DMD Advocates advised National Stock Exchange of India and BSE-listed Escorts when Japanese agriculture and heavy equipment manufacturer Kubota Corporation agreed to increase its shareholding from 9.09% to 53.5% and become a joint promoter.
The deal, valued at INR93.7 billion (USD1.2 billion), was announced on 18 November and is expected to close by 31 March 2022.
DMD Advocates’ team was led by senior partner Rashi Dhir and comprised partner Sumit Sinha, principal associates Saiyam Chaturvedi and Ashima Dewan, and senior associates Divay Rastogi, Tanay Shah and Kishlay Pandey.
While SAM’s executive chairman Shardul Shroff provided strategic input for the deal, the firm’s transaction team was led by partner Rudra Kumar Pandey, who was assisted by partner Amanjot Malhi, principal associate Srinivas Anirudh, senior associates Anshul Asri and Sanyukta Sowani, consultant Jyoti Gautam and associates Sanya Bahl and Akash Deep Singh.
A team of SAM’s lawyers advised on due diligence. It was led by partner Rudra Kumar Pandey, who was assisted by partner Amanjot Malhi and eight other lawyers. They were in turn assisted by partners Mrinal Kumar and Shrutikirti Kumar, senior associate Indira Shankar Reddy, and associate Arnav Sahni on real estate; partner Pooja Ramchandani and associates Suryansh Gupta and Harshita Arora on labour and employment; partner Binsy Susan, principal associate Akshay Sharma and associate Amogh Srivastava on litigation; and partner Nawneet Vibhav on environment; principal associate Apoorva Murali and associates Devika Arora and Neha Khanduri on intellectual property.
The firm also advised on other aspects of the deal. This includes partner Yogesh Chande and principal associate Kanwardeep Kapany on securities law; partners Aparna Mehra and Rohan Arora, associates Kshitij Sharma and Ritesh Puri on competition law; and partner Amit Singhania, senior associates Rahul Yadav and Nimish Malpani on taxation.
Kubota, which is listed on the Tokyo Stock Exchange, said it would increase its shareholding in Escorts by means of subscription to third-party preferential primary share allotment and open-offer bid. The number of shares held by the Nanda family, Escorts’ current promoters, will remain unchanged.
The Japanese company said it was strengthening its partnership with Escorts – established in 2019 – with the aim of addressing market needs in India. Kubota entered the Indian market in 2008.