Gunjan Shah
Gunjan Shah is an Equity Partner and is a long standing member of the Management Board of the Firm.
Gunjan Shah holds a Bachelor’s degree in law from the National Law School of India University, Bangalore and a B.C.L from University of Oxford, United Kingdom. She is a well-known and prominent practitioner in mergers and acquisition, private equity, debt and equity restructuring and Indian securities law.
In 2019, FT Innovative Lawyers 2019, Asia Pacific Awards, awarded her transaction, AION and JSW’s acquisition of Monnet Ispat & Energy Limited, for innovation and legal expertise. Gunjan has been recognised as Best in Private Equity at Euromoney Legal Media Group Asia Women in Business Law Awards 2020.
She has been recognised by Asia One among 50 most influential Indians under 50 – 2016-2017 and in March 2015, she was acknowledged in the list of India’s Hottest Young Executives in 2015, Business Today’s ninth listing of the best and the brightest corporate performers under 40. She has also been recognised as one of India’s top 40 business leaders under the age of 40 by the Economic Times – Spencer Stuart Survey, 2014. According to Chambers & Partners 2021 “Gunjan is considered a thorough, deal-oriented and senior lawyer with a notable market presence.”
Gunjan regularly represents several global and domestic private equity funds and corporates in large complicated first-of-a-kind and innovative transactions.
She has been featured in IBLJ’s A-List of India’s Top 100 Lawyers, 2022. She has also been recognised as a Thought Leader & Global Leader for M&A by Who’s Who Legal, 2022, and also been recognised as a ‘Lawyer of the Year’ for Corporate & M&A at the Legal Era Awards, 2023. She was awarded ‘Star Woman Lawyer of the Year’ at the Legal Era Women in Law Excellence Awards 2022. She has been recognised as a ‘Distinguished Practitioner’ for Corporate and M&A by Asialaw Profiles, 2021-2023. She was also featured as a ‘Highly Regarded Individual’ for M&A by IFLR1000, 2018-2022.
Select Experience Statement
Mergers & Acquisitions / Private Equity
- Representing Culver Max Entertainment Private Limited and Bangla Entertainment Private Limited (entities belonging to the Sony group), on the ongoing amalgamation of ZEE Entertainment Enterprises Limited and Bangla Entertainment Private Limited with and into Culver Max Entertainment Private Limited (earlier known as Sony Pictures Networks India Private Limited).
- Represented Videocon d2h in the merger of Videocon d2h with Dish TV Limited resulting in the world’s largest pay TV.
- Advised JSW Steel Limited on the merger of JSW Ispat Special Products Limited and Creixent Special Steels Limited with JSW Steel Limited.
- Represented JSW Steel Limited in the strategic investment by JFE Corporation.
- Represented Showa Aluminum Can Corporation, a portfolio company owned by funds managed by Apollo Global Management, Inc., in acquisition of 100% shareholding in M.A. Extrusion India Private Limited (the Indian subsidiary of Mitsubishi Aluminium Co. Ltd.).
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- Represented Jindal Stainless Limited in its group restructuring and asset monetisation plan which involved demerger and slump sales of certain undertakings of Jindal Stainless Limited to Jindal Stainless (Hisar) Limited, Jindal United Steel Limited and Jindal Coke Limited, and resulting listing of the equity shares of Jindal Stainless (Hisar) Limited on the Indian stock exchanges. The transaction also involved equity infusions in certain transferee companies and execution of certain service agreements between Jindal Stainless Limited and the transferee companies.
- Represented Vardhman Textiles Limited in relation to the sale of 40% of its equity shareholding in Vardhman Yarns and Threads Limited to its U.S. based joint venture partner American & Efird Global, LLC.
- Advised Amphenol Corporation on acquisition of 100% of Exa Thermometrics India Private Limited.
- Represented Bhushan Energy Limited in relation to its hostile bid for the acquisition of substantial shares of Orissa Sponge Iron & Steel Limited.
- Represented Aircel Limited in the sale of its passive infrastructure business (comprising 17,500 towers across India) to a wholly owned subsidiary of GTL Infrastructure Limited.
- Represented Avantha Group in the sale of its future shareholding in Crompton Greaves Consumer Products Limited (to be created as a result of a demerger process) to Advent and Temasek.
- Represented Unitech Limited in relation to an equity investment by Lehman Brothers Real Estate Fund in their slum development project in Mumbai.
