Khaitan & Co advised Anju Modi, promoter of Anjuman Brand Designs (ABD), in selling a 26.66 per cent stake in ABD to retail brand Biba Apparels, which was advised by OP Khaitan & Co.

Khaitan Delhi partner Bharat Anand and associate partner Harsh Kumar acted for Anju Modi.

OP Khaitan managing partner Gautam Khaitan (who was arrested by the Enforcement Directorate on 23 September) and partner Manish Jain, led for Biba on the deal with their team, which closed on 30 September.

Biba, which was infused with $54m in September 2013 by Warburg Pincus and Faering Capital, also acquired some convertible debentures in ABD, according to Venture Intelligence.