Deal Closed | Varroc Engineering | QIP | Khaitan & Co

The details of the deal are as follows:

Sector: Manufacturing/Automotive/EPC 

Announcement Date: 25-Mar-2021 

Completion Date: 25-Mar-2021 

Name of Client: Varroc Engineering Limited 

Deal Description: Qualified institutions placement of 17,974,870 equity shares of face value of INR 1 each of the Company (the “Equity Shares”) at a price of INR 389 per Equity Share, including a premium of INR 388 per Equity Share, aggregating to INR 6,992.22 million 

Total Consideration: INR 6,992.22 million (USD 94.49 million) 

Team Members: Sudhir Bassi (Executive Director), Madhur Kohli (Partner), Navodita Gupta (Principal Associate), Vijayaraghavan (Senior Associate), Akanksha Singh (Associate) and Shambhavi Kumar (Associate) 

Role of Firm: Legal Counsel to the Issue as to Indian Law 

Other legal advisors if any with names of Lead Lawyers: International Legal Counsel to the Book Running Lead Managers with respect to Selling and Transfer Restrictions, Squire Patton Boggs Singapore LLP 

Unique Feature of Transaction 

• The Company is the second-largest Indian auto component group (by consolidated revenue in 2020 excluding TVS Motors Limited), and the sixth-largest global exterior automotive lighting manufacturer and one of the top three independent exterior lighting players (by market share in 2020); 
• The Company undertakes business outside India through its subsidiaries located in inter alia Europe, the United States, and China; 
• Khaitan & Co. was the sole legal counsel to the Issue drafted the entire Pre-Placement Document and the Placement Document, including both the business and non-business sections, highlighting the unique aspects of the business;  
• The transaction involved liaising with the legal counsel of the Company in Czech Republic, Netherlands, China, United States of America and Mexico.