Shardul Amarchand Mangaldas & Co

KEY WORK NO. 1: CPPIB’s investment in Flipkart
Completion date: July 2021
Description: The transaction involves private placement of 19,019,032 ordinary shares of Flipkart, resulting in acquisition of ~10.37% of the stake by various new investors (including CPPIB, GIC and SVF) and existing investors (including Wal-Mart, Tencent and Tiger). The transaction was valued at USD 3.6 billion.

KEY WORK NO. 2: PayTm IPO
Completion date: 15 November 2021
Description: The transaction is India’s biggest initial public offering by the operator of Paytm, One 97 Communications Limited, aggregating to ₹18,300 crore (approx. US$ 2.4 billion), and comprising a fresh issue component as well as an offer for sale, including by Ant Financial, Alibaba, Softbank, Elevation Capital, Berkshire Hathaway, founder Vijay Shekhar Sharma and others. The transaction was valued at USD 2.4 billion

KEY WORK NO. 3: Merger of Covidshield Technologies Private Limited (“CTPL”), a wholly owned subsidiary of Serum Institute Life Sciences Private Limited (“SILS”) into Biocon Biologics Limited (“BBL”), a subsidiary of Biocon Limited.
Completion date: 16 September 2021
Description: The transaction involves:

1. the merger of CTPL into BBL, pursuant to which BBL will offer approximately 15% stake to SILS, at a post-money valuation of ~ USD 4.9 billion, for which it will get committed access to a 100 million doses of vaccines per annum for 15 years, primarily from SILS’s upcoming vaccine facility in Pune with commercialization rights of the SILS vaccine portfolio (including COVID-19 vaccines) for global markets;
2. BBL generating a committed revenue stream and related margins, commencing H2, FY23
3. Adar Poonawalla obtaining a board seat in BBL.

KEY WORK NO. 4: Acquisition by India Markets Rio Pte. Ltd. (an entity affiliated with TPG Rise Climate, the climate investing strategy of TPG’s global impact investing platform TPG Rise) (“TPG Rise Climate”) in a proposed subsidiary (“TML EVCo.”) of Tata Motors Limited (“Tata Motors”)
Completion date: 12 October 2021
Description: The transaction involves:

1. the subscription of 11% - 15% stake, through compulsorily convertible instruments, translating to an equity valuation of upto USD 9.1 Billion, in TML EVCo. by India Markets Rio Pte. Ltd. for an aggregate amount of USD 1 billion (INR 7,500 Crores);
2. a nominee of India Markets Rio Pte. Ltd. will obtain a board seat in TML EVCo.
3. Value - Approximately USD 1 billion

KEY WORK NO. 5: Reliance Retail Venture Limited (subsidiary of RIL)
Completion date: Not completed yet
Description: Acquisition in the retail space, this transaction involved acquisition of the retail, logistics and warehousing business of the Future Group by the Reliance Retail Venture Limited (subsidiary of RIL). This acquisition was being done by way of a composite scheme of arrangement, pursuant to which the target companies would demerge, merge with RIL and thereafter, the business was to be transferred to a wholly owned subsidiary RIL by way of a slump sale.

As part of the same Scheme:

1. the Retail & Wholesale Undertaking is being transferred to Reliance Retail and Fashion Lifestyle Limited (“RRVL WOS”) on a slump sale basis;
2. the Logistics & Warehousing Undertaking is being transferred to Reliance Retail Ventures Limited on a slump sale basis and;
3. RRVL WOS will be making investment into the residual FEL entity by way of equity shares and warrants on a preferential allotment basis.