SAMHI Hotels calls on Economic Laws Practice for Ascent transaction

ELP advised SAMHI Hotels on its estimated Rs3.5 billion ($51 million) acquisition of 100% of the shares of Ascent Hotels from its existing shareholders, Adarsh Jatia and Bridgestone Developers, otherwise known as the Jatia Group, which owned 81%, and Vascon Engineers, which had the other 19%. Ascent Hotels owns the Hyatt Regency hotel in Pune.

The acquisition is in two parts: (a) first from the majority shareholders, the Jatia Group; and (b) second from Vascon. At the same as the transaction, Vascon also subscribed to optionally convertible redeemable debentures in Ascent Hotels.

The Jatia Group transaction and the lending closed on February 5. The Vascon transaction is in process.

ELP is highly recommended for capital markets and corporate / M&A in the 2016 edition of Asialaw Profiles. Sujjain Talwar and Darshan Upadhyay, who are partners in the corporate practice, and Babu Sivaprakasam, who is a banking & finance partner, were part of the team which worked on the deal and are listed in Asialaw Leading Lawyers.

The other ELP lawyers involved were: Aakanksha Joshi (Associate Partner), Amruta Kelkar (Associate Manager), Kanisha Vora (Associate Manager), Tarini Menezes (Associate), Siddharth Walawalkar (Associate), Amoolya Narayanan (Associate), Raghav Vashist (Associate) from the corporate group and Deep Roy (Associate Partner), Okram Singha (Associate Partner), Megha Agarwal (Associate), Sharmila Ratnam (Associate) from banking & finance.