Shardul Amarchand Mangaldas advises Goldman Sachs and Good Host Spaces Private Limited in acquisition of 25.01% stake by Housing Development Finance Corporation Limited

August 27, 2018

Shardul Amarchand Mangaldas advises Goldman Sachs & Co LLC (”Goldman”) and student housing venture Good Host Spaces Private Limited (“Investee Company”) in relation to acquisition of 25.01% share capital by Housing Development Finance Corporation Limited (“Purchaser”) in the Investee Company (“Transaction”). In September 2017, Goldman had acquired 75% of the equity shares of the Investee Company (which was then 100% owned by the Seller) through a combination of primary and secondary transactions (“First Acquisition”). The core transaction team had also advised Goldman on the First Acquisition.

As a part of the transaction, the team at Shardul Amarchand Mangaldas assisted Goldman and the Investee Company in relation to the Transaction on:

• The shareholders agreement, termination agreement for the existing shareholders agreement and other ancillary documents; and
• The share purchase agreement from the Investee Company’s perspective

The transaction team was led by Mr. Mithun V. Thanks, Partner, Mr. Anuj Bhasme, Partner and included Ms. Anjali Menon, Principal Associate, Mr. Gaurav Dugar, Senior Associate, and Mr. Nishant Sharma, Senior Associate. Ms. Ashoo Gupta, Partner and Mr. Daryush Marfatia, Principal Associate, had advised on the real estate aspects for the First Acquisition.

Other advisors to the transaction were:

• Tatva legal (led by Manav Nagaraj, Managing Partner and Bhargava KS, Partner) – legal advisors to the Seller; and
• Argus Partners (led by Krishnava Dutt, Managing Partner and Adity Chaudhury, Partner) – legal advisors to the Purchaser

The total deal value is Rs 69,50,00,000 for the HDFC- MIS Transaction (and does not include the First Acquisition). The transaction was signed on August 21, 2018.