IndusLaw, Cyril Amarchand Mangaldas and Ramanathan & Vahanvati Law Firm assisted on the USD78 million divestment of a controlling stake in Conagra Brands’ Indian subsidiary Agro Tech Foods Limited (ATFL).
Funds managed by Samara Capital and Convergent Finance will purchase ATFL for a 51.8% stake, which will trigger a mandatory open offer for up to an additional 26% of the outstanding shares in accordance with applicable regulations. The transaction is expected to be completed by the end of 2024 after the completion of customary regulatory approvals.
Partners Ravi Kumar, Faraz Khan, Minhaz Lokhandwala and Amrit Mehta led the IndusLaw team acting for Samara Capital. Along with several associates, they handled various aspects of the transaction, including assistance from the real estate, competition, and corporate secretarial due diligence teams.
IndusLaw ensured compliance with relevant legal regulations and requirements, including matters involving the Securities and Exchange Board of India takeover code.
Cyril Amarchand Mangaldas and Bank of America advised Conagra, while Ramanathan & Vahanvati Law Firm represented Convergent Finance.
ATFL, which is listed on the BSE and the NSE, is based in Mumbai, and is known for iconic brands such as Act II popcorn and Sundrop edible oils. ATFL will continue to license the ACT II brand from Conagra for use in India.
