“State-owned Power Finance Corporation (PFC) has signed a share purchase agreement to acquire all 52.63 per cent shares of the government in Rural Electrification Corporation (REC) for about Rs 14,500 crore,” reported Yahoo about the PSU sale.

Cyril Amarchand Mangaldas advised REC Limited led by a team of partner Akila Agrawal, with support from partner Sourav Biswas, senior associate Vidya Sunderam.

J Sagar Associates (JSA) acted for the Government of India, led by partners– Rohitashwa Prasad and Sujoy Bhatia and associates Anshu Bansal, Aishwarya Abhijit and Namrata Nambiar. The firm also advised REC Limited on procurement of consents from its bondholders and other lenders in connection with the transaction, according to the firm’s press release, led by partners Dina Wadia, Rohitashwa Prasad, and Uttara M Kolhatkar and associate Rishabh Jain.

L&L Partners advised Power Finance Corporation Limited led by a core transaction team of partner Damini Bhalla, assisted by senior associate Akshay Jain and associate Arsh Khan; partner Abdullah Hussain and managing associate Rudresh Singh advised on the competition law aspects; partner Karan Mitroo, managing associate Purvi Dabbiru and associates Aditya Gupta, Anuradha Godrey, Ankita Parasar and Navroop Bhatia advised from a banking and finance perspective.

2019-03-20

Deal value: USD 2.1 billion (approx.)

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