TT&A advised Nailsfield Limited (registered in Mauritius, and wholly owned by Intu Properties plc (in administration) (“Nailsfield”)) in relation to the proposed sale of its entire (28.83%) shareholding in Prozone Realty Limited (“PRL”) to Apax Trust – acting through its trustee Mr. Nikhil Chaturvedi (“Apax Trust”) for an aggregate consideration of around ₹110 crores. 

Nailsfield, a wholly owned subsidiary of Intu Properties plc (in administration) (“Intu”), has signed a share purchase agreement (“SPA”) to sell its entire stake in PRL to Apax Trust, which is a part of the PRL promoter group. Since the persons acting in concert (PAC) with Apax Trust already hold 9.21% in the PRL, signing of the SPA has triggered the open offer requirements under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Closing under the SPA would take place upon completion of the open offer.

This transaction marks a significant milestone for Intu, which has been in administration in the UK since 2020, and has been looking to divest its entire portfolio of assets in India.

TT&A Team – Kunal Thakore – Joint Managing Partner;  Pratika Shankar – Partner and Nandini Pradhan – Associate