- Represented Colfax Corporation in relation to its open offer to public shareholders of ESAB India Limited.
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Private Equity
- Represented AION and JSW group in the acquisition of Monnet Ispat & Energy Limited pursuant a National Company Law Tribunal approved insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. (The transaction won the firm an award on Innovation in Legal Expertise in the FT Innovative Lawyers 2019, Asia Pacific Awards).
- Represented AHVF II Holdings Singapore II Pte. Ltd., a group company of Apollo Global Management, Inc., in its investment in in Hero Fincorp Limited.
- Represented Aragen Life (formerly known as GVK Bio), the promoters of Aragen Life and ChrysCapital, in the sale of certain shares of Aragen Life to Goldman Sacs.
- Represented AION in the acquisition of InterGlobe Technologies Private Limited, the global travel business process management arm of the InterGlobe Group.
- Represented AION and IGT Group on sale of IGT Solutions Private Limited to Dunlipharder B.V. (an entity forming part of Barings PE Asia).
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- Represented Bain Capital Credit on the set up of a digital infrastructure platform by Bain Capital Credit, Ivanhoé Cambridge and Macrotech Developers Limited (Lodha group).
- Represented Bain Capital Credit in its investment in promoter entities belonging to the Lodha group by way of subscription to unlisted and secured non-convertible debentures.
- Represented AION Investments Singapore Private Limited and Apollo Asia Private Credit Master Fund Pte. Limited in connection with its investment in listed principal protected market linked debentures issued by Avantha Holdings Limited, an investment holding company with investments in Crompton Greaves Limited.
- Represented Apollo Global Management in connection with its investment in GDRs issued by Dish TV, a major direct to home operator.
- Advised Apollo Global Management in connection with its acquisition of Verizon Media.
- Represented Apollo Global Management in relation to its investment in Welspun Corp Limited and Welspun Maxsteel Limited.
- Represented ChrysCapital in relation to its investments in AU Financiers (India) Limited, Eris Lifesciences Private Limited, GeBBS Healthcare Solutions Private Limited, Dream 11, KPIT Cummins Infosystems Limited and Mankind Pharma Limited.
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Finance
- Acted for the domestic lenders (34 in number) of JSL Limited (formerly Jindal Stainless Limited) in the corporate debt restructuring JSL Limited under the CDR mechanism of the Reserve Bank of India.
- Represented and advised Standard Chartered Bank in relation to a term loan facility for subsidiaries of JSW Steel Limited, guaranteed by JSW Steel Limited.
- Represented Barclays Bank PLC in a syndicated financing transaction with JSL Limited (formerly Jindal Stainless Limited) and subsequent restructurings of the ECB facilities.
- Represented Suncity Projects Private Limited, a real estate company in India in a structured finance / pre-IPO private placement transaction with Deutsche Bank.
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- Represented Dragados Servicios Portuarios Y Logisticos L in a project finance transaction for their joint venture with Gammon India Limited in relation to their participation in the development, construction, operation and management of an offshore container terminal in the Port of Mumbai.
- Represented Jubilant Pharma in relation to its high yield bond issuances in 2016 and 2019.
- Represented Jubilant Group in relation to a loan by International Finance Corporation to Jubilant Pharma Limited (a wholly owned subsidiary of Jubilant Life Sciences Limited).
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Capital Markets
- Advised and represented Unitech Limited in its qualified institutional placement with the joint global co-ordinators and joint bookrunners being IDFC-SSKI Limited, UBS Securities India Private Limited, Morgan Stanley India Company Private Limited and Credit Suisse Securities (India) Private Limited.
- Advised and represented Unitech Limited in its issue of qualified institutional placement with the joint global co-ordinators and joint bookrunners being IDFC-SSKI Limited, UBS Securities India Private Limited and Morgan Stanley India Company Private Limited.
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- Acted as the Indian legal counsel in several Reg S and Rule 144A offerings of FCCBs and GDRs by Jubilant Organosys Limited, JSL Limited, Ballarpur Industries Ltd. and Gitanjali Gems Limited.
- Advised and represented the bondholders in relation to restructuring of foreign currency convertible bonds issued by Subex Limited and GTL Infrastructure Limited, pursuant to a cashless exchange offer.
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A detailed experience statement can be shared on a confidential basis.
Professional Memberships
- Delhi Bar Association
Education
- B.A. LL.B, (Hons), National Law School of India University, Bangalore (1993-98)
- B.C.L, University of Oxford (2000-2001)
