Cardekho’s D Series funding
Girnar Software, the owners of Cardekho, raised US$70 million in its Series D funding round with Ping An and Sunley as lead investors. Existing investors Sequoia Capital and Hillhouse Capital also participated and Tybourne Capital exited in this round.
Bharucha & Partners (B&P) advised Girnar Software and its promoters. The firm prepared, negotiated and finalised the share subscription agreement, shareholders agreement and the transaction documents. The B&P team included partner Alka Bharucha, managing associate Swathi Girimaji and associate Alamelu Venkatesh.
Cyril Amarchand Mangaldas advised Ping An, Goodwin Procter advised Hillhouse Capital and Tybourne Capital, and Algo Legal advised Sequoia Capital.
Rossari Biotech files for IPO
Specialty chemicals manufacturer Rossari Biotech has filed for an initial public offering of ₹7 billion (US$97 million). Rossari Biotech filed a draft red herring prospectus with the Securities and Exchange Board of India for an offer of equity shares comprising a fresh issue of up to ₹1.5 billion, and an offer for sale of up to 10.5 million equity shares by the promoters of Rossari, namely, Edward Walter Menezes and Sunil Srinivasan Chari.
Shardul Amarchand Mangaldas & Co was the legal counsel to the company. J Sagar Associates (JSA) advised book running lead managers Axis Capital and ICICI Securities. Rossari Biotech is the largest manufacturer of textile specialty chemicals in India.
Wadia Ghandy defends film release
The Karnataka High Court refused to grant a stay on the release of the film Good Newwz as sought in a public interest litigation (PIL) filed by a Mysuru-based philanthropist.
The petitioner sought a halt on the release of the film in theatres across the country in December, on the grounds that it defames IVF (in vitro fertilization) centres. However, the court dismissed the PIL, stating that a film has a short life and would not be taken into account for a couple seeking to use the services of an IVF centre.
The film stars well-known actors Akshay Kumar, Kareena Kapoor Khan and Diljeet Dosanjh. Wadia Ghandy & Co appeared for the film company, Dharma Productions. ANM Global appeared on behalf of film distributors Zee Studios.
Adani acquires Snowman Logistics
Adani Logistics has signed an agreement to acquire a 40.25% stake in Snowman Logistics for ₹2.9 billion (US$41 million) from Gateway Distriparks.
As part of the transaction, Adani Logistics will make a mandatory open offer, as per the Substantial Acquisition of Shares and Takeover Guidelines, 2011, for a maximum 26% of the public shareholding in the company.
Khaitan & Co advised Gateway Distriparks in relation the sale. The firm assisted the client and the target in drafting and negotiating the share purchase agreement, and the ancillary documents required in connection with the transaction, as well as filings with the stock exchanges and the Securities and Exchange Board of India. The Khaitan team included partner Prasenjit Chakravarti, principal associate Nitish Goel and senior associate Sushmita Sarin.
Sequoia invests in Pristyn Care
Health delivery startup Pristyn Care raised US$12 million in a Series B funding from Sequoia Capital, Hummingbird Ventures, Greenoaks Capital and AL Trust, in exchange for preference shares.
Veyrah Law advised Pristyn Care and the firm was represented by partner Ajay Joseph, principal associate Arun Mohanty and associates Priyanka Zaveri and Anshul Pandey. The firm assisted Pristyn Care with structuring, drafting and negotiating the term sheet and the transaction documents and closing.
Algo Legal advised Sequoia Capital and the team included partner Archan Chakraborty, senior associates Ayush Mohan and Radhika Sarkar and associates Rahul Roy and Shruti Mahajan. Belgium-based Cresco Business Law Firm advised Hummingbird Ventures. Pristyn Care was founded in late 2018 and offers patients affordable advanced surgical care through innovative surgical techniques and recovery measures.