Cyril Amarchand Mangaldas advised Blackstone Advisors India and Cessna Garden Developers
The leading Indian law firm Cyril Amarchand Mangaldas advised Blackstone Advisors India Private Limited (“Blackstone”) and Cessna Garden Developers Private Limited (the “Company”) in relation to the issuance of share warrants to multiple subscribers (“Subscribers”) through two share warrant subscription agreements, for an aggregate consideration of approximately INR 1,400 crore on a private placement basis, which were converted into equity shares following the exercise of share warrants on occurrence of specific identified events (“Warrant Shares”).
The Company owns certain real estate assets and was 100% acquired by Knowledge Realty Trust (the “REIT”) as a special purpose vehicle, with existing shareholders, including the Subscribers, receiving REIT units in exchange for their shareholding in the Company. To implement this transaction, Cyril Amarchand Mangaldas also advised Blackstone and the Company in relation to two share purchase agreements entered into by Axis Trustee Services Limited and Knowledge Realty Office Management Services Private Limited, acting on behalf of the REIT with the Subscribers. Escrow agreements were executed with the Subscribers to facilitate the transfer of equity shares issued upon conversion of the Warrant Shares to the REIT, with KFin Technologies Limited acting as the escrow agent.
The investment was a key element of the REIT’s pre-IPO capital raise aimed at consolidating real estate assets (commercial office spaces) across India and strengthening its financial position. The REIT was successfully listed on the BSE and NSE on August 18, 2025.
The Cyril Amarchand Mangaldas team advising on the matter was led by Reeba Chacko (Senior Partner) and Mohit Gogia (Partner), with support from Varsha Nair (Principal Associate), Anisha Dash (Senior Associate), Aashna Gupta (Associate), Muskaan Garg (Associate), and Swathi Kathi (Associate).
Pranav Sharma (Partner) and Okram Singha (Partner), with support from Anmol Bhargava (Principal Associate) and Jay Shah (Senior Associate), advised on banking aspects of the transaction.
Emil Joseph (Partner), with support from Amrita Dubey (Senior Associate), advised on general corporate aspects of the transaction.
Yash Ashar (Senior Partner) and Janhavi Manohar (Partner), with support from Subham Jain (SA – Designate) and Adwait Deshmukh (Associate), advised on capital markets aspects of the transaction.
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