L&L Partners Deal Closures

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Deal Reports

Deal 1 – HPCL on its acquisition of the entire shareholding of BBlunt The Firm recently advised HPCL on its acquisition of the entire shareholding of BBlunt and its subsidiary (BBlunt Spratt from their erstwhile shareholders including its majority shareholder, Godrej Consumer Products Limited (GCPL). The overall value of the transaction is approximately INR 134 crores. The transaction team was led by Partner – Nitin Gera and was ably supported by Senior Associate – Shruti Barua, Associate- Kartik Chatrath and Associate- Ayush Singh. The due diligence team comprised of Partner – Nitin Gera, Partner – Subhash Bhutoria, Managing Associate – Vipin Sharma, Senior Associate – Shruti Barua, Associate – Purvi Khanna, Associate – Srijita Jha, Associate – Trushita Mehra and Associate – Ayush Singh.

Media Coverage:

The deal has been widely reported. Some links are provided below:
https://economictimes.indiatimes.com/tech/startups/dye-another-day-mamaearth-buys-bblunts-products-and-salon-business-from-godrej/articleshow/89569802.cms https://www.linkedin.com/posts/varunalagh84_its-a-memorable-valentine-day-where-we-start-activity-6899017556410146816-Ukky
https://www.freepressjournal.in/business/honasa-consumer-acquires-bblunt-to-enter-into-hair-colour-styling-category
https://timesofindia.indiatimes.com/honasa-consumer-acquires-bblunt-in-rs-138-cr-deal-enters-into-hair-color-hairstyling-segment/articleshow/89574721.cms https://www.businesstoday.in/business/story/mamaerth-parent-company-acquires-bblunt-hair-products-salon-biz-from-godrej-322587-2022-02-14 https://www.financialexpress.com/brandwagon/honasa-consumer-acquires-bblunt-to-enter-into-hair-color-hairstyling-segment/2434014/
http://bwdisrupt.businessworld.in/article/Exclusive-Honasa-Consumer-Acquires-BBlunt/14-02-2022-420503

Deal 2 – Investment in SRTM by Oagri Farm Private Limited The Firm’s corporate structuring team has acted for Shree Ravi Trading & Manufacturing Private Limited and its promoters, in relation to strategic investment in SRTM by Oagri Farm Private Limited. Oagri is promoted by OFB Tech Private Limited which operates a tech-enabled platform that facilitates raw material procurement and credit for SMEs. OFB is backed by various investors including Tiger Global, SoftBank, Norwest, Matrix Partners etc. The team comprised of Partner, Harish Kumar and Managing Associate, Itee Singhal.

Deal 3 – Series A Round of Redkenko Health Tech Private Limited The Firm recently advised SCI Venture Investments VII (Sequoia), lead investor, on its participation in Series A Round of Redkenko Health Tech Private Limited. Redkenko has raised USD 12 million as a part of its Series A round which also saw participation from Beenext, Accelerator VC, 9Unicorns, and Waveform Ventures. The transaction team was led by Partner, Nitin Gera, ably supported by Associates,Sameer Deval and Ayush Singh. The due diligence team comprised of Partner, Nitin Gera along with Managing Associate, Vipin Sharma and Associate, Purvi Khanna

Media Coverage
https://economictimes.indiatimes.com/tech/funding/kenko-health-raises-12-million-led-by-sequoia-capital-india/articleshow/89575621.cms
https://www.business-standard.com/article/companies/kenko-health-raises-12-mn-in-series-a-funding-led-by-sequoia-capital-122021500085_1.html https://insurtechnews.com/aggregator/sequoia-capital-backs-healthfocused-insurtech-startup-kenko-health
https://www.vccircle.com/sequoia-capital-backs-health-focused-insurtech-startup-kenko-health
https://www.cnbctv18.com/startup/kenko-health-bags-12-million-funding-led-by-sequoia-capital-12499312.htm

Deal 4 – HSBC Securities (USA) Inc. and Roth Capital Partners LLC
The Firm’s capital markets team advised HSBC Securities (USA) Inc. and Roth Capital Partners LLC (“Deal Managers”) in connection with the offer of up to an aggregate of 15,828,917 new equity shares at par value US$ 0.000625 per equity share on a rights basis by Azure Power Global Limited. The deal was one of the marquee international offerings in the renewable power space recently which was concluded within stringent timelines. The transaction team was led by Partner, Geeta Dhania; Partner Designate, Prashaant Vikram Rajput with due assistance by Partners’, Pallavi Bedi and Neha Sinha. Partner, Kunal Mehra advised on the competition law issues. The Partners were supported by their respective team members including, Ashita Bali (Senior Associate), Preeti Uikey (Associate), Anshul Semwal (Associate), Saher Fatima (Associate), Kopal Aggarwal (Associate) and Radhika Malpani (Associate) and Danish Khan (Managing Associate).

