The Shadowfax Eight Roads share sale saw four leading law firms — Trilegal, A&O Shearman, Cyril Amarchand Mangaldas, and Linklaters — advise on a landmark secondary market divestment executed on India’s premier stock exchanges. Eight Roads Investments Mauritius II Limited offloaded 41,612,566 equity shares of Shadowfax Technologies Limited for an aggregate consideration of ₹852.55 crore through screen-based trades on the NSE and BSE on July 24, 2026. The transaction also saw Morgan Stanley India Company Private Limited act as the broker, deploying a cross-border legal advisory structure across Indian and international counsel.
Introduction
Cyril Amarchand Mangaldas acted as Indian legal counsel to Morgan Stanley India Company Private Limited in connection with the sale of 41,612,566 equity shares of Shadowfax Technologies Limited by Eight Roads Investments Mauritius II Limited (erstwhile Fil Capital Investments (Mauritius) II Ltd.) for an aggregate consideration of ₹852.55 crore, undertaken through share sales on the screen-based trading platforms of the NSE and BSE on July 24, 2026.
Trilegal and A&O Shearman advised Eight Roads Investments on the sell-side of the transaction. Linklaters served as the international legal counsel for Morgan Stanley on the deal. Morgan Stanley acted as the broker facilitating the transaction on the screen-based trading platforms.
The disposal represents an 8.05% reduction in Eight Roads’ total voting capital, bringing its holding down from 9.50% to just 1.45% — marking a significant shift in the shareholder structure of the Bangalore-based logistics technology provider.
Deal Value
The aggregate consideration for the sale of 41,612,566 equity shares of Shadowfax Technologies Limited was ₹852.55 crore, with the transaction completed on July 24, 2026, via the screen-based trading platforms of the NSE and BSE.
Legal Teams Involved
Trilegal and A&O Shearman — Counsel to Eight Roads Investments Mauritius II Limited
Trilegal and A&O Shearman jointly advised the seller, Eight Roads Investments Mauritius II Limited, on this transaction. Further details on the individual team members from Trilegal and A&O Shearman were not disclosed.
Cyril Amarchand Mangaldas — Indian Legal Counsel to Morgan Stanley India Company Private Limited
The Cyril Amarchand Mangaldas team comprised:
- Gokul Rajan (Partner, Regional Co-Head – Capital Markets – North)
- Adwait Deshmukh (Senior Associate)
- Zeb Burk (Associate)
Linklaters — International Legal Counsel to Morgan Stanley
Linklaters served as the international legal counsel for Morgan Stanley on this transaction. Further details on the individual team members from Linklaters were not disclosed.
Significance and Impact
The Shadowfax Eight Roads share sale is significant as it marks a near-complete exit by Eight Roads Investments Mauritius II Limited — formerly known as FIL Capital Investments (Mauritius) II Ltd — from Shadowfax Technologies Limited, one of India’s prominent listed logistics technology companies. Prior to the transaction, Eight Roads held 5,55,72,432 shares representing 9.50% of the total share/voting capital; following the disposal, it retains just 84,95,460 shares, representing 1.45% of the total voting capital.
The transactions come after Shadowfax posted a profitable FY26, underlining the ongoing exit strategy of early backers following the company’s stock market debut, as Flipkart and Eight Roads Ventures together sold shares worth ₹1,654.4 crore through bulk deals.
The transaction’s legal architecture — spanning two separate sell-side firms (Trilegal and A&O Shearman) and dual domestic and international counsel (Cyril Amarchand Mangaldas and Linklaters) for the broker — reflects the increasingly sophisticated multi-firm advisory structures deployed in high-value Indian secondary market transactions. The deal also underscores the growing appetite among institutional investors to monetise post-IPO positions in India’s logistics technology sector through transparent, exchange-based mechanisms.
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The ₹852.55 crore Shadowfax Eight Roads share sale, executed on July 24, 2026, represents a major secondary market divestment in India’s listed logistics technology space. Four firms — Trilegal, A&O Shearman, Cyril Amarchand Mangaldas, and Linklaters — brought a robust cross-border advisory framework to the transaction, with Morgan Stanley India Company Private Limited acting as broker.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
