Saraf and Partners advised Anant Investments, an affiliate of The Carlyle Group on the Initial Public Offering (“IPO”) of Global Health Limited (Medanta) in its capacity as a selling shareholder in the IPO.
The IPO comprised a fresh issue of equity shares of Rs. 500 crore and an offer for sale of Rs. 1,705 crore, aggregating to an issue size of Rs. 2,205 crore, making it the largest ever in the hospital sector in India.
The IPO was oversubscribed 9.58 times and the equity shares were listed on National Stock Exchange of India Limited and BSE Limited at a premium of approximately 20% to the issue price.
Kotak Mahindra Capital Company Limited, Credit Suisse Securities (India) Private Limited, Jefferies India Private Limited, and JM Financial Limited were the book running lead managers (“BRLMs”) for the IPO.
S&R Associates acted as legal advisors to Medanta on Indian law aspects. AZB & Partners acted as legal advisors to the BRLMs on Indian law aspects. Allen & Overy acted as legal advisors to the BRLMs as to international law. White & Case advised Anant Investments as to international law and J Sagar Associates advised selling shareholders, Sunil Sachdeva and Suman Sachdeva on Indian law aspects.
The Saraf and Partners team was led by Partner, Murtaza Zoomkawala ably assisted by Associates, Rainika Malhotra, Ipsita Pallavi Sahoo and Paralegal, Apoorva Tyagi.