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Cyril Amarchand Mangaldas Advises Swan on its Acquisition of Simplex Infrastructures Limited

New Delhi: Cyril Amarchand Mangaldas advised Swan Constructions Private Limited (Swan) on its acquisition of Simplex Infrastructures Limited. Swan has agreed to acquire controlling stake in Simplex Infrastructures Limited (Simplex) though a preferential allotment of equity shares and warrants under Regulation 164A of SEBI (ICDR) Regulations, 2018 (“ICDR Regulations“).

The acquisition of Simplex by Swan is primarily subject to:

(i) The resolution plan being agreed by the lenders of Simplex under RBI’s directions for resolution of stressed assets;

(ii) Approval of Competition Commission of India; and

(iii) Approval of majority of minority shareholders of Simplex.

The General Corporate, Financing and Competition Law Practice of Cyril Amarchand Mangaldas advised on the deal. The overall Transaction team was led by L.Viswanathan, Partner; and the corporate aspects of the transaction were led by Gautam Gandotra, Partner; with support from Arnav Shah, Principal Associate, and Anushka Sharma, Associate. The financing aspects of the transaction were led by Amey Pathak, Partner with support from Varun Singh, Principal Associate.

The competition aspects of the transaction were led by Avaantika Kakkar, Partner; Vijay Chauhan, Partner; with support from Dhruv Rajain, Principal Associate, Mishail Khan, Associate; and Shivani Sathe, Associate. The due diligence team was led by Amey Pathak, Partner; with support from Varun Singh, Principal Associate, Arnav Shah, Principal Associate, Abhishek Khatri, Senior Associate; and Anushka Sharma, Associate.

Other Parties and Advisors to the transaction included Khaitan & Co. (Acted as Indian legal counsel to Lenders & committee of creditors).

As a part of the Transaction, the total deal value is approx. INR 8664 crores. The debt proposed to be settled is approx. INR 8242 crores and total subscription amount is approx. INR 422 crores.

The Transaction was signed on 12th April, 2022; and closure is expected in next 4 to 5 months.

About Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas (CAM) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm’s generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With over 850 lawyers and 150 Partners, the Firm is the largest full-service law firm in India with offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.

Recently, the Firm received “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. In 2021, Firm received “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards.