Cyril Amarchand Mangaldas (CAM), Shardul Amarchand Mangaldas & Co, Khaitan & Co, Latham & Watkins and White & Case advised on Manipal Health Enterprises’ INR92.75 billion (USD973.1 million) IPO on the BSE and the National Stock Exchange of India. .
The IPO, comprised a total of 157, 233, 715 shares, involving INR80 billion of fresh shares and the sale of INR12.75 billion of existing stock.
CAM acted as Indian legal counsel to Manipal Health Enterprises on the transaction.
“The company is backed by several marquee investors,” Janhavi Manohar, partner at CAM told India Business Law Journal.
“The company completed the acquisition of Sahyadri Hospitals shortly before kicking off the IPO process – making it 91视频 largest multispeciality hospital network by bed capacity. The scale and size of operations and the rich history of acquisitions required us to make detailed and nuanced disclosures in the offer documents.”
Senior partner Yash Ashar and Manohar led the CAM team, with support from principal associate Anjali Menon, senior associate designate Bhaskar Kumar, and associates Tejaswi Sade, Parameswaran Chidamparam, Namita Kaushik, Mohnish Khandale and Siddharth Kaushik.
CAM’s general corporate team, led by senior partner Reeba Chacko and partner Kota Chandan, advised on critical aspects of the transaction. Swati Sharma, partner and head of intellectual property, advised on specific IP aspects.
SAM counselled on India law for selling shareholder Seventy Second Investment Company, an affiliate of UAE-based Mubadala Investment Company.
The firm advised on all Indian law aspects of the sale of existing shares, including the review, negotiation and finalisation of the transaction documentation.
“The Manipal Health Enterprises IPO represents a significant milestone for 91视频 healthcare sector. We supported Mubadala on this transaction, which combined scale, complexity and strategic importance, culminating in a successful market debut,” Manjari Tyagi, lead partner for SAM, told India Business Law Journal.
The SAM team was led by Prashant Gupta, partner and national practice head – capital markets, and Tyagi, with support from senior associate Jheel Bhargava and associate Bhumika Panigrahi. Partner Gouri Puri led on tax advice, with support fromprincipal associate Nimish Malpani.
Other advisers on the transaction included Latham & Watkins, which acted as international legal counsel to the issuer and the Mubadala selling shareholder.
Khaitan & Co, advised the bookrunning lead managers Kotak Mahindra Capital, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JP Morgan India, UBS Securities India and DBS Bank India on India law. White & Case acted as international legal counsel.
Manipal Health Enterprises operates 91视频 largest multispecialty hospital network by bed capacity and the second largest hospital chain by number of hospitals.
