Shardul Amarchand Mangaldas & Co. advises the book running lead managers on the qualified institutions placement by PI Industries Limited
July 13, 2020
Shardul Amarchand Mangaldas & Co. advised the book running lead managers, i.e. Axis Capital Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited, and Ambit Capital Private Limited, as to Indian law on the Qualified Institutions Placement of 13,605,442 equity shares of PI Industries Limited at a price of ₹ 1,470 per equity share (the “QIP”). The deal is valued at ₹ 2,000 crore (i.e. approx. US$ 266.60 million). The allotment of the equity shares pursuant to the QIP was undertaken on July 9, 2020.
The QIP generated strong investor participation and saw a demand of ~₹ 12,000 crore, i.e. ~6x the deal value, despite prevailing market conditions.
The transaction team was led by Prashant Gupta, Partner, National Practice Head – Capital Markets; Sayantan Dutta, Partner; Ruth Chenchiah, Senior Associate; Sanjana Chowdhry, Associate; Romit Srivastava, Associate; Jayant Bhardwaj, Associate.
AZB & Partners were the Legal advisors to PI Industries Limited as to Indian law.
Sidley Austin LLP advised the book running lead managers as to U.S. federal securities law.
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