Cyril Amarchand Mangaldas (CAM), Shardul Amarchand Mangaldas (SAM) and AZB & Partners advised on Cube Highways Trust’s ₹5,000 crore public offering and conversion into a publicly listed InvIT.
Cube Highways Trust has converted from a privately listed Infrastructure Investment Trust (InvIT) into a publicly listed InvIT, alongside a ₹5,000 crore offer for sale by the selling unitholders. The transaction marks the first successful conversion of a privately listed InvIT into a publicly listed InvIT in India.
The offer for sale was undertaken by BCI IRR India Holdings Inc., BCI IRR India Holdings Limited Partnership, Cube Highways and Infrastructure II Pte. Ltd., Cube Highways and Infrastructure III Pte. Ltd., Cube Mobility Investments Pte. Ltd. And Seventy Second Investment Company LLC.
Cyril Amarchand Mangaldas acted as Indian legal counsel to Cube Highways Trust, its Investment Manager and Cube Highways Fund Advisors Private Limited in connection with the conversion and public offering.
The transaction was led by Senior Partner Yash J Ashar and Partners Kranti Mohan and Priyadarshini Rao, supported by Senior Associate Subham Jain and Associates Yash Bhale, Nilay Raj, Aryan Pandey and Neha Jayesh.
Shardul Amarchand Mangaldas acted as Indian legal counsel to the Cube Sponsor/Sponsor Group and Mubadala.
The Capital Markets team was led by Partner Nikhil Naredi, together with Senior Associates Harini J. And Veronica Miranda, and Associates Pritha Bhangale and Shariba Tasneem. The General Corporate team, acting for the Cube Sponsor and Sponsor Group, was led by Partner Nivedita Tiwari, supported by Principal Associate Tweisha Mishra.
AZB & Partners advised the Book Running Lead Managers — Kotak Investment Banking, HDFC Bank, HSBC and JM Financial Ltd. On the conversion and public offering.
The team comprised Partner Janhavi Seksaria and Senior Associate Mrudul Desai.
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