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Prestige Estates Projects Limited sells its stake in 8 retail mall assets to Blackstone sponsored Nexus Select Trust

JSA advised Bengaluru based real estate developer Prestige Estates Projects Limited in the sale of its minority stake in 8 retail mall assets to Blackstone sponsored Nexus Select Trust, India’s first retail focused real estate investment trust.

Definitive documents were executed in November 2022 between Prestige and Nexus Select Trust and pursuant to completion of the IPO, Prestige holds 4.34% of the units of Nexus Select Trust.

The Nexus Select Trust portfolio has 17 shopping malls, spanning 9.8 million sq. ft., across 14 cities, making it the largest shopping mall platform in the country.

JSA had also advised Prestige in the sale of a majority stake in the aforesaid retail mall assets to Blackstone as part of the $1.5 billion Prestige-Blackstone portfolio sale transaction in 2021 and 2022.

Our transaction team comprised Joint Managing Partner – Vivek K Chandy, Partner – K Z Kuriyan and Ajay G Prasad, Principal Associate – Aditi Aggarwal, and Senior Associate – Aishwarya B Shankar.

Tags Construction and Engineering, IPO, JSA, Leading Law Firm, Leading Lawyers, Merger and Acquisition, Stake sale

Lok Capital makes a partial exit from Veritas Finance Pvt. Ltd

JSA advised Lok Capital on its partial exit from Veritas Finance Pvt. Ltd

Lok Capital, one of the early investors in Veritas Finance Pvt. Ltd, sold part of its stake to Multiples Private Equity Fund III and Avendus Future Leaders Fund II. Veritas is a non-banking finance company catering to the underserved MSME financing market in semi-urban and rural geographies.

Veritas also raised primary investment in this investment round.

Deal Value: USD 145 million

Our transaction team comprised lead partner – Siddharth Mody and partner – Rahul Deodhar.

Tags Exits, Investment, JSA, Leading Law Firm, Leading Lawyers, Msme, Private Equity Fund

JSA advised on ₹ 7,500 million Qualified Institutions Placement of Aether Industries Limited

JSA advised Aether Industries Limited (“Aether“) concerning its qualified institutions placement (“QIP“). It had filed a placement document on June 22, 2023, for the issue of 80,12,820 equity shares to qualified institutional buyers approximately aggregating to ₹ 7,500.00 million. As per reports, the QIP of Aether was oversubscribed ~2.25x.

The Book Running Lead Managers to this QIP were HDFC Bank Limited and SBI Capital Markets Limited.

JSA had also advised Aether for their initial public offering of equity shares in May 2022.

Aether is one of the fastest-growing specialty chemical companies in India, growing at a CAGR of nearly 43.11% between Fiscal 2018 and Fiscal 2023. (Source: Frost & Sullivan Report) It has three business models: (i) large-scale manufacturing of its own intermediates and specialty chemicals; (ii) contract research and manufacturing services (“CRAMS”) and (iii) contract/exclusive manufacturing. Aether Industries Limited is amongst the few Indian specialty chemical companies to have successfully launched these three separate business models, large-scale manufacturing, contract research/ exclusive manufacturing, and CRAMS, in just 5 years into commercial manufacturing. (Source: Frost & Sullivan Report)

With this QIP, JSA has successfully advised:

a) in the two largest QIPs by a speciality chemicals manufacturer in the last 36 months (Aarti Industries Limited for ₹12,000.00 million & Aether);

b) in two QIPs in June 2023 (Bank of Maharashtra for ₹10,000.00 million & Aether); and

c) in the second largest equity fund raise by a specialty chemicals manufacturer in the last 36 months.

Deal Value: INR 7,500 Million

Our Transaction Team Comprised Lead Partner – Arka Mookerjee, Partner – Siddhartha Desai, Principal Associate – Krupa Brahmbhatt, Associate – Varshini Puni, and Associate – Govind Roy.