Khaitan capitalises on Morgan Stanley hire alongside Amarchand, Luthra in $930m Cairn India buy-back

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Tuesday, 4 February 2014 By Legally India Capital Markets

How many barrels per hour would a partner bill Cairn?

Amarchand Mangaldas Delhi office is acting for exploration giant Cairn India, which is buying back up to 14.98% of its equity share capital for $930m (Rs 5,725 crore) from the open market through stock exchanges. [PTI]

The buyback of India’s largest oil producer, which is owned by mining baron Anil Agarwal, is also one of the biggest buyback offers ever made by an Indian company.

Morgan Stanley was the lead manager and was advised by Khaitan & Co executive director Sudhir Bassi and partner Arindam Ghosh, according to a press release from the firm.

Bassi had joined Khaitan last year from Morgan Stanley, where he was managing director, coming on board as a non-lawyer and partner-level director in Mumbai.

Amarchand Delhi partners Prashant Gupta and Gunjan Shah, with associate Shruti Kanodia acted for Cairn, while Standard Chartered, one of the managers, was advised by Luthra & Luthra Mumbai capital markets partner Manan Lahoty and managing associate Vishal Yaduvanshi, confirmed two persons familiar with the deal.

S&R Associates has also acted for Cairn India in the past, having bagged the instruction in its $9.6bn takeover by UK miner Vedanta Resources in 2010.

Photo by Ray Bodden

Comments

context 4 Feb 2014, 11:39

+1 -2

amss and luthra have historically worked for cairn in cap markets and non-cap markets work. good show for all.

Outdated 4 Feb 2014, 13:13

+6 -1

Not correct. That was the case before Agarwals acquired Cairn. Vedanta group uses S&R, which is what the article is suggesting.

anon 4 Feb 2014, 22:23

+1 -1

Luthra [i]used to[/i] act for Cairn on big deals and did some headline deals back in the day.

Manoj 5 Feb 2014, 06:48

+2 -1

It is good to see that Amarchand is giving credit to the associates as well. I hope Kian would share the name of the team that worked for Khaitan on the deal.

Guest 5 Feb 2014, 11:05

+12 -0

Khaitan does not believe in promoting or giving credit to its associates. So don't be hopeful.

Guest 11 Feb 2014, 05:42

+1 -0

[quote name="Guest"]Khaitan does not believe in promoting or giving credit to its associates. So don't be hopeful.[/quote]
No promotions, no salary increment. Add that to the joke of an HR department with a joker as its head and things are really abysmal. Its a worsening situation day by day, and increasingly associates are going to look for greener pastures. Its a matter of time before Kco disintegrates into a Luthra.

Indeed 11 Feb 2014, 06:29

[quote name="Guest"][quote name="Guest"] . . . Its a worsening situation day by day, and increasingly associates are going to look for greener pastures. Its a matter of time before Kco disintegrates into a Luthra.[/quote]

Indeed. Actually, those looking for greener pastures are even considering Luthra!

context 5 Feb 2014, 08:32

+5 -2

thanks,good to know just as context that cairn's work went from luthra to s&r after agarwala group. sandip is a star.

Anon 6 Feb 2014, 07:05

+5 -0

[quote name="context"]thanks,good to know just as context that cairn's work went from luthra to s&r after agarwala group. sandip is a star.[/quote]
Yes, he is a star. Though I do not think he has handled any reported-Cairn mandate.

Manoj 5 Feb 2014, 09:50

+0 -0

It is good to see that Amarchand has mentioned the names of the associates involved in the deal in addition to the partners. I hope Kian would share the names of Associates from Khaitan as well.

Anon 18 Feb 2014, 14:50

Just came across this article. Who drafts these? Kian, legal journalism is not just any journalist covering legal matters, but should also have basic understanding of the law. Sample this- "which bought back up to 14.98% of its equity share capital for $930m (Rs 5,725 crore) from open market through stock exchanges". It is a buy back from open market, which will go on for 6 months. It just opened on the day it was reported. The amount , number of shares and the suggestion that deal is closed are absolutely wrong at worst and misleading at best.

kianganz 18 Feb 2014, 14:55

Thanks for pointing out, have changed the wording to clarify that the buyback is obviously still ongoing. I think there must have been a muddle with the instruction having been won and the timeline of the deal. The error is regretted.

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