CAM in Avenue Supermarts’ QIP

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Cyril Amarchand Mangaldas (CAM) acted as Indian legal counsel to supermarket chain owner and operator Avenue Supermarts on its ₹40.9 billion (US$567 million) fundraise through a qualified institutional placement (QIP).

The QIP was the largest by an Indian consumer retail company to date. A part of the transaction entailed Avenue Supermarts issuing 20 million equity shares of face value of ₹10 each at a price of ₹2,049 per equity share, including a premium of ₹2,039 per equity share. The issue opened on 5 February 2020 and closed on 10 February 2020.

The transaction team at CAM was led by partner and head of capital markets Yash Ashar, and included partner Abhinav Kumar and principal associate Neha Samant.

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