Cyril Amarchand Mangaldas Advises Groww on Acquisition of Indiabulls Mutual Fund

IndiaCyril Amarchand Mangaldas advised Nextbillion Technology Private Limited (Groww Group), India’s leading investment tech-platform, on its acquisition of Indiabulls Asset Management Company Limited and Indiabulls Trustee Company Limited, the asset management company and trustee company, respectively, of Indiabulls Mutual Fund, from its sponsor, Indiabulls Housing Finance Limited, subject to necessary approvals. This is the first transaction in India under SEBI’s new ‘sponsor’ eligibility criteria for mutual funds.

Cyril Amarchand Mangaldas advised Groww and the transaction and regulatory team was led by Anu Tiwari, Partner; with support from Anindita Bhowmik, Partner; Sushim Aryan, Senior Associate; and Aditya Sarkar, Associate.

The legal due diligence team was led by Anindita Bhowmik, Partner; with support from Ritu Sajnani, Principal Associate – Designate; Sushim Aryan, Senior Associate; Utkarsh Bhatnagar, Senior Associate; Karthik Koragal, Associate. Ankita Ray, Partner; assisted on the Employment Law aspects of the Transaction. Vidhi Doshi, Senior Manager – Corporate Secretarial Services; Mihir Sangani, Executive – Corporate Secretarial Services; and Charmi Sanghvi, Executive – Corporate Secretarial Services; assisted on the secretarial aspects of the due diligence exercise.

The Transaction was signed on May 10, 2021.

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