Shardul Amarchand Mangaldas advises Kora Management LP in an investment in the Edelweiss Group

August 17, 2019

Shardul Amarchand Mangaldas & Co (SAM & Co) has advised Kora Management LP (“Kora”), a fund based out of USA in an investment of up to USD 125 million in the Edelweiss Group. As part of the first phase, Kora will infuse up to $75 million through a combination of an investment in compulsorily convertible preference shares and equity shares of Edelweiss Securities Limited (“ESL”). The balance $50 million will be invested in the Edelweiss Group subsequently.

The Private Equity and M&A practice group at SAM & Co acted as legal counsel to Kora and were involved in all aspects related to the investment in the Edelweiss Group. It included carrying out a due diligence on the Indian entities forming part of the Edelweiss Global Investment Advisory Business (“EGIA Subsidiaries”), structuring the transaction, drafting, negotiating and finalising all the Definitive Documents including the Term Sheet, Share Subscription Agreement and Shareholders Agreement.

The transaction team that worked on the deal from SAM & Co included Jay Gandhi, Partner; Abhishek Parekh, Principal Associate; Unnati Divecha, Senior Associate; Natalee Nanda, Associate and Namrata Mehta, Associate.

Other parties that were involved in the transaction were Lowenstein Sandler LLP that represented Kora Management LP along with SAM & Co. Ashurst LLP (UK), Virtus Law LLP (Singapore), Madun Gujadhur Chambers (Mauritius) and Lowenstein Sandler LLP (USA) assisted Kora in the due diligence of the offshore EGIA Subsidiaries.

Edelweiss Financial Services Limited and ESL (“Edelweiss Group”) were represented by Trilegal. Deloitte acted as the financial advisor to the transaction.

The value of the deal was USD 125 million and the date of signing was August 14, 2019.