Capital Markets

Khaitan & Co advised Mahindra & Mahindra Ltd, a leader in automotive, farm, and services businesses on the sale and disposal of its Trucks and Buses Division (along with its employees, assets, intellectual property, licences, permits, insurance policies, contracts, rights and liabilities), to SML Mahindra Ltd, as a going concern on a slump sale basis, for a consideration of INR 525 crores, subject to working capital adjustments.

Khaitan & Co advised Hindustan Composites Ltd on sale of friction business of Hindustan Composites Ltd by way of slump sale to Rane (Madras) Ltd for a total consideration of INR 370 crores. The transaction is subject to regulatory approvals and other closing conditions. As part of the transaction, Rane (Madras) will also acquire the COMPO brand, and 2 plants, expanding its presence across aftermarket, fleet operator, and distribution channels.

Khaitan & Co advised the board of directors of Vikram Solar Ltd in successfully challenging, before the National Company Law Appellate Tribunal, the order passed by the Hon’ble National Company Law Tribunal, Kolkata Bench, commencing the corporate insolvency resolution process of Vikram Solar Ltd pursuant to an application filed by an operational creditor of the company.

Khaitan & Co advised Kusumgar Ltd and the Promoter Selling Shareholders, as Indian counsel, on the Initial Public Offering of equity shares, comprising an offer for sale by the Selling Shareholders aggregating up to INR 6,500 million.

Khaitan & Co advised SBI Funds Management Ltd and the State Bank of India on pre-IPO amendment of the shareholders agreement and other related inter-se agreements to facilitate the IPO of SBI Funds Management.

Khaitan & Co advised Viatris Inc. on the secondary sale of shares held in Biocon Ltd on the floor of the stock exchange(s) for a total consideration of INR 3680 crore (USD 385.9 million).

Khaitan & Co advised Amara Partners in its pre-IPO investment in Karamtara Engineering Ltd, a leading backward integrated manufacturer of products for renewal energy and power transmission sectors.

Khaitan & Co advised ideaForge Technology Ltd and the Lead Managers, JM Financial Ltd and IIFL Capital Services Ltd (formerly known as IIFL Securities Ltd), on its Qualified Institutional Placement (QIP) aggregating to INR 5,000 million.

Khaitan & Co advised all 36 (thirty-six) selling shareholders in connection with the initial public offer of equity shares by Cult.fit Ltd (Company)

Khaitan & Co acted as legal counsel the book running lead managers i.e., JM Financial Ltd and Avendus Capital Pvt Ltd as to Indian law in connection with the proposed initial public offering of equity shares by Swara Baby Products Limited aggregating to INR 10,000 million comprising fresh issue and an offer for sale of equity shares by Brainbees Solutions Ltd and Anadya Bon Merchari LLP.