Khaitan & Co, Trilegal and Linklaters worked on JSW Infrastructure’s landmark qualified institutional placement (QIP) of shares valued at around INR75 billion (USD875 million). It is the first QIP in India to comprise both a fresh issue of shares and an offering of existing stock for sale.
Khaitan & Co counselled JSW Infrastructure and the Sajjan Jindal Family Trust. The deal team included executive director Sudhir Bassi, and partners Madhur Kohli and Vaibhav Mittal, with the assistance of associates Sairandhri Nawale, Siddharth Jain and Ayesha Khosla.
Trilegal advised the placement agents comprising JM Financial, Avendus Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), Jefferies India, and SBI Capital Markets.
“This transaction represents a significant development in the Indian capital markets, being the first qualified institutional placement in India to combine a fresh issue and an offer for sale in a single transaction,” said Richa Choudhary, Trilegal partner who co-led the team.
“It establishes an innovative structure that enables listed companies to simultaneously meet minimum public shareholding requirements while raising fresh capital to support their growth objectives. The transaction also reflects strong investor confidence in India’s infrastructure sector. We are pleased to have advised on this pioneering transaction.”
Partners Choudhary and Maitreya Rajurkar led the team, with support from senior associates Sanya Chaudhari and Shivayana Balodia, and associates Dinank Bhanot and Sakshi Nalawade.
The Sajjan Jindal Family Trust participated as the promoter-selling shareholder in sale of existing shares, enabling JSW Infrastructure to achieve the minimum public shareholding requirement while simultaneously raising fresh capital.
The transaction establishes a new structuring precedent in the Indian capital markets by enabling listed companies to meet minimum public shareholding requirements while raising growth capital through a single transaction.
The QIP proceeds are expected to fund the capital expenditure requirements of certain subsidiaries for the development of ongoing projects and to repay certain borrowings of JSW Infrastructure and its subsidiaries.
Linklaters acted as international legal counsel for the bookrunning lead managers.
JSW Infrastructure is India’s fastest-growing ports and logistics company and the country’s second-largest commercial port operator. Trilegal had previously advised on the company’s initial public offering.
