New Delhi, India, March 29, 2024: Saraf and Partners advised DAM Capital Advisors Limited, the placement agent,on the Qualified Institutions Placement (QIP) of equity shares valued ₹4,800 million by Wockhardt Limited (Wockhardt). Wockhardt is a prominent research-based pharmaceutical company based in India which maintains a global presence with its operations expanding in approximately 45 countries. The company currently manages 12 manufacturing facilities and two research and development centres across India and overseas.

The successful QIP of ₹4,800 million included an issue and allotment of 92,85,163 equity shares to eligible Qualified Institutional Buyers (QIBs). DAM Capital Advisors Limited successfully attracted participation from esteemed investors such as ICICI Prudential, Tata Indian Opportunities Fund, HDFC Mutual Fund, and Societe Generale. The equity shares were allotted at an issue price of ₹517 each, constituting a 5% discount to the QIP floor price of ₹544.02 per share.

The Capital Markets Partner Murtaza Zoomkawala played a crucial role in ensuring the successful execution of the QIP. The deal team comprised lawyers Shubha Samani, Senior Associate; Rainika Malhotra, Avinash Gautam, and Yashvardhan Singh, Associates, whose expertise and guidance significantly contributed to the accomplishment of this transaction.

Saraf and Partners, during the transaction, showcased their prowess in delivering exceptional legal services and was instrumental in formulating implementable structures for both the placement agent and the issuer, taking into account various features of the regulations and project documents. The transaction was concluded in remarkably short time, highlighting Saraf and Partners’ proactive approach and their commitment and expertise in navigating complex legal structures.

 

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