Crawford Bayley & Co and Luthra and Luthra are guiding tech-driven jewellery manufacturer Master Chains N Jewels on a proposed an initial public offering (IPO) on the main board of the BSE and the National Stock Exchange of India.
Luthra and Luthra Law Offices counselled bookrunning lead manager Systematix Corporate Services, while Crawford Bayley & Co acted for Master Chains N Jewels.
The proposed IPO comprises a fresh issue of shares valued at up to INR4 billion (USD41.88 million) and the promoter selling shareholder offering up to 5,906,250 existing stock for sale.
Luthra and Luthra managing associate Kshitij Asthana led the team, with support from associates Savar Arora, Ashutosh Anand, Ashwin Singh, Kumar Anant Ashish and Manali Singh, along with strategic inputs from partner Akshit Kapoor.
They advised Systematix on legal and regulatory aspects, including customary legal and secretarial due diligence on Master Chains, review of the business and non-business sections of the draft red herring prospectus, preparation of line-by-line backup, and drafting and negotiation of customary certificates, consent letters, auditor and expert deliverables as well as lender, customer and third-party consent formats.
The firm’s team also reviewed constitutional and shareholder documents from an IPO compliance perspective, transaction materials and due diligence repositories, and assisted with the Securities and Exchange Board of India and stock exchange-related filings.
The proposed offering includes a contemplated pre-IPO placement of specified securities of up to INR800 million prior to the filing of the red herring prospectus with the Registrar of Companies.
Master Chains N Jewels is a technology-driven jewellery manufacturer, combining state-of-the-art machinery, innovative design, master craftsmanship and technical expertise to challenge conventional practices in jewellery production.
