S&R Associates represented NSE and BSE-listed IRB Infrastructure Developers in its INR53.47 billion (USD713.5 million) preferential equity issue on a private placement basis to Cintra INR Investments for a 24.9% stake, and Bricklayers Investment for a 16.9% stake.
Touchstone Partners advised Cintra INR Investments – a subsidiary of Cintra Global, which in turn is a subsidiary of global infrastructure company Ferrovial – and Bricklayers Investment, which is a subsidiary of Singapore’s sovereign wealth fund, GIC.
Trilegal represented Bricklayers Investment at the Competition Commission of India, which gave its approval for the stake sale to the Singaporean company on 21 December 2021.
The deal, which is the largest equity fundraising by an Indian highway infrastructure developer, was announced on 26 October 2021, and closed on 29 December 2021.
S&R Associates’ team was led by partners Sandip Bhagat, Rajat Sethi and Sudip Mahapatra, and included associates Prateek Sharma, Pratichi Mishra, Sarangan Rajeshkumar, Deep Shah and Durga Prasad Mohapatra. Partner Simran Dhir and associates Akshat Kulshrestha and Samali Verma advised on competition law.
Touchstone Partners’ team was led by partner Ruchir Sinha and senior associate Shreyas Bhushan, and included associates Prashant Khurana, Heena Ladji, Arushi Gupta, Divyan Auti, Raina Mitra and Shivam Yadav. The firm’s senior adviser, Vinod Dhall, partner Gaurav Desai and senior associate Shruti Bhat advised Cintra on antitrust matters.
Trilegal’s team was led by partner Nisha Kaur Uberoi and included partners Mathew George and Sarthak Pande, senior associate Shambhvi Sinha and associates Akrathi Shetty, Ishan Arora, Aditi Khemani, Sruti Sivasubramanian and Rishi Kauntia.
Announcing the deal, IRB Infrastructure Developers said it would “help achieve the twin objectives of deleveraging and access to growth capital”.