Axis Asset Management Company Limited | Investment in MTAR Technology Limited

The details of the deal are as follows:

Announcement Date: 16-Feb-2021 

Completion Date: 16-Feb-2021 

Name of Client: Axis Asset Management Company Limited 

Issuer Details: MTAR Technology Limited | India  

MTAR Technology Limited is a leading national player in the precision engineering industry engaged in the manufacture of mission-critical precision components with close tolerances (5-10 microns) and in critical assemblies to serve projects of high national importance through precision machining assembly testing quality control and specialized fabrication competencies which have been indigenously developed and manufactured. 

Subscriber Details: Axis Asset Management Company Limited on behalf of its schemes namely- Axis Small Cap Fund, Axis Regular Saver Fund and Axis Children's Gift Fund | India  

Deal Description: Khaitan and Co advised Axis Mutual Fund in relation to subscription of equity shares of MTAR Technology Limited through its schemes, namely Axis Small Cap Fund, Axis Regular Saver Fund and Axis Children’s Gift Fund. MTAR Technology Limited raised a funding round of approx. INR 100 crores from SBI MF and Axis MF. 

Total Consideration: INR 100 crores 

Team Members: Vineet Shingal (Partner), Tanushree Bhuwalka (Principal Associate), Soumil Garg (Senior Associate), Simran Chandok (Associate) 

Role of Firm Khaitan and Co advised Axis Mutual Fund on drafting and negotiation of the transaction documents and other closing related matters. 

Other legal advisors if any with names of Lead Lawyers: Ketaki Mehta and team, Desai & Diwanji 

Unique Feature of Transaction: The deal is a pre-IPO deal and had to be signed and closed in very strict timelines. The team worked around the clock to meet the expectation of the client and closed the deal within 3 days (deal origination to execution/closing). 

Innovative Feature of the transaction: The deal is a pre-IPO deal and will give an opportunity to Axis Mutual Fund to list its shares post the listing is completed on the relevant stock exchange. Axis will be able to obtain an exit post the statutory lock-in expires.