Cyril Amarchand Mangaldas advises Aditya Birla Fashion and Retail on Rs 995 crore Rights Issue

Cyril Amarchand Mangaldas acted as the legal counsel to Aditya Birla Fashion and Retail Limited (Aditya Birla Fashion) in relation to it Rs 995 crore fundraising by Aditya Birla Fashion by way of a Rights Issue (the transaction).

Cyril Amarchand Mangaldas acted as the legal counsel to Aditya Birla Fashion and Retail Limited (Aditya Birla Fashion) in relation to it Rs 995 crore fundraising by Aditya Birla Fashion by way of a Rights Issue (the transaction). The Capital Markets and General Corporate practices of Cyril Amarchand Mangaldas advised Aditya Birla Fashion as to Indian law on the transaction.

The transaction team was led by Yash Ashar, Partner; and Abhinav Kumar, Partner; with support from Neha Samant, Principal Associate; Parth Desai, Associate; Surbhi Purohit, Associate; and Vanya Utkarsh, Associate advised on capital markets aspect of the transaction. Nivedita Rao, Partner; with support from Rajalakshmi Natarajan, Senior Associate; and Sheetal S, Associate; advised on certain general corporate matters in relation to the Issue.

As a part of the transaction, Aditya Birla Fashion offered 90,465,693 partly paid-up Equity Shares for cash by way of Rights Issue at a price of Rs 110 per Equity Share, including a premium of Rs 100 per Equity Share, with the schedule of payment being (a) Rs 55 on the application;

(b) Rs 27.5 on the first call in January 2021, and (c) Rs 27.5 on the second call in July 2021) aggregating to a total of up to approximately Rs 995 crore (Issue).

Other parties involved in the transaction include: * ICICI Securities Limited, SBI Capital Markets Limited, Axis Capital Limited, BNP Paribas, and CLSA India Private Limited (Lead Managers to the Issue)

* Khaitan & Co (Legal counsel to the Lead Managers as to Indian law) * Squire Patton Boggs Singapore LLP (Special purpose international legal counsel to the Lead Managers)

* Link Intime India Private Limited (Registrar to the Issue) The Transaction closed on July 28, 2020.

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