AZB conclude ILFS-Maytas documentation and Reliance stake sale

AZB & Partners, the counsels in charge of the Maytas transaction for Infrastructure Leasing and Financial Services Ltd (IL&FS), have concluded preparing the required documentation, finalizing the deal. Earlier this month, the Company Law Board allowed IL&FS, one of the stake holders in Maytas Infrastructure, to be the new promoter of the Hyderabad-based company..AZB also advised on the Reliance stake sale, with Shuva Mandal of AZB & Partners advising CitiGroup and DSP Merrill Lynch, who are the Placing Agents in the sale of around 1.5 crore (15 Million) shares forming almost 1% of Reliance Industries Limited, which were held by the Petroleum Trust..AZB concludes documentation for IL&FS’ promotion of Maytas.AZB & Partners, the counsels in charge of the Maytas transaction for Infrastructure Leasing and Financial Services Ltd (IL&FS), have concluded preparing the documentation, finalizing the deal. The Ramalinga Raju-promoted Maytas ran into serious trouble after the the Satyam scam broke earlier this year, and also when discrepancies were noted in the company’s books..Earlier this month, the Company Law Board allowed IL&FS, one of the stake holders in Maytas Infrastructure, to be the new promoter of the Hyderabad-based company..IL&FS will increase its holding in Maytas to 37.1 percent from 14.5 percent by invoking a 22.6 percent stake pledged with it by the firm’s promoters. IL & FS will inject Rs. 55 crore ($ 11.46 million) into Maytas within three months of the CLB order. IL&FS will make an open offer an additional percent stake in Maytas. The AZB team that advised IL&FS was led by Partner Essaji Vahanavati [pictured]..AZB advises Citi and DSP Merrill on Reliance stake sale.Shuva Mandal from AZB’s Mumbai office advised Placing Agents CitiGroup and DSP Merrill Lynch, in the sale of around 1.5 crore (15 Million) shares forming almost 1 percent of Reliance Industries Limited, which were held by the Petroleum Trust. The Petroleum Trust, a part of the Mukesh Ambani-controlled promoter group, has a stake of about 6.6 percent in RIL. The stake sale will raise about Rs. 3,188 crores ($ 664 Million) for RIL..This is the largest secondary sale of shares since the DLF stake sale in May this year where the promoters of the realty firm sold 9.9 percent to raise Rs 3,860 crore ($ 803 Million). Reliance, however, has timed its offering better, with the markets seeing a distinct upswing since May, leading Reliance stock to rise a whopping 33 per cent.