Cyril Amarchand Mangaldas has advised Dhoot Transmission, a Bain controlled entity, as the Indian legal counsel in its initial public offering of 35,218,047 equity shares aggregating to INR 3,066.88 crore. Khaitan & Co and Latham & Watkins acted as domestic and international counsel respectively to the book running lead managers on this IPO.
The BRLMs on this IPO included Axis Capital, Jefferies India, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities (India), SBI Capital Markets and 360 ONE WAM.
The offer consisted of a fresh issue of 16,080,445 equity shares aggregating to INR14,000 million and an offer for sale of 19,137,602 equity shares aggregating to INR 16,668.85 million, which included 16,018,769 equity shares aggregating to 13,952.35 million offered by BC Asia Investments XV Limited (Bain Capital) and 3,118,833 equity shares aggregating to INR 2,716.50 million offered by Mangalam Capital Private Limited (collectively the Selling Shareholders).
The offer was subscribed 74.21 times and the QIB portion was subscribed 212.92 times.
The transaction team was led by partner – (head – capital markets) Manan Lahoty, partners Abhiroop Lahiri and Amitpal Singh, with support from senior associate Dhawal Nirash, and associates Vatsala Parashar, Krishanu Paul, and Simran Sharma.
Partner Rohan Roy with support from senior associate Shefali Murthy and associate Amartya Mukherjee advised on general corporate aspects of the transaction.
Partner Bharath Reddy with support from principal associate Dipti Khatri advised on employment aspects of the transaction.
Khaitan’s core team consisted of partners Subhayu Sen, Aayush Mohata, principal associate Johann Valladares, senior associates Sarjana Das and Aayush Virani and associates Harshit Singh, Hrishi Kapadia and Aryan Agarwal.
The Latham team was led by Singapore partner Rajiv Gupta and Hong Kong partner Dominik Sklenar, with Singapore counsel Esha Goel, associate Kay Howe Lee, and Foreign Legal Consultants Neha Sahgal and Jayati Arora. Advice was also provided on tax matters by Chicago partner Enrique Rene de Vera, with associates Sam Yang and Ethan Lee.
