Dua Associates advised Canara Bank when it recently sold a 13.45% shareholding in Can Fin Homes, its listed housing finance associate company, to Caladium Investment, an affiliate of GIC, Singapore’s sovereign wealth fund, for ₹7.5 billion (US$ 113.5 million) as part of its efforts to the monetize its non-core assets. Shardul Amarchand Mangaldas advised Caladium Investment.
The Dua team comprised Bengaluru-based partner Srinivas BR, who led on the transaction, Karan Ajitsaria, who advised on the Foreign Exchange Management Act aspects, Kunal Mehra who advised on competition law matters, and associates Charumathi M, Sharan Balasubramaniyam and Maitreyi Kannur.
Srinivas BR told India Business Law Journal that the sale was an off-market transaction, which is unusual for shares of listed companies: “Since this transaction was one of such kind, it gave rise to various situational challenges which are peculiar to transactions of this nature.”
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