April 22, Mumbai: Cyril Amarchand Mangaldas (“CAM”) advised Blazeclan Technologies Private Limited and its founders on the 100% acquisition of Blazeclan by ITC Infotech India Limited.
ITC Infotech India Limited and Blazeclan Technologies Limited and its shareholders concluded share acquisition agreements for the 100% purchase of share capital of Blazeclan. As per regulatory filings, the total consideration for the acquisition by ITC Infotech India Limited is up to INR 485 crores. CAM played crucial role in negotiating the deal on behalf of the shareholders, a task that posed significant challenges.
The General Corporate team of Cyril Amarchand Mangaldas advised on the transaction. The transaction team was led by Anand Jayachandran, Partner; and Suvojit Halder, Partner; with support from Siddarth Chokkalingam, Senior Associate; and Mahek Khandelwal, Associate.
Sindhushri Badarinath, Partner; with support from Digvijay Singh, Associate; advised on issues pertaining to treatment of employee stock options in the transaction.
Other advisors to the transaction included Khetal Advisors, who acted as investment bankers for Blazeclan and its founders; Aeka, who acted as tax advisors for Blazeclan and its founders; Dentons, who acted as employment counsels to the founders on certain Singapore employment law matters.
The transaction was signed on 18th April 2024.
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