Cyril Amarchand Mangaldas Advises Placement Agents In Sale Of Equity Share Of Indus Towers For INR 153 Billion

Cyril Amarchand Mangaldas advised the Placement Agents, namely, BofA Securities India Limited, Morgan Stanley India Company Private Limited, BNP Paribas Securities India Private Limited and Jefferies India Private Limited ) in respect to the sale of 484.68 million equity shares of face value of INR 10 each (“Equity Shares”) of Indus Towers Limited (“Indus Towers”), by the Sellers (as set out hereinafter), representing approximately 17.98% of the total issued and paid-up Equity Share capital of Indus Towers, by way of sale on the screen-based trading of National Stock Exchange of India Limited (“NSE”) (the “Sale”) for an aggregate consideration of INR 153 billion (approx.).

The Sellers, which are also the promoters of Indus Towers, include Euro Pacific Securities Ltd, CCII (Mauritius), Inc., Asian Telecommunication Investments (Mauritius) Limited, Trans Crystal Ltd, Mobilvest, Prime Metals Ltd, Vodafone Telecommunications (India) Limited and Al-Amin Investments Limited.

This secondary trade was one of the largest secondary trades in the history of the Indian capital markets. The transaction involved coordination among multiple sellers and brokers, requiring several rounds of discussion to finalize the documentation. CAM played crucial role in ensuring exclusion of competitors and sanctioned parties from the trade, demonstrating their expertise in navigating complex legal and regulatory requirements.

The Capital Markets team of Cyril Amarchand Mangaldas advised on the matter. The transaction was led by Abhinav Kumar, Partner & Regional Head Markets Practice (Western Region); Gokul Rajan, Partner & Regional Head Markets Practice (Northern Region); with support from Jhalak Shah, Senior Associate.

The transaction was signed on 18th June 2024 and closing was done on 20th June 2024.