Amarchand AZB and Clasis advise on IFC-Proparco-Mount Kellett investment in Educomp Solutions

Education services provider Educomp Solutions has raised around $155 million (Rs. 856 crore) through a mix of debt and equity from World Bank arm IFC, French development finance entity Proparco, Mount Kellett and promoters..Amarchand Mangaldas advised IFC and Proparco. Amarchand team was led by Partners Ravindra Bandhakavi and Shilpa Mankar Ahluwalia along with Principal Associate Pooja Mahajan, Senior Associate Nidhi Seth and Associates Parnika Malhotra and Shubhangi Garg..AZB & Partners advised Mount Kellett with a team led by Partner Shuva Mandal along with Senior Associate Nilanjana Singh..Clasis Law advised Educomp Solutions and the promoters with a team led by Partner Vineet Aneja along with Senior Associate Mohit Sharma..The financing includes IFC, Proparco and Mount Kellett subscribing to equity shares of Educomp for $50 million; IFC subscribing to Foreign Currency Convertible Bonds (FCCBs) convertible into equity shares of Educomp for $10 million; and IFC and Proparco together extending a syndicated loan facility to Educomp for $70 million..The balance $25 million was contributed by its promoters with $15 million as equity and the rest as warrants at a price of Rs 193.74 per share..ET reports, the fund will be used to redeem FCCBs and the balance will be deployed to meet the company’s capital expenditure and strengthen its balance sheet.