Deal Closed | Alembic Pharmaceuticals Limited | Qualified Institutions Placement

The details of the deal are: 

Sector: Pharmaceuticals 

Name of the client: Alembic Pharmaceuticals Limited

Announcement date: 3 August 2020, being the date on which the Preliminary Placement Document was filed with BSE Limited and the National Stock Exchange of India Limited

Completion date: 7 August 2020, being the date of allotment of equity shares in the QIP

Deal description: Qualified Institutions Placement of 80,47,210 equity shares aggregating to INR 7,499,999,720 (approximately INR 7,500 million) by Alembic Pharmaceuticals Limited 

Role of firm: Indian Legal Counsel to the Company

Total Consideration: Approximately INR 7,500 million (USD 106 million)

Deal team members: Sudhir Bassi (Executive Director), Madhur Kohli (Partner), Chirayu Chandani (Counsel), Devarshi Mukhopadhyay (Associate), Adithyan Sreekumar (Associate) and Shalina Abhale (Associate)

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

Unique feature of transaction:

1. This is the first QIP by a listed pharmaceutical company in India this year;
2. This was the Company’ first capital raise post its listing (in 2011) pursuant to its demerger from one of its promoters i.e. Alembic Limited;
3. This was one of the first QIP’s completed during the subsistence of COVID-19 and in extremely crunched timelines; and
4. The QIP was oversubscribed and also received overwhelming response from institutional investors.

Khaitan & Co.

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