Advisor Company CAM offers guidance to Blackstone and Cessna Garden Developers regarding the release of share warrants worth ₹1,400 crores
In a significant move, Blackstone Advisors India Private Limited and Cessna Garden Developers Private Limited have completed a major transaction with Knowledge Realty Trust (the "REIT"), marking a significant step towards consolidating real estate assets, particularly commercial office spaces, across India.
The deal, which was a key element of the REIT's pre-IPO capital raise, involved the issuance of share warrants with an aggregate consideration of approximately ₹1,400 crore. Cyril Amarchand Mangaldas advised the two parties on this issuance, with Reeba Chacko, Senior Partner, and Mohit Gogia, Partner, leading the transaction.
The execution of escrow agreements facilitated the transfer of equity shares issued upon conversion of the Warrant Shares to the REIT. Two share purchase agreements were entered into by Axis Trustee Services Limited and Knowledge Realty Office Management Services Private Limited, acting on behalf of the REIT with the Subscribers. KFin Technologies Limited acted as the escrow agent in the transaction.
The transaction saw existing shareholders of Cessna Garden Developers receive REIT units in exchange for their shareholding in the Company, as the developer has been 100% acquired by the REIT as a special purpose vehicle.
The advisory for the issuance of stock options to Blackstone Advisors India Private Limited and Cessna Garden Developers Private Limited was conducted by AZB & Partners. Emil Joseph, Partner, advised on the general corporate part of the transaction, while Amrita Dubey, Senior Associate, provided support.
On the capital markets front, Pranav Sharma, Partner, and Okram Singha, Partner, advised for Cyril Amarchand Mangaldas, with Yash J. Ashar and Janhavi Manohar, Senior Partners, providing additional support. Subham Jain, SA - Designate, and Adwait Deshmukh, Associate, also offered support from the firm.
Meanwhile, Varsha Nair Principal Associate, Anisha Dash, Senior Associate, Aashna Gupta, Associate, Muskaan Garg, Associate, and Swathi Kathi, Associate, provided support on the transaction from within the firm. Anmol Bhargava, Principal Associate, and Jay Shah, Senior Associate, also offered support on the banking aspects of the transaction.
The share warrants were convertible into equity shares following the exercise of share warrants. The transaction strengthens the financial position of the REIT, positioning it well for future growth and expansion in the Indian real estate market.
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