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Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas Advises Avenue Supermarts Limited (DMart) on its INR 4098 Cr. QIP

Largest ever QIP by an Indian consumer sector company

Feb 20, 2020 16:01 IST 
Mumbai | New Delhi, India

India’s largest law firm Cyril Amarchand Mangaldas (CAM) acted as the Indian legal counsel to Avenue Supermarts Limited (that runs DMart retail network) on its INR 4,098 crore fund raise through Qualified Institutional Placement (QIP). 


The Capital Markets Practice of Cyril Amarchand Mangaldas advised Avenue Supermarts on the QIP. The Transaction Team was led by Yash Ashar, Partner & Head – Capital Markets; and Abhinav Kumar, Partner; with support from Neha Samant, Principal Associate; Tania Chourasia, Associate, Vanya Utkarsh, Associate; and Akanksha Prakash, Trainee - Legal.


As a part of the Transaction, Avenue Supermarts issued 20,000,000 equity shares of face value of INR 10 each at a price of INR 2,049 per equity share, including a premium of INR 2,039 per equity share.


Other parties and advisors involved in the transaction included:

  • Kotak Mahindra Capital Company Limited, Axis Capital Limited, DSP Merrill Lynch Limited, HSBC Securities and Capital Markets (India) Private Limited, IDFC Securities Limited, JM Financial Limited, and J. P. Morgan India Private Limited, who acted as the Book Running Lead Managers to the Issue.

  • IndusLaw acted as the Indian legal counsel to the Book Running Lead Managers.

  • Herbert Smith Freehills LLP acted as the International Legal Counsel to the Book Running Lead Managers.


The date of closing was February 11, 2020.


About Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas takes forward the legacy of the 103-year old erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. The Firm is the largest and leading full-service law firm in India, with over 700 lawyers including 120 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.


The Firm was awarded flagship country award as being the “Most Innovative National Law Firm of the Year – India for 2018” at the IFLR Asia Awards 2018 & coveted “National Law Firm of the Year 2018 for India” at the Chambers Asia-Pacific Awards.

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