Cyril Amarchand Mangaldas has advised Blackstone Advisors India Private Limited and Cessna Garden Developers Private Limited on the issuance of share warrants to multiple subscribers through two share warrant subscription agreements, for an aggregate consideration of ~₹1,400 crore on a private placement basis.
The share warrants were converted into equity shares following the exercise of share warrants on occurrence of specific identified event.
The CAM transaction was led by Reeba Chacko, Senior Partner; Mohit Gogia, Partner, with support from Varsha Nair Principal Associate; Anisha Dash, Senior Associate; Aashna Gupta, Associate; Muskaan Garg, Associate; Swathi Kathi, Associate.
Pranav Sharma, Partner; and Okram Singha, Partner; with support from Anmol Bhargava, Principal Associate; and Jay Shah, Senior Associate; advised on banking aspects of the transaction.
Emil Joseph, Partner; with support from Amrita Dubey, Senior Associate; advised on general corporate part of the transaction.
Yash J. Ashar, Senior Partner; and Janhavi Manohar, Partner; with support from Subham Jain, SA – Designate; and Adwait Deshmukh, Associate; advised on capital markets part of the transaction.
Cessna Garden Developers owns certain real estate assets and has been 100% acquired by Knowledge Realty Trust (the "REIT") as a special purpose vehicle, with existing shareholders including the Subscribers, receiving REIT units in exchange for their shareholding in the Company.
To implement this transaction, CAM also advised Blackstone and the Company in relation to two share purchase agreements entered into by the Axis Trustee Services Limited and Knowledge Realty Office Management Services Private Limited, acting on behalf of the REIT with the Subscribers. Escrow agreements were also executed with the Subscribers to facilitate the transfer of equity shares issued upon conversion of the Warrant Shares to the REIT, wherein KFin Technologies Limited acted as the escrow agent.
The investment was a key element of the REIT’s pre-IPO capital raise aimed at consolidating real estate assets (commercial office spaces) across India and strengthening its financial position.
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