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L&L Partners Advises on Major IPO for Indian Pipe Manufacturer
Interlaw’s partner firm in India, L&L Partners, has advised Venus Pipes & Tubes Limited and SMC Capitals Limited (the ‘BRLM’) on a proposed Initial Public Offering (IPO) to raise funds for expansion.
The IPO comprises a fresh issue of 50,74,100 equity shares in Venus Pipes & Tubes - which manufactures stainless steel welded and seamless pipes, tubes and u-tubes - aggregating up to Rs 175 crores. The company intends to use the proceeds for financing the project costs towards capacity expansion and backward integration for the manufacturing of hollow pipes to meet their long-term working capital requirements, as well as other general corporate purposes.
L&L Partners acted as the sole legal counsel to Venus Pipes & Tubes Ltd and the BRLM and was involved in conducting diligence and drafting of the offer documents, standard certificates and agreements. The firm also provided advice on various additional aspects under Indian law.
The transaction team was led by partner Geeta Dhania, partner designate Prashaant Vikram Rajput, who were assisted by associates Tripti Pandey, Apurva Singh, Rohit Patni, Sakshi Mandal and Ridhi Jain.
