Khaitan & Co has advised KEI Industries, an electrical wires and cables manufacturer, on its $256 million equity offering through a qualified institutional placement of shares, with Talwar Thakore & Associates and Hogan Lovells acting for the bookrunning lead managers.

The QIP, which opened on November 25 and closed on November 28, saw the issuance of 5.26 million equity shares at a 2.1 percent discount to the floor price. 

The offering attracted robust participation from 104 institutional buyers, including several prominent domestic mutual funds, as per news reports. Kotak Mutual Fund, Motilal Oswal Midcap Fund and Government Pension Fund Global emerged as notable buyers. 

KEI Industries is involved in manufacturing low-tension, high-tension, and extra-high-voltage cables, as well as control and instrumentation and speciality cables, house wires, and stainless-steel wires. The QIP marks KEI Industries’ return to equity markets after its last institutional placement in January 2020. 

The Khaitan deal team included partners Gautham Srinivas and Sathvik Ponnappa, principal associate Pulkit Singh Rahangdale, and associates Shweta Sivaram, Anubhav Jaiswal, Dharini Shanker and Mainak Pani, with assistance from Nandini Didwania and Sarvesh Sharma.

The TT&A team advising the BRLMs Nuvama Wealth Management and Jefferies India comprised partner Abhinav Kumar, senior associate Shubham Sancheti, and associates Indira Satish, Keshav Yadav, and Soham Vakil.

The Hogan Lovells team was led by India practice head and Singapore office managing partner Biswajit Chatterjee with support from Kaustubh George, Varun Jetly, Aditya Rajput, Jayant Bharadwaj, Sanjana Ravjiani, and Rosen Chen.