Shardul Amarchand Mangaldas advises NewsCorp in relation to Elara Technologies raising USD 35mn debt from Citibank

August 24, 2018

Shardul Amarchand Mangaldas has advised NewsCorp in relation to Elara Technologies Pte. Ltd. raising USD 35 million debt from Citibank Singapore.

 

NewsCorp (through its subsidiary, NWS Digital Asia Pte. Limited), its Australia-based group firm REA (realestate.com.au Pty Ltd.) as well as Softbank, SAIF Partners and Accel Partners are major shareholders in Elara Technologies.

 

Elara Technologies owns and operates Housing.com, PropTiger.com and Makaan.com through its India based subsidiaries engaged in digital real estate marketing and transactional services. Elara proposes to use the funds to accelerate business growth by investing in technology, product, branding, strengthening of sales team and geographical expansion of the three platforms.

 

The General Corporate Practice of Shardul Amarchand Mangaldas, in its capacity as NewsCorp’s counsels, led the transaction including structuring the transaction and drafting & negotiating the transaction documents with the relevant stakeholders, including Citibank.

 

The transaction team, included Puja Sondhi, Partner; Aayush Kapoor, Partner; Vasundhara Garg, Principal Associate; and Aakanksha Dalal, Associate.

 

Other advisors to the transaction were:

• NewsCorp Singapore counsel: Allen and Gledhill LLP
• Elara counsel: Indus Law
• SoftBank (SIMI) counsel: AZB & Partners

 

The transaction was signed and closed on August 3, 2018.