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First DSK IPO (out of 5) in a while, acts with CAM on $119m issue of state-run defence firm Bharat Dynamics

Hyderabad-based defence equipment PSU, Bharat Dynamics is set to raise Rs 960 crores (around $119m) through a 12% stake sale by way of an initial public offering of 2.2 crore shares, as a part of the government’s divestment programme, reported The Economic Times and Mint. The issue will open on the March 13, 2018 and close on March 15, with a price band fixed at Rs 413- Rs 428 per share.

DSK Legal acted as the Indian legal counsel and assisted Bharat Dynamics in the drafting of the DRHP, RHP with the SEBI, drafting and reviewing of all agreements relating to the offer and carrying out customary due-diligence in the issue. The team was led by partners Tushar Ajinkya, Ajay Shaw and Niraj Kumar along with principal associate Avinash Poojari, senior associate Himani Sharma, and associates Akanksha Tiwary, Akanksha Dubey, Soham Mookherjee, Chirag Jain and Jinal Shah.

Riker Danzig Scherer Hyland & Perretti represented as the as international legal counsel for Bharat Dynamics in the issue.

Cyril Amarchand Mangaldas acted as the Indian legal counsel for SBI Capital Markets, IDBI Capital Markets and Securities and Yes Securities, the book running lead managers to the issue.

Incorporated in 1970, Bharat Dynamics is engaged in the manufacturing of surface-to-air and anti-tank guided missiles, launchers, underwater weapons and test equipment for the defence sector and currently operates from three manufacturing facilities located in Hyderabad, Bhanur and Visakhapatnam.

DSK CM foray

DSK did not feature at all in our 2017 IPO league table.

DSK managing partner Anand Desai had told us only last month that the firm's capital markets practice wasn't significant enough to merit a standalone vertical from a management perspective.

However, a firm spokesperson told us that DSK was currently advising on four more IPOs, besides this one, with the draft red herring prospectus (DRHP) having been filed for RITES Limited.

2018-01-22

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing. If you are or know one of the lawyers who acted on this deal but has not been credited, please leave a comment below (marked not for publication), preferably with your name and email address, and we will update the report.

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Like +1 Object -1 DIPAM 10 Mar 18, 07:56
Author needs to correct the content.
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