AZB & Partners has advised Advent International’s entity Indriya on its INR 2750 crore proposed investment in Aditya Birla Housing Finance. Cyril Amarchand Mangaldas has guided Aditya Birla Capital and its wholly owned subsidiary Aditya Birla Housing Finance on this transaction.
The transaction values Aditya Birla Housing Finance at INR 19,250 crore, on a post money basis. Upon completion of the transaction, Aditya Birla Capital will hold about 85.7 percent and Advent will hold about 14.3 percent stake in Aditya Birla Housing Finance.
The proposed transaction represents one of the largest primary fund raises by an unlisted housing finance company in India. Aditya Birla Housing Finance is one of the fastest growing housing finance companies in India and is among the top 3 players in terms of incremental loan book growth.
AZB’s deal team on this transaction was led by senior partner Vaidhyanadhan Iyer, partner Devika Nayak, senior associate Sana Nagar, associates Janhavi Rajkumar and Tamanna with support from Associates Gaurav Jayakumar and Shivangi Bhardwaj.
They were supported on the diligence by partners Shivanand Nayak, Nishanth Ravindran, Mrinal Shankar, senior associates Riddhi Tulshian and Dharma Tej Koneru and associates Prapti Parwani, Avani Laad, Shefali Deshmukh, Devavrat Nimbalkar, Shloka Jain, Khushi Jain and Kinjal Parikh and articled clerk Palomi Visaria.
The competition law aspects were handled by partner Kirthi Srinivas, associates Shivangi Pradhan, Ashna Mahajan and Arth Doshi.
CAM’s transaction team included partners Anchal Dhir and Shubham Rastogi with assistance from senior associates Varun Kannan and Aman Deep Borthakur and associates Devanshi Soni, and Judy Gantzer, they advised on key considerations for structuring and finalising binding documentation.
Partner Shubham Rastogi with assistance from senior associate Aman Deep Borthakur and associates Judy Gantzer, Divyam Garg, Pratham Shah, Neelanshi Gupta, and Geetika Kaura undertook vendor due diligence of the Company.
Partner Jian Johnson with assistance from senior associate Shobhit Dave and associates Yusuf Kathawala, Eesha Tirodkar, Kruttika Lokesh, Naomi Manoj assisted with the regulatory aspects of the vendor due diligence.
Partner Anna Thomas with assistance from senior associate Kunal Sharma and associates Mehul Mayank, Tara Thakur assisted with the employment law related aspects of the vendor due diligence.
Partner and co-head digital TMT Arun Prabhu with assistance from principal associates Arpita Sengupta, and Apoorva Sundar and associates Rushil Mehta, Shikhar Sharma assisted with the IT/ IP related aspects of the vendor due diligence.
Partner and head competition Avaantika Kakkar with assistance from associates Mohini Parghi and Arundhati Rajput is advising on competition law aspects.
