Cyril Amarchand Mangaldas (CAM) advised Ascent Investment Holdings Pte. Ltd. (“Ascent”) in respect to the sale of 500,000 equity shares of the face value of Rs. 10 each (“Equity Shares”) of Amber Enterprises India Limited (“Amber Enterprises”), representing approximately 1.48% of the total issued and paid-up Equity Share capital of Amber Enterprises, by way of sale on the screen-based trading of National Stock Exchange of India Limited (“NSE”) for an aggregate consideration of Rs. 200 crores (approx.) (the “Sale”). Jefferies India Private Limited acted as broker for the Sale.
CAM played a crucial role as legal counsel in this transaction, providing expert guidance on SEBI’s insider trading regulation and takeover norms and representation that can be given by the client with respect to the underlying company in the block trade agreement. Ascent has undertaken multiple share sale of its holding in Amber Enterprises in the past.
The Capital Markets team of Cyril Amarchand Mangaldas advised on the matter. The transaction was led by Abhinav Kumar, Partner & Regional Head Markets Practice (Western Region); with support from Jhalak Shah, Senior Associate.
The transaction was signed on 18th June, 2024 and closing was done on 20th June, 2024.
