Cyril Amarchand Mangaldas advised Coromandel on a stake in Baobab Mining in Africa
Cyril Amarchand Mangaldas advised Coromandel on a stake in Baobab Mining in Africa The deal is expected to close in the second quarter of the Financial Year 2022 Indian law firm Cyril Amarchand Mangaldas has advised Parry Chemicals Limited, a wholly-owned subsidiary of Coromandel International Limited on its acquisition of a 45 percent equity stake of Baobab Mining and...
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Cyril Amarchand Mangaldas advised Coromandel on a stake in Baobab Mining in Africa
The deal is expected to close in the second quarter of the Financial Year 2022
Indian law firm Cyril Amarchand Mangaldas has advised Parry Chemicals Limited, a wholly-owned subsidiary of Coromandel International Limited on its acquisition of a 45 percent equity stake of Baobab Mining and Chemicals Corporation from Baobab Fertilizer Africa, an existing shareholder of BMCC, for consideration of Rs.225 crores.
The Government of Senegal, Africa will also hold a 10 percent equity stake in BMCC. Parry Chemicals' acquisition is subject to the completion of the agreed conditions, including receipt of approval from the Senegal government.
As a part of the transaction, Parry Chemicals has entered into a share sale agreement with BFA; and a shareholder's agreement with BMCC, BFA, and the other shareholders of BMCC.
Meanwhile, Parry Chemicals has agreed to extend a shareholder loan to BMCC for capital projects and expansion.
The General Corporate (M&A) Practice of Cyril Amarchand Mangaldas advised Parry Chemicals on the transaction. The team was led by Gautam Gandotra (Partner); with support from Arnav Shah (Principal Associate); and Anushka Sharma (Associate).
Others advising on the transaction included international law firms Stanhope Capital LLP (financial advisors to BFA & BMCC); and, Popular Legal (BFA & BMCC); and Indian law firm B S R & Co LLP (tax and regulatory advisors).
