AZB & Partners advised Elder Venture LLP and Elder Infosystems Private Limited (collectively, the Promoter Entities”); and GA Global Investments Limited and the Sellers and was involved in negotiating and drafting the share purchase agreements and all related transaction documents. HT Global IT Solutions Holdings Limited (“Acquirer”) agreed to acquire approximately 125 million equity shares of the Target from the Promoter Entities and GA (representing in aggregate a 41.8% shareholding in the Target). The Acquirer executed separate share purchase agreements with (i) the Promoter Entities for acquiring approximately 27.7% of the share capital of the Target and (ii) GA for acquiring approximately 14.1% of the share capital of the Target. The Acquirer will pay the Promoter Entities and GA a price of INR 126 or INR 135 per equity share, with the higher price of INR 135 per share being payable if the Acquirer acquires an aggregate shareholding in excess of 50% through market purchases or during the open offer. The Acquirer also triggered the open offer requirements under the Securities and Exchange Board of India Regulations, 2011 of upto 26%.

Total Consideration was for INR 15.75 – INR 16.87 billion (approximately USD 242 – USD 260 million) of the sale of the shares and a further INR 10.58 billion (approximately USD 160 million) of the purchase of upto 26% under the open offer, totalling between INR 26.33 – INR 27.45 billion (approximately USD 402 to USD 420 million). Concerned Partners and Associates were Abhijit Joshi, Essaji Vahanvati and Adarsh Varghese, Pallavi Satpute.