Shardul Amarchand Mangaldas advises Aarti Industries Limited in the issuing of 53,68,647 equity shares to qualified institutional buyers
March 27, 2019
Shardul Amarchand Mangaldas & Co (SAM & Co) has advised Aarti Industries Limited in the issuance of 53,68,647 equity shares at a face value of Rs. 5 each at a price of Rs. 1397 per equity share aggregating up to Rs. 7,500 million to qualified institutional buyers via Qualified Institutional Placement (QIP). This is the largest QIP by a specialty chemical company in the last decade.
The Capital Markets practice group of SAM & Co acted as advisors to the issue as per Indian law. The transaction team from SAM & Co included Mr.Kaushik Mukherjee, Partner; Mr.Siddhartha Desai, Senior Associate; Mr.Murtaza Zoomkawala, Senior Associate; Ms.Sejal Jain, Associate; and Mr.Anupam Choudhary, Associate.
Other parties involved include International Legal Counsel to the GCBRLMs and Squire Patton Boggs Singapore LLP.
The value of the deal is Rs. 7,500 million. The Preliminary Placement Document was dated March 18, 2019 and the Placement Document March 22, 2019 and was filed with the BSE Limited and the National Stock Exchange of India Limited on March 18, 2019 and March 22, 2019, respectively.
The date of closing was March 23, 2019 (date of allotment) and March 26, 2019 (expected date of listing of the equity shares on the stock exchanges).
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