The details of the deal are as follows:

Sector: NBFCs 

Announcement Date: 30-Mar-2021 

Completion Date: 30-Mar-2021 

Name of Client: RP Sanjeev Goenka Group 

Acquirer Details: Lebnitze Real Estates Private Limited | part of RP Sanjeev Goenka Group | India  

Target Details: BNK Capital Markets Limited | India  

Deal Description: Khaitan & Co advised Lebnitze Real Estates Private Limited, part of RP Sanjeev Goenka Group in relation to the acquisition of the promoter shareholding (amounting to 59.69% and 59,68,857 equity shares) of BNK Capital Markets Limited, a public listed non-banking financial company. 

Total Consideration: USD 16 million 

Team Members: Moin Ladha (Partner), Parag Bhide (Principal Associate), Gaurav Malhotra (Principal Associate), Anvita Mishra (Senior Associate) and Srijanee Bhattacherjee (Senior Associate) with assistance from Trivikram Khaitan (Counsel) and Niyanta Munyal (Associate) on certain corporate aspects 

Role of Firm: Khaitan & Co assisted the acquirer in the acquisition of 59.69% shares of the target company, a public listed entity, from its promoters. Assistance has also been given to (i) organize the mandatory open offer and other compliances under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 that is required to be made by the acquirer and (ii) obtaining prior approval of the RBI for change in control of the target company. 

Unique Feature of Transaction: The acquirer has acquired the entire promoter shareholding of the target company (i.e., 59.69% of the shareholding) requiring the acquirer to make a mandatory public offer.