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Cyril Amarchand Mangaldas Advised Aptus Value Housing on its IPO

Cyril Amarchand Mangaldas advised Aptus Value Housing Finance India Limited (Aptus) and the individual promoter selling shareholder in relation to the Initial Public Offering (IPO) of INR 2780 crore offer comprising of issue of fresh equity aggregating to INR 500 crore and Offer For Sale (OFS) aggregating to INR 2280 crores. The IPO was the second largest IPO ever by a housing finance company in India.

The Capital Markets team of Cyril Amarchand Mangaldas advised on the IPO. The deal Team was led by Reuben Chacko, Partner; with support from Rohit Tiwari, Principal Associate; Akshay Singh Ralhi, Senior Associate – Designate; Shrikrishna Upadhyaya, Associate; and Pragya Gupta, Associate.

As a part of the IPO, Aptus raised INR 2,780.052 crores through and IPO of 78,755,000 equity shares of face value of INR 2 each, for cash at a price of INR 353 per Equity Share (including a share premium of INR 351 per Equity Share). It comprised of a fresh issue of 14,164,305 equity shares aggregating to INR 500 crore, and an OFS of 64,590,695 equity shares aggregating to INR 2,280.52 crores together by one of the individual promoters, namely, Mrs. Padma Anandan; certain WestBridge Capital funds; and certain other investors and individual selling shareholders, including Granite Hill and Madison India.

Other parties involved in the Transaction included:

ICICI Securities Limited (Acted as Book Running Lead Manager (BRLM) to the Issue)

Citigroup Global Markets India Private Limited (Acted as BRLM to the Issue)

Edelweiss Financial Services Limited (Acted as BRLM to the Issue)

Kotak Mahindra Capital Company (Acted as BRLM to the Issue)

The Transaction was signed on February 12, 2021 and was closed on August 24, 2021.

About Cyril Amarchand Mangaldas

India’s Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015 and takes forward the values going back 104 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has 750 lawyers, including over 130 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.

The firm was recently named in ’25 Most Innovative Companies of the Year’ by CII. Also, received “Law Firm of the Year” award at the Asian Legal Business (ALB) India Law Awards 2020 and “Law Firm of the Year, India” at the Asialaw Regional Awards 2020. The firm was recognised as the “Most Innovative National Law Firm of the Year – India for 2020” at the IFLR Asia Awards and voted as the “Employer of Choice for 2020” from India, by the Asian Legal Business.

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