Khaitan & Co. acted as legal counsel to the Book Running Lead Managers (Edelweiss Financial Services Limited, Axis Capital Limited, ICICI Securities Limited, JM Financial Limited and YES Securities (India) Limited) in relation to proposed initial public offering of equity shares of Penna Cement Industries Limited, aggregating up to INR 15,500 million comprising a fresh issue of equity shares aggregating up to INR 13,000 million and an offer for sale of equity shares aggregating up to INR 2,500 million by the promoter, PR Cement Holdings Limited.

Proposed initial public offering of equity shares of Penna Cement Industries Limited, aggregating up to INR 15,500 million comprising a fresh issue of equity shares aggregating up to INR 13,000 million and an offer for sale of equity shares aggregating up to INR 2,500 million by the promoter, P R Cement Holdings Limited. Penna Cement Industries Limited is one of the largest privately held cement companies in India and a leading integrated cement player in terms of cement production capacity with a strong brand recall in the southern and western states of India.

It has over 25 years of experience in the cement manufacturing industry. Total Consideration for the deal was for USD 213 Million. Team comprised of Sudhir Bassi (Executive Director), Aditya Cheriyan (Partner), Chirayu Chandani (Counsel), Drishti Barar (Associate), Ritika Khare (Associate).