public issue of tax free bonds

29

Dhir & Dhir Associates

Rs. 10,000 crore ($1.6 billion)

Dhir & Dhir Associates

Rs. 3,000 crore ($487 million)

30

31

NHPC - Public issue of tax free bonds Muthoot Finance - Public issue of secured and unsecured nonconvertible debentures Blue Dart Express Limited Issue of unsecured, redeemable, non-convertible debentures

Dhir & Dhir Associates

Rs. 1,000 crore ($162 million)

AZB & Partners

32

Rs. 300 crore ($49 million)

33

Khaitan & Co

Rs. 339 crore ($55 million)

S. No.

Deal

Law Firm

Deal Value

34

Asahi Glass Rights Issue

AZB & Partners

Rs. 245 crore ($40.50 million)

35

A consortium led by SBI extends loan facility to Orange Jaisalmer Wind Energy Private Limited A consortium led by SBI extends loan facility to Orange Renewable Power Private Limited NTPC 500 MW Power Project in Sri Lanka

Amarchand Mangaldas

Rs. 195 crore ($31.6 million)

Amarchand Mangaldas

Rs. 90 crore ($14 million)

36

37

Amarchand Mangaldas

Confidential

38

Power Finance Corporation Limited and PTC India Financial Services extends term loan funding to Facor Electric Limited Power Finance Corporation provides financing of Chennai

KSP Partners

Rs. 171 crore ($27.7 million)

39

Jurisperitus Law Offices

Rs. 1,311crore ($212 million)

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S. No.

Deal based power generation company for its power plant based at Chhattisgarh.

Law Firm

Deal Value

40

A consortium led by PNB extends loan facility to Mumbai based ABG Cement Limited A consortium of lenders involving Rural Electrification Corporation Limited and others provides term loan facility to KSK Wardha Power Company Limited for coal thermal power plant ICICI Bank extends loan facility to Udupi Power Corporation Limited for operation and maintenance of a 1200 MW thermal power project in Karnataka

Jurisperitus Law Offices

Rs. 900 crore ($146 million)

Amarchand Mangaldas

Rs. 1,540 crore ($250 million)

41

Samvad Partners

Rs. 290 crore ($47 million)

42

43

Deutsche Bank provides bridge loan facility to Air India for

Amarchand Mangaldas

Rs. 1,170 crore ($190 million)

S. No.

Deal acquisition of 2 Boeing 787 aircrafts.

Law Firm Hogan Lovells

Deal Value

44

Royal Bank of Scotland Plc, Singapore Branch extends a foreign currency facility to Axis Bank Limited, Hong Kong Branch

Amarchand Mangaldas

Rs. 308 crore($ 50 million)

Baker & Mckenzie

45

Indiabulls Housing Finance Limited in relation to securitisation of portfolio of priority sector loans

Khaitan & Co

Rs. 290 crore ($47 million)

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