J. Sagar Associates (JSA) advised Aarti Industries Limited (Aarti Industries), Edelweiss Financial Services Limited, Ambit Private Limited and Kotak Mahindra Capital Company Limited (collectively, GCBRLMs) in relation to the qualified institutions placement of Aarti Industries. It had filed a placement document on June 30, 2021, for issue of 14,035,087 equity shares to qualified institutional buyers aggregating to ₹ 12,000 million.
Aarti Industries is the leading specialty chemical manufacturer producing benzene-based derivatives in India, as of March 2021, and it also ranks among the largest players globally across various processes such as chlorination, nitration, and hydrogenation (in volume terms) as of March 2021 (Source: CRISIL Report). As of March 31, 2021, Aarti Industries’ product portfolio comprised over 200 products which were manufactured at its 20 manufacturing plants and marketed to more than 400 global customers in over 60 countries and 700 domestic customers.
A majority of Aarti Industries’ products are exported to the USA, several countries in Europe, China, Japan and other parts of the world; and are used in end-user applications such as in agrochemicals, pharmaceuticals, polymer additives, paints, pigments and dyes, fuel additives, FMCG applications and beverages.
This deal was concluded in four months from the date of its kick-off. With the completion of this deal, JSA has successfully advised in six QIPs in Q1 of FY 2022.
JSA team comprised Lead Partner – Arka Mookerjee, Partner – Siddhartha Desai, Senior Associate – Krupa Brahmbhatt and Associate – Sourav Modi.
Arka’s practice area covers primarily equity capital markets issuances which covers a wide range of products such as Initial Public Offerings, Rights Issues, Qualified Institutions Placements, Initial Public Offering of Infrastructure Trusts and foreign currency convertible bonds.