DSK Legal Advised Solara Active Pharma Sciences Ltd. On ₹449.95 Cr Rights Issue
DSK Legal Advised Solara Active Pharma Sciences Ltd. On ₹449.95 Cr Rights Issue
DSK Legal advised and assisted Solara Active Pharma Sciences Limited (the “Company”) in relation to the submission of the letter of offer dated May 9, 2024 (the “Letter of Offer”) for the issuance of 1,19,98,755 partly paid-up equity shares with a face value of ₹10 each at an issue price of ₹375 per equity share.
This issuance is aimed at eligible equity shareholders of the Company in a ratio of 1:3, with the objective of raising ₹449.95 crores through a fast-track Rights Issue.
The Company, an India-based R&D-focused API firm, specializes in manufacturing and developing active pharmaceutical ingredients. It also offers services such as contract research and manufacturing for semi-synthetic new chemical entity APIs.
The Rights Issue aims to raise funds in multiple instalments, with an application price of ₹131.25 per equity share, totalling ₹157.48 crores. The transaction commenced on May 28, 2024, and concluded on June 11, 2024. Following the issuance, the Company's equity shares under the Rights Issue will be listed on both the BSE and NSE for trading.
DSK Legal’s involvement in the Transaction Encompassed Comprehensive Legal Support, Including Conducting Diligence and Drafting the Letter of Offer; drafting all board resolutions, shareholder resolutions, publicity guidelines, and intimations to the stock exchanges required in relation to the Transaction; reviewing and commenting on the issue agreement, registrar agreement, banker to the issue agreement, and monitoring agency agreement; and reviewing and commenting on the standard certificates, auditor certificates, application forms, and publicity materials.
The deal team at DSK Legal Consisted Avinash Poojari (Associate Partner) and Akanksha Dubey (Principal Associate), with Engagement Partners Ajay Shaw and Gaurav Mistry.
Anand Desai, Managing Partner at DSK Legal, acted as the Relationship Partner.
