Cyril Amarchand Mangaldas advised Warburg Pincus LLC on its investment in Shriram Housing Finance Limited (now to be known as Truhome Finance Limited)

Cyril Amarchand Mangaldas advised Warburg Pincus LLC on its investment in Shriram Housing Finance Limited (now to be known as Truhome Finance Limited). Warburg Pincus LLC ("WP") infused approximately INR 1200 crores in Shriram Housing Finance Limited ("SHFL") alongside another investor contributing around INR 25 crores. This investment was done through the primary issuance. (“Primary Transaction”)

Primary funding took place after the closing of the secondary acquisition by Warburg of 97.79% of the shareholding of SHFL on a fully diluted basis by acquiring the controlling stake from Shriram Finance Limited and Valiant Mauritius Partners FDI Limited (“Acquisition Completion Transaction”). The above investment is one of the largest bets Warburg has made in India.

WP has also executed a share purchase agreement on December 10, 2024 for acquisition of an additional minority stake in SHFL from 15 minority individual shareholders, along with a shareholders’ agreement dated December 10, 2024 to govern the inter-se rights and obligations of WP and other continuing minority shareholders of SHFL. The closing of the aforesaid share purchase agreement is proposed to be undertaken in January 2025.

SHFL is one of the largest affordable housing finance companies in India registered with the National Housing Bank. It provides retail loans including (i) housing loans for residential property, self-construction on already owned plot and loans provided for upgradation and/or renovation of an existing house of the customer, and (ii) loan against property for business and personal use; and construction finance loans to builders for financing construction of housing projects.

Shriram Housing Finance Limited will now be re-named to Truhome Finance Limited, upon receipt of new certificate of registration from Reserve Bank of India.

Primary Transaction team was led by Aditi Manchanda, Partner; with support from Naimi Kamdar, Senior Associate; Kaushik Raichura, Associate; and Pauravi Kolhe, Associate.

 Acquisition Completion Transaction team was led by Aditi Manchanda, Partner; with support from Siddharth Vedula, Partner, Kushal Ramotre, Director - Corporate Transactions; Naimi Kamdar, Senior Associate; Dhrumil Sanghvi, Senior Associate; Anukriti Bhattad, Associate; Kaushik Raichura, Associate; and Pauravi Kolhe, Associate.

 Gazal Rawal, Partner; and Havish Gotecha; Associate advised on regulatory aspects of the Acquisition Completion Transaction.

Arun Prabhu, Partner; Mahim Sharma, Senior Associate and Anoushka Soni, Associate advised on intellectual property related aspects in closing of the Acquisition Completion Transaction.

Abe Abraham, Partner; Anna Thomas, Principal Associate; Sonam Ambastha, Associate; and Rachita Shah, Associate; advised on employment related aspects in closing of the Acquisition Completion Transaction.

Bharath Reddy, Partner; and Abhishek Jain, Associate; advised on employee stock options related aspects in closing of Acquisition Completion Transaction. 

Subhojit Sadhu, Partner; Apoorv Jain, Principal Associate; and Sanyam Agarwaal, Associate; advised on financing related aspects in closing of the Acquisition Completion Transaction. 

Indranath Bishnu, Partner; and Niyati Dholakia, Principal Associate; advised on insurance related aspects in closing of the Acquisition Completion Transaction.

Avaantika Kakkar, Partner & Head Competition Law; Dhruv Rajain, Partner; with support from Vanya Agarwal, Associate; advised on competition law related aspects in closing of the Acquisition Completion Transaction.

Other parties to the transaction include: KPMG (acted as tax advisor for Mango Crest Investment Ltd) and PwC (acted as tax advisor for Valiant Mauritius Partners FDI Limited). The transaction was signed on 3rd December, 2024 and closed on 12^th December, 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.

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