Saraf And Partners Advises DAM Capital Advisors

Saraf and Partners advised DAM Capital Advisors Limited, the placement agent, on the qualified institutions placement (QIP) of equity shares by Wockhardt Limited (Wockhardt) aggregating to ₹4,800 million. Wockhardt is a prominent, Indian headquartered, research-based pharmaceutical company with global presence in 45 countries. The company currently manages 12 manufacturing facilities and 2 research and development centres across India and overseas.

The QIP included the issue and allotment of 92,85,163 equity shares to eligible qualified institutional buyers (QIBs). The equity shares were allotted at an issue price of ₹517 each, constituting a 5 per cent discount to the QIP floor price of ₹544.02 per share. As the placement agent, DAM Capital Advisors Limited attracted participation from esteemed investors such as ICICI Prudential, Tata Indian Opportunities Fund, HDFC Mutual Fund, and Societe Generale.

Capital markets partner Murtaza Zoomkawala from Saraf and Partners 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, Anushri Maskara, and Yashvardhan Singh, Associates, whose expertise and guidance significantly contributed to the accomplishment of this transaction.

This is the second equity capital markets transaction for Wockhardt that Saraf and Partners has acted on – having earlier represented the lead manager on the ₹7,480 million rights issue by Wockhardt in 2022. Once again Saraf and Partners has showcased their prowess in delivering exceptional legal services and was instrumental in formulating implementable structures for both the placement agent and the issuer. The transaction was concluded in remarkably short time, highlighting Saraf and Partners’ proactive, solution-oriented approach and their commitment and expertise in navigating complex legal structures.