Khaitan & Co was able to complete InterGlobe Aviation’s institutional placement programme (IPP) of 33.5 million equity shares within a short timespan of 50 days despite aviation being a highly regulated sector, said a lawyer involved in the deal.
The company operates the profitable airline IndiGo, and its share sale brought in ₹37.9 billion (US$584 million).
“One of the key challenges was to plan and complete the transaction before the trading window of the companies closed and the financials expired,” Abhimanyu Bhattacharya, a partner in Khaitan’s Mumbai office, told India Business Law Journal. “We were also instrumental in structuring this transaction, assisting the company on pre-transaction activities, such as setting up the data room, familiarizing them with disclosure requirements for an IPP, and obtaining all the necessary regulatory, contractual and corporate approvals.”
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