Khaitan & Co. acted as the sole legal counsel to the Book Running Lead Managers (Edelweiss Financial Services Limited, IIFL Holdings Limited, JM Financial Limited and YES Securities India Limited in relation to filing of Draft Red Herring Prospectus (DRHP) for the proposed initial public offering (IPO) by Penna Cement Industries Limited. The IPO comprises fresh issuance of shares worth up to Rs 1,300 crore, besides, an offer for sale of up to Rs 250 crore by company’s promoter PR Cement Holdings, according to the draft red herring prospectus (DRHP) filed with SEBI. Proceeds of the issue will be utilised for repayment of certain borrowings availed by the company and for other general corporate purposes. Edelweiss Financial Services, IIFL Holdings, JM Financial and Yes Securities will manage the company’s public issue. The core team consisted of Sudhir Bassi (Executive Director), Aditya Cheriyan (Partner), Chirayu Chandani (Principal Associate), Soumya Mohapatra (Principal Associate), Richa Yadav (Associate) and Drishti Barar (Associate).