Law firms JSA, IndusLaw, and A&O Shearman provide legal services for IndiGo's $401 million asset divestiture.
In a significant move for the Indian aviation sector, IndiGo, the country's largest low-cost airline, has undergone a 2% divestiture worth 33.6 billion rupees ($401 million). J. Sagar Associates (JSA) served as the legal advisors for Interglobe Enterprises, the parent company of IndiGo, in this transaction.
The JSA team, led by partners Madhurima Mukherjee Saha, Shivali Singh, and associate Rishika Kharbanda, guided Interglobe Enterprises through the process. The divestiture involved the sale of 7,719,573 equity shares in InterGlobe Aviation, the operator of IndiGo.
Citigroup, a global financial services company, emerged as the buyer, purchasing IndiGo shares worth 13.6 billion rupees via the open market. Following the stake sale, InterGlobe Enterprises' shareholding in InterGlobe Aviation reduced to 35.76%.
Interestingly, while the legal advisors for Citigroup in the IndiGo divestment deal were not widely reported in general news or industry summaries, it is known that IndusLaw, another prominent law firm, and A&O Shearman were involved. IndusLaw's team, including partners Vishal Yaduvanshi and Priyadarshini Rao, and associate Abishek Sankar, advised Citigroup in this transaction.
The stake sale represented a 1.99% stake in InterGlobe Aviation. The open market was the method used for the sale of IndiGo shares by Citigroup. This strategic move is expected to have a significant impact on the Indian aviation industry, with further developments to unfold in the coming months.
The legal advisors, J. Sagar Associates (JSA), used their expertise in law to guide Interglobe Enterprises through the 2% divestiture process of its business, IndiGo. The financial services company, Citigroup, purchased these IndiGo shares, worth 13.6 billion rupees, for investing in the growing aviation sector of India.
