Cyril Amarchand Mangaldas advises on GROWW’s acquisition of Indiabulls’ Asset Management Business

Cyril Amarchand Mangaldas advises on GROWW’s acquisition of Indiabulls’ Asset Management Business

Cyril Amarchand Mangaldas (CAM) advised NextBillion Technology Private Limited (GROWW), India’s leading investment platform, on the completion of its acquisition of Indiabulls asset management business.

This was the first of its kind transaction in India to fall within Securities and Exchange Board of India’s (SEBI) new sponsor eligibility criteria for mutual funds.

The CAM team worked with the client on transaction negotiation, execution, post signing, regulatory applications/approvals, and an internal restructuring to carve-out the portfolio management and alternative investment funds business of the Indiabulls Group, resulting in closing of the transaction.

Cyril Amarchand Mangaldas advised GROWW on the transaction led by Anu Tiwari, Partner, Co-Head Fintech, Ketaki Mehta, Partner- GIFT City, with support from Kush Wadehra, Principal Associate; and Shobhit Dave, Associate.

As part of the transaction, GROWW acquired 100% stake in (i) Indiabulls Asset Management Company Limited, and (ii) Indiabulls Trustee Company Limited, the asset management company and trustee company, respectively, of Indiabulls Mutual Fund, from its sponsor, Indiabulls Housing Finance Limited for an aggregate purchase consideration of INR 1.75 billion.

Other Parties and Advisors to the transaction included Price Waterhouse & Co LLP (acted as the tax and financial advisor to the transaction).

Indiabulls was represented by its inhouse team.

The Transaction was signed on 10th May 2021 and closed on 3rd May 2023.

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