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KhaitanCo nabs IPO after adviser reshuffle drops JSA

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Khaitan & Co has benefited as tour operator Cox & Kings overhauled its roster of IPO advisers, dropping J Sagar Associates (JSA), which had advised on the aborted 2008 flotation.

Khaitan & Co Mumbai capital markets partner Nikhilesh Panchal is leading the team for Cox & Kings on this year's revived Rs 400 crore ($92m) initial public offering (IPO).

JSA's former Mumbai partner Srinivas Parthasarathy led the original IPO, which filed its draft prospectus in January 2008. However, it is understood that Srinivas he had left to join Allen & Overy (A&O) part-way through the ongoing transaction.

Srinivas has since moved on from A&O to join its Indian best friend Trilegal, as reported last week.

After Cox & Kings' 2008 IPO was shelved due to adverse market conditions, the company has now revived the offer.

However, for the ongoing issue, the company has re-drawn its list of advisers resulting in Khaitan & Co replacing JSA.

Enam Securities was the original book running lead manager. India Infoline has now stepped into that role.

The reason for Cox & Kings changing its advisers could not be confirmed authoritatively.

When contacted by Legally India, Khaitan & Co, JSA, Srinivas and the company declined to comment.

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