Cyril Amarchand Mangaldas advised Dhoot Transmission Limited (“Company”), a Bain controlled entity, as the Indian legal counsel to the Company in its initial public offering of 35,218,047 equity shares aggregating to ₹ 30,668.85 million (“Offer”). The Offer consisted of a fresh issue of 16,080,445 equity shares aggregating to ₹14,000 million and an offer for sale of 19,137,602 equity shares aggregating to ₹16,668.85 million, which included 16,018,769 equity shares aggregating to 13,952.35 million offered by BC Asia Investments XV Limited (“Bain Capital”) and 3,118,833 equity shares aggregating to ₹ 2,716.50 million offered by Mangalam Capital Private Limited (collectively the “Selling Shareholders”).
The Offer was subscribed 74.21 times and the QIB portion was subscribed 212.92 times. The Company is one of India’s leading electrical and electronics companies that designs, engineers, manufactures and supplies critical wiring harnesses, switches, terminals, connectors, junction boxes, high-voltage interconnection systems and data cables and is amongst the top two players in the wiring harnesses for two-wheelers and three-wheelers in India.
The book running lead managers to the Offer were Axis Capital Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited and 360 ONE WAM Limited (“BRLMs”).
The transaction team was led by Manan Lahoty, (Partner – (Head – Capital Markets); Abhiroop Lahiri and Amitpal Singh, Partners; with support from Dhawal Nirash, Senior Associate; Vatsala Parashar, Krishanu Paul, and Simran Sharma, Associates.
Rohan Roy, Partner; with support from Shefali Murthy, Senior Associate; and Amartya Mukherjee, Associate; advised on general corporate aspects of the transaction.
Bharath Reddy, Partner; with support from Dipti Khatri, Principal Associate; advised on employment aspects of the transaction.
