L&L, JSA lead on PFC acquisition of govt stake in REC for 14,500 crore

State-owned Power Finance Corporation Limited (PFC) has acquired the Centre’s 52.63% paid-up share capital in Rural Electrification Corporation (REC) Limited for Rs 14,500 crore..L&L Partners acted for PFC and the team was led by Partner Damini Bhalla along with Senior Associate Akshay Jain and Associate Arsh Khan..Partner Abdullah Hussain and Managing Associate Rudresh Singh advised on the Competition Law aspects for securing approval of the Competition Commission of India..Partner Karan Mitroo, Managing Associate Purvi Dabbiru and Associates Aditya Gupta, Anuradha Godrey, Ankita Parasar and Navroop Bhatia advised from the banking and finance perspective..J. Sagar Associates (JSA) acted for Government of India and the team was led by Partners Rohitashwa Prasad and Sujoy Bhatia. Associates Anshu Bansal, Namrata Nambiar, Aishwarya Abhijit also worked on the deal..Partners Dina Wadia and Uttara Kolhatkar and Associate Rishab Jain worked on consent solicitation exercise for the US dollar bonds on behalf of REC along with the waiver exercise for the ECB loans..In December 2018, the Cabinet Committee for Economic Affairs (CCEA) approved the sale of central government’s existing 52.63 per cent equity in REC to PFC along with the transfer of management control..PFC – Press Release.Bar & Bench is available on WhatsApp. For real-time updates on stories, Click here to subscribe to our WhatsApp.