Shardul Amarchand Mangaldas & Co (SAM), Trilegal and Latham & Watkins have assisted on electric two-wheeler manufacturer Ather Energy’s INR13 billion (USD134 million) qualified institutional placement (QIP).
SAM counselled Ather Energy, with the team comprising national practice head of capital markets Prashant Gupta and partner Ruth Chenchiah, together with senior associate Rishika Sharma and associate Aditya Krishnan.
Trilegal advised on India law for the bookrunning lead managers (BRLMs), which were SBC Securities and Capital Markets (India), Axis Capital, Nomura Financial Advisory and Securities (India), BofA Securities India, Goldman Sachs (India) Securities, Kotak Mahindra Capital Company, Ambit, Avendus Capital, BNP Paribas, CLSA India, Emkay Global Financial Services and Motilal Oswal Investment Advisors.
Partner Vijay Parthasarathi led the Trilegal team advising on the mandate, and comprised counsel Saurav Das; senior associates Vedansh Batwara and Prajna Kariappa; associates Jasmine Manekshaw and Vansh Dhoka; and trainee associate Pratik Basistha.
Latham & Watkins acted as sole international legal counsel to the BRLMs. Singapore partner Rajiv Gupta and associate Sirada Chayabunjonglerd led the Latham team. Chicago partner Enrique Rene de Vera and New York associate Shangpu Nicholas Sun provided tax advice.
The QIP was oversubscribed more than eight times. The issue was priced at a 2.76% premium to the floor price and saw participation from leading institutional investors, including the Abu Dhabi Investment Authority as well as affiliates of mutual funds and insurance companies such as ICICI Prudential Life Insurance, HDFC Life Insurance, LIC Mutual Fund, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund and HSBC Mutual Fund, among others.
Ather Energy is an electric two-wheeler manufacturer headquartered in Bengaluru.