Media Coverage:

https://mercomindia.com/daily-news-wrap-up-azure-power-rights-offering/
https://www.prnewswire.com/news-releases/azure-powers-rights-issue-closes-for-subscription-301466766.html
https://renewablesnow.com/news/azure-power-targets-usd-250m-in-proceeds-from-rights-offering-767269/

Deal 5 – VLCC Healthcare Ltd. before the NCLT The Firm’s Dispute Resolution Team has successfully obtained a favorable decision for its Client VLCC Healthcare Ltd. before the NCLT, where the permission to initiate Insolvency of VLCC was rejected by the Tribunal. The timing of the decision could not be better for the Client given that the Client is in the process of launching their IPO. The Team was led by Partner, Shiv Sapra, ably assisted by Senior Associate, Ruchika Darira. Media Coverage: https://economictimes.indiatimes.com/markets/ipos/fpos/vlcc-gets-sebis-clearance-to-launch-ipo-may-launch-public-issue-in-dec/articleshow/87932864.cms)

Deal 6 – Refinancing existing term loans The Firm recently acted for and advised Tata Cleantech Capital Limited, Tata Capital Financial Services Limited, NIIF Infrastructure Finance Limited and India Infradebt Limitedin connection with the financial assistance aggregating up to INR 1570,00,00,000/- Crores to Alfanar Energy Private Limited, a subsidiary of Alfanar Company (based in Kingdom of Saudi Arabia) and Alfanar Power Limited (based in England), for refinancing existing term loans availed from its existing lenders and financing the additional project cost in relation to operations and maintenance of a 301.40 MW operational wind power plant in Bhuj district in the state of Gujarat, India along with the associated transmission and substation infrastructure. The transaction team consisted of Partner, Karan Mitroo, and Associates, Samarth Sharma and Aditya Bhayal.

Deal 7 – Virescent Renewable Energy Trust – INVIT The Firm’s Banking and Finance team recently advised Virescent Renewable Energy Trust (the “InvIT”) in the private placement of up to 6,500 secured, rated, listed, redeemable, non-convertible debt securities aggregating up to Rs. 650,00,00,000 (Rupees six hundred and fifty crores) in 2 series (the “Issue”). The transaction team was led by Partner Karan Mitroo, with assistance from Partner Purvi Dabbiru and Associate Pragya Verma.

Media Coverage:

https://economictimes.indiatimes.com/markets/bonds/virescent-renewable-energy-trust-raises-rs-650-cr-via-bonds/articleshow/89398813.cms
https://mercomindia.com/virescents-invit-6-5-billion-domestic-bond
https://www.livemint.com/companies/news/virescent-renewable-energy-trust-raises-rs-650-crore-via-bond-issue-11644214808825.html
https://m.timesofindia.com/virescent-renewable-energy-trust-raises-rs-650-cr-via-bonds/amp_articleshow/89397278.cms

Deal 8 – Scaler Academy, Series B financing The Firm recently represented and advised InterviewBit Technologies (“Scaler Academy”), an edtech start-up that offers courses to working professionals in India and abroad to upgrade their skills, in raising $55 million in its Series B financing round. The transaction team was led by Partner, Nishant Singh, assisted by Senior Associate, Saksham Madan; Associate, Manushi Shah, Charith Reddy, and Shivangi Kumari.

Media Coverage: https://economictimes.indiatimes.com/tech/funding/edtech-startup-scaler-academy-bags-55-million-in-funding-led-by-lightrock-india/articleshow/89262516.cms https://www.business-standard.com/article/companies/tech-upskilling-start-up-scaler-completes-55-million-funding-122020100098_1.html https://yourstory.com/2022/02/edtech-skilling-startup-funding-scaler-55million-lightrock-india-tiger-global/amp https://techcrunch.com/2022/01/31/scaler-upskilling-working-professionals-funding/

Deal 9 – Renalyx Health Systems Private Limited The Firm’s corporate team recently acted for Renalyx Health Systems Private Limited on its recent fund raise from Canara Bank Venture Development Trust – a SEBI registered Category II AIF. The Company is engaged in the business of providing end to end renal care solution comprising of disease screening, disease management and haemodialysis treatment.
The transaction team comprised of Partner, Vasudev Dibbur and Associate, Meghana Konda (Associate).

Media Coverage:
https://www.vccircle.com/canbank-vc-fund-backs-healthcare-firm-renalyx-floated-by-former-forus-health-co-founder

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