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Public Mergers & Acquisitions

The Practice

Mergers and Acquisitions involving public listed companies are highly complex transactions which are intricately regulated and time sensitive in nature. They demand meticulous advance planning and careful navigation through the deal process. All of this necessitates a specialised practice offering by the Firm.  

 

Khaitan & Co’s Public M&A practice is all-encompassing one-stop shop from transaction advisory, execution of trades, tax advisory to regulatory interface.  Our team routinely advises on new capital raise (preferential allotment, rights issues, QIPs and the like), securities acquisitions (including by way of block deals, bulk trades, on-market purchases and off-market deals), take-private transactions, carve-out transactions, co-operative or hostile takeovers, buybacks, court approved mergers, amalgamations, demergers and restructuring, leveraged buy-outs and management buy-outs.

The Execution

Our clients include strategic and financial investors, large and mid-cap listed companies, promoter groups, merchant banks and investment banks. We also continually represent domestic and international clients, including Indian conglomerates, multinational corporations and international private equity funds, across sectors.

The Khaitan Advantage

We have a highly specialised team that focusses on Public M&A transactions. We have experience and expertise in dealing with all aspects of a Public M&A transaction, including navigating through complex public market laws. Several of our partners have been part of committees set up by the Securities and Exchange Board of India and various stock exchanges, and therefore, enjoy deep understanding of the regulatory framework.

“This is a firm that can be counted on for all matters from the start of the deal till its completion. The firm has an excellent team of lawyers who think outside the box.”

IFLR 1000, 2019

Key Contacts

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Key Deals

IHH Healthcare Berhad

Acquisition of stake in Fortis Healthcare Limited and Fortis Malar Hospitals Limited.

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Zydus Wellness Limited and Cadila Healthcare Limited

Advised clients in relation to proposed acquisition of 100% stake in Heinz India Private Limited (which operates portfolio of the following brands – ‘Complan’, ‘Nycil’, ‘Glucon-D’ and ‘Sampriti’ ghee) by way of purchase of shares from Heinz Italia S.p.A, for a consideration of INR 4,595 crores (USD 629.7 million). 

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Essel Propack Limited

Advised the promoter of Essel Propack Limited, i.e., Ashok Goel Trust and its affiliates in relation to sale of its controlling stake (up to 51% stake) in Essel Propack Limited to Blackstone, through a competitive bid process for a total consideration varying between INR 2,157 crore (~USD 310 million) and INR 3,211 crores (~USD 462 million), based on the open offer subscription. 

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Reliance Industries Limited

Strategic investment & change of control in Den Networks and Hathway Cable.

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Torrent Pharmaceuticals Limited

Acquisition of the domestic formulations business of Unichem Laboratories Ltd through a business transfer agreement for USD 556 million approximately. 

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IIFL Holdings Limited

Advised in relation to the proposed group restructuring through Composite Scheme of Arrangement. The Scheme inter alia provides for the segregation and the subsequent listing of the securities, wealth and the loans and mortgage business of the IIFL Group. 

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KPIT Technologies Limited, KPIT Engineering Limited And Birlasoft (India) Limited

Advised on the composite scheme of arrangement in relation to the proposed merger of Birlasoft (India) Limited with KPIT Technologies Limited and as part of the same scheme, demerger of engineering business of KPIT Technologies Limited into KPIT Engineering Limited.

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Reliance Jio Infocomm Limited

Acquisition of the telecommunication assets from Reliance Communications Limited (and its subsidiaries, Reliance Infratel Limited and Reliance Telecom Limited).

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Vedanta Limited

Advised on bid to acquire Electrosteel Limited under the Insolvency and Bankruptcy Code, 2016 (IBC)  and was successfully approved by the National Company Law Tribunal. 

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