Shardul Amarchand Mangaldas & Co. advises Rossari Biotech Limited

July 22, 2020

Shardul Amarchand Mangaldas & Co. advised Rossari Biotech Limited to make public offering of 11,676,470 equity shares of face value of ₹ 2 each. This included issuing of 1,176,470 fresh equity shares aggregating ₹ 500.00 million and offers for sale of 10,500,000 equity shares aggregating to ₹ 4,462.50 million comprising an offer for sale of 5,250,000 equity shares aggregating to ₹ 2,231.25 million by Edward Menezes and 5,250,000 equity shares aggregating to ₹ 2,231.25 million by Sunil Chari. The deal is valued at USD 65.82 million (approx.). The Company has also undertaken a Pre-IPO Placement of equity shares aggregating to ₹ 999.99 million in the month of February, 2020. The date of closing was July 21, 2020.

This is the first IPO in India since the lock down which was announced due to COVID 2019 pandemic, and all the intermediaries and the Company officials worked from home to complete the transaction since the lockdown was announced on March 24, 2020. The Offer was oversubscribed ~80x despite volatile market conditions, with strong investor participation.