Mandala Capital was recently assisted by Luthra & Luthra Law Offices, in receiving go-ahead from the Competition Commission of India (CCI) for its investment in Jain Irrigation Systems Limited (JISL) and Jain Farm Fresh Foods Limited (JFFF).Both the investment (JISL and JFFF) is valued at INR 289.80 crores and INR 402.20 crores respectively. This deal will aid Mandala Rose and Mandala...
Mandala Capital was recently assisted by Luthra & Luthra Law Offices, in receiving go-ahead from the Competition Commission of India (CCI) for its investment in Jain Irrigation Systems Limited (JISL) and Jain Farm Fresh Foods Limited (JFFF).
Both the investment (JISL and JFFF) is valued at INR 289.80 crores and INR 402.20 crores respectively. This deal will aid Mandala Rose and Mandala PrimRose Co-Investment Ltd. of the Mandala Capital group (SPVs of Mandala Capital) to take over upto 7.55% in JISL and upto 17.35% in JFFF, stated by the regulator.
Initially, JFFF will raise INR 402.20 crores INR from Mandala by issuing preferential equity shares and compulsorily convertible debentures (CCDs). Subsequently, JISL will raise INR 289.80 crores by making preferential issue of CCDs with 5 per cent annual coupon to Mandala.
Upon conversion of CCDs in five years, Mandala’s shareholding is expected to raise upto 17.13% stake in JFFF, as per its performance.
CCDs will be converted into ordinary equity shares of JISL within 18 months from the date of allotment of share at Rs 80 per piece or at such higher price as determined in accordance with the applicable SEBI norms.
Acted as the legal advisors to Mandala Capital, G.R. Bhatia and Abdullah Hussain (Partners), Kanika Chaudhary Nayar (Managing Associate), Tripti Malhotra and Arjun Nihal Singh (Associates) headed the competition law team of the firm.