J. Sagar Associates (JSA) advised Axis Capital Limited and IIFL Securities Limited (collectively, the BRLMs) in relation to the qualified institutions placement (QIP) of Dilip Buildcon Limited (Dilip Buildcon).
Dilip Buildcon had filed a placement document on April 26, 2021, for issue of 9,445,203 equity shares to qualified institutional buyers aggregating to ₹ 5,100.41 million.
This QIP was a transaction amidst, the rapidly increasing COVID-19 cases in India and the volatile stock market.
Dilip Buildcon is a large infrastructure development company with capabilities in roads, special bridges, tunnels, mining excavation, mining development and operations, dams, canals, metro rail viaduct, airports, railways and industrial, commercial and residential buildings, with a presence in 19 states in India. As of December 31, 2020, Dilip Buildcon had completed the construction of 130 projects across 15 states in India, out of which 122 were road projects with an aggregate length of approximately 16,895.71 Lane kms.
JSA team comprised Lead Partner – Arka Mookerjee, Partners – Siddhartha Desai and Pracheta Bhattacharya, Senior Associate – Krupa Brahmbhatt and Associate – Aniran Ghoshal.
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.