Shardul Amarchand Mangaldas & Co. (SAM & Co.) advised Warburg Pincus (client) on all aspects of the acquisition including the structuring, due diligence and documentation.
The size of the Warburg leg of the transaction is INR 1800 Crores. The size of the Goldman leg of the transaction is INR 900 crores.
The SAM & Co. team was led by Managing Partner, Mr. Akshay Chudasama. The key partners were Ms. Ashoo Gupta, and Mr. Mithun V. Thanks. The supporting team included Ms. Samidha Tyagi, Principal Associate-Designate, Mr. Daryush Marfatia, Principal Associate-Designate, Ms. Neety Thakkar, Senior Associate-Designate, Mr. Nishant Sharma and Ms. Shimoni Sheth, Associates.
The transaction involved two distinct legs:
a) The acquisition by Warbug Pincus through its affiliate, of a strategic stake in PRL Developers Private Limited, a leading real estate developer with key projects (both residential and mixed use) in Mumbai and the suburban region. PRL Developers Private Limited is a member of the Ajay Piramal Group of Companies.
The Warburg leg of the transaction closed in the first week of August, 2015.
b) The strategic stake acquisition in PRL Developers Private Limited by Goldman Sachs, through its affiliates.
The Goldman leg of the transaction is expected to close by the end of August, 2015.
Innovative Features of the deal:
The Warburg Pincus leg of the transaction is the second largest PE investment in the Indian real estate sector.
KPMG were the financial and tax advisors to the client.
PRL Developers Private Limited and Piramal Realty Private Limited, both members of the Ajay Piramal Group of Companies, were represented by CAM led by a team of partners, Ravikumar and Vandana Sekhri.
Goldman Sachs was represented by Nishith Desai and Associates, with a team led by partner Vaibhav Parikh along with Ruchir Sinha.