Shardul Amarchand Mangaldas & Co (SAM) advised NSE and BSE-listed chemicals manufacturer Rossari Biotech in its recent acquisition of Unitop Chemicals. Khaitan & Co advised Unitop Chemicals and its promoters.
The INR4.21 billion (USD57.6 million) acquisition, which was announced on 2 June, will be in stages, with Rossari Biotech initially acquiring a 65% stake by the second quarter of the current financial year. The remaining 35% will be acquired in the next two years.
SAM’s team was led by partner Abhishek Guha and comprised counsel Jagriti Mohata, principal associate Shashank Prabhakar, senior associate Ekta Chandan and associates Purva Phadke and Vyoma Mehta.
In July 2020, SAM’s capital market practice had advised Rossari Biotech on its INR4.96 billion IPO, which was oversubscribed nearly 80 times and was the first in India since the 24 March 2020 pandemic lockdown.
Khaitan & Co’s team comprised partners Vineet Shingal and Vidushi Gupta, and senior associate Soumil Garg, while tax practice director Vinita Krishnan and principal associate Rahul Jain assisted on tax matters.
Rossari Biotech, which recently carried out a INR3 billion preferential issue of equity, said it planned to fund the Unitop acquisition through cash on balance sheet, and did not intend to raise any debt for the acquisition, adding the deal “brings further dynamics to Rossari’s growth story”.