Cyril Amarchand Mangaldas has advised Blackstone Advisors India and Cessna Garden Developers on their issuance of share warrants (later converted to equity) worth INR 1400 crores, on a private placement basis to certain investors, including JM Investors, KFin Technologies and 360 Investors, who were represented by Khaitan & Co.

These warrants were converted into equity shares upon certain identified events. Cessna, which owns real estate assets, was fully acquired by Knowledge Realty Trust (KRT), a real estate investment trust (REIT) acting as a special purpose vehicle. The existing shareholders, including those who subscribed to the warrants, received REIT units in exchange for their shares in the company.

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 the NSE on August 18, 2025.

The CAM transaction was led by senior partner Reeba Chacko and partner Mohit Gogia with support from principal associate Varsha Nair, senior associate Anisha Dash, and associates Aashna Gupta, Muskaan Garg, and Swathi Kathi. Partner Okram Singha with support from principal associate Anmol Bhargava and senior associate Jay Shah advised on banking aspects of the transaction. Partner Emil Joseph (general corporate), senior partner Yash Ashar and partner Janhavi Manohar (capital markets), assisted on the deal.

The Khaitan team comprised partner Abhishek Dadoo, principal associate Jayantika Khanna, and associates Krithika Kataria and Niyati Karia.