Khaitan & Co advised Jupiter International Ltd (“Jupiter”) and its promoters in relation to a second investment of approximately INR 500 Crores in Jupiter led by ValueQuest SCALE Fund (“ValueQuest”) and certain other investors (collectively, “Investors”), for a minority stake. This is in furtherance to an initial investment of INR 300 Crores in Jupiter last year by ValueQuest.
The Firm was involved in the following:
Khaitan & Co advised Kandhari Global Beverages Pvt Ltd on the acquisition of Wave Beverages Pvt Ltd for a deal value of approx. INR 1,000 crores. Wave Beverages is the licensed bottler of Coca-Cola for certain territories in Punjab and Haryana.
The Firm role included assisting Kandhari Global Beverages Pvt Ltd on the structuring of the acquisition from regulatory and tax perspective, conducting legal due diligence on Wave Beverages Pvt Ltd, assisting with the drafting and negotiation of the transaction documents and the closing of the transaction.
Khaitan & Co advised the Wilmar Group on its proposed acquisition of up to 20% stake in AWL Agri Business, held by Adani Group for approximately INR 71 billion.
Khaitan & Co Advised Multiples Private Equity Fund in relation to acquisition of control and stake of ~32% in VIP Industries Ltd ("Target Company") for an aggregate consideration of c. INR 1763 crores by Multiples Consortium. The Acquirer would be acquiring shares and control of the Target Company through (a) secondary acquisitions; (b) shareholder's arrangement; and (c) mandatory tender offer.
Khaitan & Co advised Sovos Compliance Ltd on acquisition of IRIS Business Services Limited’s GST Application Service Provider business through a carve-out of the business into IRIS Logix Solutions Pvt Ltd (a subsidiary of IRIS Business Services Ltd) and the subsequent acquisition of IRIS Logix Solutions Pvt Ltd. Deal closing is subject to fulfilment of Closing conditions.
The Firm advised Sovos Compliance Limited on the due diligence, structure of the transaction, drafting, negotiating, and finalisation of transaction documents, and assistance with closing.
Khaitan & Co advised Somic Ishikawa Inc. in finalising agreement for acquisition of balance stake from existing joint venture partner, ZF India Pvt Ltd, making Somic ZF Components Pvt Ltd a wholly owned subsidiary of the Somic group.
The Firm acted as legal counsel to Somic Ishikawa Inc. on all legal aspects of the transaction, including: (i) negotiating, drafting, and reviewing transaction documents; (ii) conducting limited legal due diligence on Somic ZF Components Private Limited; and (iii) assisting with the execution of transaction documents.
Khaitan & Co advised Salesforce Ventures on the reverse flip of fintech unicorn Razorpay, shifting its parent company's domicile from the US to India. The deal was the first to make use of India’s fast-track cross-border merger regime to complete a reverse flip.
The Firm provided advice to Salesforce Ventures in relation to (a) preservation and replication of its rights as they existed in Razorpay US pursuant to the reverse flip; and (b) tax implications on Salesforce Ventures in relation to the reverse flip.
Khaitan & Co advised Concept Hospitality Private Limited (CHPL) on the signing of definitive documents with a group company of Marriott International, Inc. (Marriott), to enter into a strategic partnership with Marriott, whereby CHPL’s flagship brand of hotels – The Fern, The Fern Residency and The Fern Habitat – will be affiliated with Marriott’s newly launched regional collection brand – ‘Series by Marriott™’. Marriott has also agreed to make a small equity investment in CHPL.
Khaitan & Co advised Triton Fund II (Triton) with respect to its minority investment in Gyankaar Technologies Pvt Ltd (Company), in its Series A5 funding round.
PagarBook, an application operated by the Company, is a leading provider of HRMS solutions for SMBs, facilitating efficient management of staff attendance, salary processing, making payments and undertaking labour law compliances.
Khaitan & Co acted as legal counsel for Kaya Limited on the preferential issue of equity shares equivalent to a 13.76% stake in Kaya Limited to Axana Estates LLP, by way of preferential allotment for an aggregate amount of INR 750 million.
