Cyril Amarchand Mangaldas (CAM) acted as legal counsel to Tube Investments of India Limited (Tube Investment), a Murugappa Group entity, in relation to a proposed investment of INR 350 crore in Tube Investment by SBI Mutual Funds and Azim Premji Trusts. SBI Mutual Fund (through its two schemes, SBI Focused Equity Fund and SBI Magnum Midcap Fund) has agreed to invest INR 150 crore in Tube Investments. Azim Premji Trust has agreed to invest INR 200 in Tube Investments.
The General Corporate team of Cyril Amarchand Mangaldas advised Tube Investments in both the transactions. The Team was led by L. Viswanathan, Partner; and Gautam Gandotra, Partner; with support from Arnav Shah, Principal Associate; and Ananya Pandit, Associate.
The allotment to SBI Mutual Fund and Azim Premji Trust is proposed to happen under Regulation 164 of the SEBI (Issue of Capital and Disclosures Requirements) Regulations, 2018 (“SEBI ICDR Regulations“).
The Transactions were signed on November 26, 2020, and are expected to close within two months, post receiving the requisite regulatory and statutory approvals.
About Cyril Amarchand Mangaldas
India’s Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015 and takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has over 750 lawyers, including 137 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, startups and governmental and regulatory bodies.
The Firm received “Law Firm of the Year” award at the Asian Legal Business (ALB) India Law Awards 2020 and “Law Firm of the Year, India” at the Asialaw Regional Awards 2020. The firm was also named as the “Most Innovative National Law Firm of the Year – India for 2020” at the IFLR Asia Awards and voted as the “Employer of Choice for 2020” from India, by the Asian Legal Business.