Shardul Amarchand Mangaldas Advises On Two QIPs Aggregating To INR 6,000 Crores

Shardul Amarchand Mangaldas advised (i) Jefferies India Private Limited, the book running lead manager on the QIP of equity shares by JSW Energy Limited aggregating to INR 5,000 Crores (approximately USD 600 million); and (ii) Chalet Hotels Limited on its QIP of Equity Shares aggregating to INR1,000 Crores (approximately USD 120 million).

JSW Energy Limited QIP: JSW Energy Limited is a key player in the power sector in India with 6.8 gigawatts of installed generating capacity as of December 31, 2023. JSW Energy Limited’s QIP opened on April 2, 2024 and closed on April 5, 2024 and was one of the largest QIP undertaken in the Indian capital market space.

Chalet Hotels Limited QIP: Chalet Hotels Limited, a leading owner, developer, asset manager and operator of high-end hotels has a portfolio of ten operating hotels, present across Mumbai Metropolitan Region, Hyderabad, Bengaluru, National Capital Region, Pune and Lonavala, representing 3,052 keys. Chalet Hotels Limited’s QIP opened on March 27, 2024 and closed on April 2, 2024.

These deals were concluded within an accelerated timeline due to high demand and lucrative market conditions for the investment.

JSW Energy Limited’s QIP was the first significant equity raise by a large power producer after a long hiatus. With the completion of Chalet Hotels Limited’s QIP, Shardul Amarchand Mangaldas continues to consolidate its position as the leading advisor on strategic fund raising transactions by hospitality sector companies including Juniper Hotels Limited IPO (2024), Apeejay Surendra Park Hotels Limited IPO (2024), Samhi Hotels Limited IPO (2023) and The Indian Hotels Company Limited QIP (2022).

The transaction team for JSW Energy Limited's QIP comprised Nikhil Naredi, Partner; Devi Prasad Patel, Partner; Shwetank Sharma, Senior Associate; Oindree Bandyopadhyay, Consultant; Rishika Sharma,Associate; Tanvi Prabhu, Associate; and Soundarya Mathavan, Associate.

The transaction team for Chalet Hotels Limited’s QIP comprised Nikhil Naredi, Partner; Chinmay Sethia, Senior Associate, Harsh Loonker, Senior Associate; Rakshita Poddar, Associate; Shruthi Hariharan, Associate; Rishika Sharma, Associate; and Manish Soni, Associate.