Khaitan & Co offers guidance to brokers for a ₹2,800 crore share trade of Sai Life Sciences

In a significant development, Khaitan & Co, a leading Indian law firm, has played a pivotal role in a recent transaction involving the sale of equity shares in Sai Life Sciences Limited. The sale, which was not an initial public offering (IPO) or a merger or acquisition, was conducted on the floor of the stock exchange by way of a block sale.

The transaction saw TPG Group's affiliate, TPG Asia VII SF Pte Ltd, parting ways with its equity shares in Sai Life Sciences Limited. The total consideration for the sale was a substantial ₹2,800 crore.

Chirayu Chandani, a Partner at Khaitan & Co, and Hrithik Khurana, a Senior Associate, were key contributors to the legal work carried out for this transaction. They headed the legal team at Khaitan & Co, which also included other members.

Sai Life Sciences Limited was not advised by Khaitan & Co in this transaction. Instead, the legal team at Khaitan & Co advised the brokers Jefferies India Private Limited, IIFL Capital Services Limited, and Kotak Securities Limited, who were involved in the sale of shares to Sai Life Sciences Limited by TPG Asia VII SF Pte Ltd. The identities of the lawyers from Khaitan & Co who advised these brokers have not been publicly disclosed.

It is worth noting that this transaction was not a private placement of shares. The sale of equity shares marked a significant shift in the ownership structure of Sai Life Sciences Limited.

Hrithik Khurana and Chirayu Chandani were both part of the legal team for the sale of equity shares in Sai Life Sciences Limited. Their roles in the transaction were as Partners and Senior Associate, respectively, at Khaitan & Co.

This transaction underscores Khaitan & Co's expertise in complex M&A and capital markets transactions, reinforcing their position as a leading law firm in India.