Cyril Amarchand Mangaldas (“CAM”) advised Niva Bupa Health Insurance Company Limited (the “Company”) and Bupa Singapore Holdings Pte. Ltd and Fettle Tone LLP (the “Selling Shareholders”) as their legal counsel as to Indian law on the initial public offering of 297,297,296 equity shares of face value INR 10 each (“Equity Share”) of the Company aggregating to INR 22,000.00 million (the “Offer”) comprising of a fresh issue of 108,108,108 equity shares of face value INR 10 aggregating to INR 8,000.00 million by the Company (“Fresh Issue”) and an offer for sale of 189,189,188 equity shares of face value INR 10 aggregating to INR 14,000.00 million (“Offer for Sale”) by the Selling Shareholders. The Offer opened on November 7, 2024, closed on November 11, 2024, and was oversubscribed by 1.80 times with qualified institutional buyers’ portion and retail portion being oversubscribed by 2.06 times and 2.73 times, respectively. The Equity Shares listed and commenced trading on BSE Limited and National Stock Exchange of India Limited (collectively, the “Stock Exchanges”) on November 14, 2024.
The book running lead managers to the Offer were ICICI Securities Limited, Axis Capital Limited, HDFC Bank Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited and Morgan Stanley India Company Private Limited. The transaction was led by Yash Ashar, Senior Partner; Gokul Rajan, Partner and Regional Co-Head - Capital Markets - North; with support from Priyanka Khetwal (Associate); Aarushi Jain (Associate); Dhawal Nirash (Associate); Ritvik Maheshwari (Associate); and Avni Srivastava (Associate). Abhiroop Lahiri, Partner; with support from Ayushi Tiwari (Associate); Jayadeep Manchikalapudi (Associate); and Rukman Banka (Associate) advised Bupa Singapore Holdings Pte. Ltd and Fettle Tone LLP, the promoters and Selling Shareholders. Indranath Bishnu, Partner & Head – Insurance; with support from Anirud Sudarsan R (Principal Associate), and Subhalaxmi Hota (Associate) advised on insurance related aspects of the Company. Rutu Gandhi, Partner; with support from Pratiksha Arekar, Senior Associate advised the Company on certain regulatory aspects. Other parties to the transaction included: Bupa Group (Selling Shareholder); and True North (Selling Shareholder). The transaction was signed on 12th February, 2024 and closed on 14th November, 2024.
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. The Firm is one of the largest full-service law firm in India and offices in key business centers at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
The Firm received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive years in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.
Picture Source :
