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Amarchand, Khaitan, Jones Day get Adani Ports out of SEBI hot water with $180m IPP

Shares de-ported
Shares de-ported
Amarchand Mangaldas advised India’s largest special economic zone and private ports operator Adani Ports on its 5 June $180m (Rs 1038.7 crore) institutional placement program (IPP) to comply with the Securities and Exchange Board of India’s (SEBI) 3 June deadline for companies increasing public shareholding to 25 per cent.

Jones Day and Khaitan & Co advised DSP Merrill Lynch, Morgan Stanley, Goldman Sachs, Standard Chartered, SBI Capital Markets, Axis Capital, Citi, Deutsche Equities, IDFC and Macquarie Capital on the issue.

Amarchand Mangaldas Mumbai partner Gaurav Gupte acted for Adani Ports which was one among the 105 non-compliant companies against which SEBI had passed an order on 4 June 2013.

Jones Day capital markets Manoj Bhargava and tax partner Colleen Laduzinski with associates Nikhil Naredi, Kevin Khan and Brandon Morris, and Khaitan & Co Mumbai capital markets partner Nikhilesh Panchal with capital markets executive director Sudhir Bassi acted for the banks.

By the 4 June order SEBI had frozen the voting rights and buying, selling and other rights to deal in the excess shareholding held by the promoters of the defaulting companies, and had also barred their shareholders and directors from holding new directorships.

Following the IPP, which was subscribed 2.27 times, the public holding in Adani Ports has gone up to 25.83 per cent, as reported by Mint.

The promoters offloading some of their Adani shares included Singapore’s sovereign investment fund GIC, which sold over half of its shares in Adani Ports and Special Economic Zone for Rs 290 crore, reported VCCircle.

Photo by zigazou

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