Shardul Amarchand Mangaldas advises Blackstone Group L.P in acquiring 50% share capital of Indiabulls Properties Private Limited, Indiabulls Real Estate Company Private Limited, Yashita Buildcon and Ashkit Properties Limited

September 27, 2019

Shardul Amarchand Mangaldas & Co (SAM & Co) has advised Blackstone Group L.P in acquiring 50% share capital of: (a) Indiabulls Properties Private Limited, (b) Indiabulls Real Estate Company Private Limited, (c) Yashita Buildcon Limited, and (d) Ashkit Properties Limited (collectively, the Portfolio Companies) from Indiabulls Real Estate Limited. The Target Companies own and manage marquee projects, such as Indiabulls Finance Centre, One Indiabulls Centre, and Indiabulls Tech Park.

 

SAM & Co acted as legal counsel to Blackstone Group Inc. and were involved in transaction strategy, structuring the transaction; conducting legal due diligence on the Portfolio Companies; and drafting and negotiating the transaction documents.

 

The transaction team from SAM & Co included Mr. Anuj Bhasme, Partner; Ms. Neety Thakkar, Principal Associate; Mr. Gaurav Dugar, Senior Associate; Ms. Nishtha Soonee, Senior Associate; Mr. Nishant Sharma, Senior Associate; Mr. Avichal Mathur, Senior Associate; Mr. Neekesh Shetty, Senior Associate; Mr. Nirav Punjani, Associate; Ms. Sangeetha Ganesh, Associate; Ms. Rutvi Shrimankar, Associate and Ms. Apeksha Narula, Associate.

 

Mr. Akshay Chudasama, Managing Partner – Mumbai Region, provided key strategic inputs and guidance. Ms. Ashoo Gupta, Partner; Ms. Mansi Samdani, Associate; Ms. Aanchal Jogani, Associate and Mr. Shourya Dasgupta, Associate advised on real estate. Ms. Gauri Chabbra, Partner and Ms. Kajori De, Associate advised on competition law. Ms. Veena Sivaramakrishnan, Partner and Mr. Utkarsh Bandhu, Principal Associate advised on Banking and Finance law.

 

Other parties that were involved in the transaction were Simpson Thacher & Bartlett that acted as international legal counsel to Blackstone, Kirkland & Ellis conducted the FCPA due diligence, Ernst and Young conducted the financial due diligence and the indirect tax due diligence. Bobby Parikh Associates advised on structure related aspects and conducted the direct tax diligence.

 

J. Sagar Associates acted as legal counsel to IBREL, represented by Lalit Kumar, Partner and Amandeep Singh Virk, Associate.

 

The deal value is INR 2717,00,00,000. The date of signing and closing was September 25, 2019.