Shardul Amarchand Mangaldas & Co (SAM & Co) advised Mindspace Business Parks REIT and The Blackstone Group L.P in the initial offer of 163,636,200 units of Mindspace REIT. The deal is valued at USD 601.36 million (approx.). The date of closing was 4 August 2020.
This is the second IPO by a REIT in India and the largest global REIT IPO completed this year, despite unique challenges due to lockdown since March, 2020, where the intermediaries and the Issuer officials worked from home. The Offer was oversubscribed ~13 times despite volatile market conditions, with strong investor participation.
SAM & Co. acted as the Indian Legal Counsel to Mindspace REIT, the Manager, the Sponsors and the KRC Selling Unitholders. Various teams involved were : Capital Markets team led by Nikhil Naredi, Partner; Mathew Thomas, Principal Associate; Aditi Verma, Associate; Aditya Iyer, Associate; Oindree Bandyopadhyay, Associate; Unnati Kotadia, Associate; Devesh Khara, Senior Associate and Sowmya Padmanabhan, Associate; General Corporate and Funds team led by Jay Gandhi, Partner, Abhishek Parekh, Principal Associate; Vinit Patwari, Senior Associate and Akshath Vidyanath, Associate; Banking and Finance led by Shilpa Mankar Ahluwalia, Partner; Akshita Agrawal, Senior Associate and Himanshu Malhotra, Associate; Competition team was led by Gauri Chhabra, Partner; Kajori De, Associate; Sagarika Parab, Associate and Saumya Raizada, Associate.
SAM & Co. also acted as the Indian Legal Counsel to Blackstone Selling Unitholders. Various teams involved were : Capital Markets team led by Monal Mukherjee, Partner; Mubashshir Sarshar, Senior Associate; Harsh Loonker, Associate and Sumedha Mazumdar, Associate; General Corporate team for Blackstone led by Mithun V. Thanks, Partner; Anjali Menon, Principal Associate; Gaurav Dugar, Senior Associate; Sangeetha Ganesh, Associate and Tanya Singh, Associate.
Other Advisors in the Mindspace transaction were : Khaitan & Co. advised as the Indian Legal Counsel to the Book Running Lead Managers; Sidley Austin LLP advised as the International Legal Counsel to the Book Running Lead Managers; Simpson Thacher & Barlett LLP (STB) and Kirkland & Ellis LLP (K&E) advised International Legal Counsel to Blackstone Selling Unitholders.
The capital markets team at Shardul Amarchand Mangaldas & Co over the past two months also acted for the Issuer in initial public offer by Rossari Biotech Limited, rights issue by PVR Limited, qualified institutional placement by Axis Bank Limited and for the lead managers in qualified institutional placement by PI Industries Limited and block trade by Bandhan Bank.