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JANUARY 2013
Transactions
105
SoHan LaL coMModItY ManaGEMEnt SEcURES InVEStMEnt FRoM EVERStonE caPItaL, EMERGInG IndIa FUnd,
MaYFIELd FVcI, Ltd. and nEXUS IndIa dIREct InVEStMEntS
Everstone Capital and ICICI Bank through its Emerging India Fund, being the frontrunners, along with existing investors, Mayfield FVCI, Ltd. (“Mayfield”) and Nexus India Direct Investments invested around Rs. 100-124 Cr in Sohan Lal Commodity Management, according to TOI.
This would be the third round of fund raising by the company. In 2010 it raised R10 Cr from Nexus Venture Partners which was followed by an investment of Rs. 35.5 Cr by Nexus Venture along with Mayfield India last year in March.
Operating from Delhi and founded by Sandeep Sabharwal, Sohan Lal Commodity provides agri-logistics services including agri-commodity warehouse management and procurement solutions to farmers, processors, trader, agri exchanges and government across 70 locations and 12 states in India.
It has a warehousing space of more than 1 Mn sq.ft with a capacity exceed- ing 150,000 MT. It counts Cargill, Ruchi Soya, Jindal, AWB, Adani and various others as its clients.
Economic Laws Practice (“ELP”) advised existing shareholder Mayfield in reviewing, drafting, negotiating and execution of the transaction documents such as term-sheet, share subscription agreement, shareholders agreement and other closing documents. ELP also advised on the issues arising while structuring certain aspects of the transaction pertaining to the applicable RBI guidelines and FDI regulations. Mayfield also made an investment in this round of financing. Yashojit Mitra (Partner) along with Devyani Singh (Senior Associate) and Archana Khosla (Associate Manager) worked on the transaction. LM
UMEME IPo
tHE Umeme Initial Public offering (IPo) opened on Monday 15th october 2012 and closed on 7th november 2012. the company was well received by the market with over 35% over-subscription by enthusiastic investors. Follow- ing its listing on the Uganda Securities Exchange the company went on to cross-list by introduction on the nairobi Securities Exchange
This is the second largest company on the Uganda Securities Exchange.
It marks the first time that a private sector entity has listed on the Uganda Securities Exchange and the first time that a Ugandan company has been cross-listed on the Nairobi Securities Exchange.
The transaction was also the first done under recently amended Capital Markets laws including the requirement for dematerialization of the shares.
MMAKS Advocates acted as Legal Adviser, led by Partner, Phillip Karugaba. The firm conducted a legal due diligence, advised on the necessary legal steps to convert to a listing, addressed regulatory concerns, issued the statutory legal opinion and generally advised on legal aspects of the transaction.
Webber Wentzel of South Africa acted as International Legal Advisor. Anjarwalla & Khanna are acting as Legal Adviser to the listing by introduction on the Nairobi Securities Exchange (NSE) in Kenya. LM
Sohan Lal Commodity Management
Umeme