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Cyril Amarchand Mangaldas Advises in Relation to Divestment of Stake by International Paper Investments in Andhra Paper

Cyril Amarchand Mangaldas advised in relation to the offer for sale of equity shares of Andhra Paper Limited (Andhra Paper) through stock exchange mechanism by International Paper Investments (Luxembourg) S.A.R.L (Seller), one of the promoters of the Andhra Paper. Cyril Amarchand Mangaldas acted as the legal counsel to DSP Merrill Lynch Limited, the Broker to the sale, in the transaction.

The Capital Markets team of Cyril Amarchand Mangaldas advised on the transaction. The transaction team was led by Yash Ashar, Partner & Head - Capital Markets; Abhinav Kumar, Partner; and Anuj Pethia, Partner; with support from Parth Desai, Associate; Surbhi Purohit, Associate.

As a part of the transaction, the Seller sold 68,41,004 equity shares of the face value of INR 10 each of the Andhra Paper (Equity Shares) for an aggregate amount of INR 134.36 crore. The sale took place on the separate trading window of Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited, on a price priority basis at multiple clearing price.

Post the sale which took place on June 24, 2020 and June 25, 2020, the shareholding of the Seller has reduced to 2.8% of the total issued and paid-up equity share capital of the Andhra Paper. Pursuant to the transaction, Andhra Paper has met the minimum public shareholding requirements of the Company in terms of Securities Contract (Regulation) Rules and SEBI Listing Regulations.

Other Parties and Advisors to the Transaction included:

  • DSP Merrill Lynch (Broker to the Sale)

  • Veritas Legal (Seller's counsel as to Indian law)

  • Loyens & Loeff (Seller's counsel as to Luxembourg law)

  • Sidely Austin LLP (Brokers international counsel)

About Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. Tracing its professional lineage to 1917, the Firm of Cyril Amarchand Mangaldas is now the largest full-service law firm in India, with over 750 lawyers including over 130 partners, and offices in India's key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.

The firm, Cyril Amarchand Mangaldas, was recently awarded with "India - Firm of the Year" at the Asialaw Regional Awards 2019 and "India Deal Firm of the Year" at the In-House Community Counsels of the Year Awards 2019. The firm was also named as the "Most Innovative National Law Firm of the Year - India for 2018" at the IFLR Asia Awards, having also been successful in winning the prestigious & coveted "National Law Firm of the Year, 2018 for India" at the Chambers Asia-Pacific Awards. The firm was also voted as the "Employer of Choice for 2018" from India, by the Asian Legal Business, now 4 years in a row, building upon the several awards that the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. had won in the past.

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