Cyril Amarchand Mangaldas advises in relation to divestment of stake by International Paper Investments in Andhra Paper
Jul 14, 2020
Mumbai (Maharashtra)/New Delhi [India] July 14 (ANI/NewsVoir): 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) SARL (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 Rs 10 each of the Andhra Paper (Equity Shares) for an aggregate amount of Rs 134.36 crores. 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 prices.
Post the sale which took place on June 24, 2020 and June 25, 2020, the shareholding of the Seller has reduced to 2.8 per cent 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 (Broker's international counsel)
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