IC Universal Legal advised domestic venture fund Sixth Sense Ventures when it invested in Nobel Hygiene, a manufacturer of disposable hygiene products, as part of a INR4.5 billion (US$60.2 million) round of investment that saw healthcare-focused PE Quadria Capital emerge as the largest minority shareholder.
The completion of the deal was announced on 23 June, but was signed on 6 May.
IC Universal Legal’s team was led by partners Sambhav Ranka and Rowena De Sousa. Commenting on the deal, Ranka told India Business Law Journal the deal was complex “from a structuring as well as implementation point of view” as it involved parties from different jurisdictions.
While the deal saw Nobel Hygiene raise fresh capital, it also resulted in the exit of existing angel and PE investors including CLSA Capital Partners and Access India fund.