Cyril Amarchand Mangaldas (CAM) acted as legal counsel to Tube Investments of India Limited (Tube Investment), a Murugappa Group entity, in relation to a proposed investment of INR 350 crore in Tube Investment by SBI Mutual Funds and Azim Premji Trusts. SBI Mutual Fund (through its two schemes, SBI Focused Equity Fund and SBI Magnum Midcap Fund) has agreed to invest INR 150 crore in Tube Investments. Azim Premji Trust has agreed to invest INR 200 in Tube Investments.
The General Corporate team of Cyril Amarchand Mangaldas advised Tube Investments in both the transactions. The Team was led by L. Viswanathan, Partner; and Gautam Gandotra, Partner; with support from Arnav Shah, Principal Associate; and Ananya Pandit, Associate.
The allotment to SBI Mutual Fund and Azim Premji Trust is proposed to happen under Regulation 164 of the SEBI (Issue of Capital and Disclosures Requirements) Regulations, 2018 (“SEBI ICDR Regulations”).
The Transactions were signed on November 26, 2020, and are expected to close within two months, post receiving the requisite regulatory and statutory approvals.