L&L Partners advises Midland Microfin Ltd. on investments received by ICICI and Kitara

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LE Desk

New Delhi, October 29, 2021:TheCorporate M&A team of L&L Partners has recently advised Midland Microfin Limited in connection with the investments received from ICICI Bank Limited and Kitara Capital, the Law Firm has announced. 

The Firm acted as legal counsel to Midland and was involved in reviewing, negotiating and finalizing of the transaction documents, including the share subscription agreements, shareholders’ agreement and also coordinating with and advising the client on various aspects under Indian law.

Senior Partner H.S. ‘Bobby’ Chandhoke and Partner Saurabh Tiwariadvised Midland on the regulatory aspect of the transaction. The M&A transaction team comprised of Partner Kanchan Sinha, Senior Associate Prerna Khandelwal and Associate Kashish Singhal.

Since the deal involved primary investments by two investors out of which one was an existing investor, the team was involved in advising the Company on the overall structuring of the transaction, the Law Firm said in a press statement.

“This required multiple rounds of negotiations with the ICICI team and Kitara to arrive at the most suitable structure for the primary investment and to negotiate investor’s rights in the shareholders’ agreement. The team worked within very stringent timelines to ensure a successful closing of the transaction within 4-5 weeks,” it said.

The present investment was undertaken in the form of primary investment by ICICI and Kitara in the equity shares of Midland for a total consideration of around Rs 744 million. 

Midland is a debt listed entity and is engaged in the business of providing micro-finance services including credit, thrift, savings, micro finance, and other financial services directly or indirectly to the economically active poor with no or limited access to financial services.

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