Trilegal and CMS INDUSLAW advised on Gujarat Themis Biosyn’s INR 750 crore QIP.

Gujarat Themis Biosyn Limited undertook a qualified institutions placement (QIP) of equity shares aggregating to INR 7.50 billion (approximately INR 750 crore), with Nuvama Wealth Management Limited, 360 ONE WAM Limited and Saffron Capital Advisors Private Limited acting as placement agents. A notable aspect of the transaction was the proposed utilisation of the QIP proceeds to fund the overseas acquisition of MicroBiopharm Japan Co. Ltd. (“MBJ”), requiring distinct disclosure and structuring considerations at the intersection of Indian capital markets and exchange control regulations.

Gujarat Themis is a fermentation-based pharmaceuticals company with expertise across fermentation processes, product development and commercial manufacturing. The company is among the largest manufacturers of Rifamycin intermediates in India and was the first to commence commercial production of Rifamycin intermediates.

The offering was made to qualified institutional buyers outside the United States in “offshore transactions” as defined in Regulation S under the U.S. Securities Act, 1933, as amended.

Trilegal advised Gujarat Themis Biosyn on the QIP.

The transaction team was led by Partners Richa Choudhary and Maitreya Rajurkar, Counsel Avanti Kale, Senior Associate Ayush Khandelwal, and Associates Siddhant Mishra, Naman Shah and Adya Singh.

CMS INDUSLAW acted as Indian legal counsel to the placement agents on the Indian law aspects of the offering, including regulatory and securities law considerations and matters relating to the successful execution and completion of the QIP.

The Capital Markets team was led by Partners Kaushik Mukherjee and Kanika Sachdeva, with support from Associates Yash Chhikara, Vaishnavi Tiwari, Aroosh Tarwani, Vikhyaat Maheshwari and Dhairya Gawde, and Associate Trainees Roshan Bali and Janhavi Deo Yadav.