India: Trilegal, Khaitan & Co Advise on Runwal Enterprises IPO

• Runwal Enterprises Limited has launched an initial public offering aiming to raise approximately ₹500 crore.
• The IPO consists of a fresh issue of 16,398,962 equity shares.
• Trilegal advised Runwal Enterprises, with partners Richa Choudhary and Maitreya Rajurkar leading the legal team.
• Khaitan & Co provided counsel to the Book Running Lead Managers, ICICI Securities Limited (which was delisted on March 24, 2025, following its merger with ICICI Bank) and Jefferies India Private Limited, with Sudhir Bassi and Madhur Kohli among the key advisors.
• The proceeds from the offering are intended for the repayment or prepayment of certain borrowings by Runwal Enterprises and its subsidiaries.

The complex legal aspects of the Runwal Enterprises Limited IPO were managed by two prominent law firms, Trilegal and Khaitan & Co, each representing different parties in the transaction.

Runwal Enterprises Limited has embarked on a significant capital-raising endeavor by launching an initial public offering (IPO) aimed at securing approximately ₹500 crore. This substantial offering primarily consists of a fresh issue of 16,398,962 equity shares, marking a notable event for the real estate developer in the Indian market.

Runwal Enterprises, operating through its various subsidiaries, joint ventures, and associates (collectively the REL Group), is a prominent player in the real estate sector. The company's portfolio spans the entire spectrum of real estate development, with a particular focus on residential projects that cater to diverse segments, including affordable, mid-income, and luxury housing. Beyond residential properties, the REL Group also develops commercial spaces, retail malls, and educational buildings, showcasing a broad and diversified operational footprint.

The primary objective for the proceeds generated from this IPO is strategic financial restructuring. Runwal Enterprises intends to utilize the funds for the repayment or prepayment, either in full or in part, of specific borrowings that have been availed by the REL Group and its subsidiaries. This move is designed to strengthen the company's financial position and optimize its capital structure.

The complex legal aspects of the Runwal Enterprises Limited IPO were managed by two prominent law firms, Trilegal and Khaitan & Co, each representing different parties in the transaction. Trilegal served as the legal counsel for Runwal Enterprises itself, guiding the company through the intricate process of its initial public offering. The Trilegal team was spearheaded by partners Richa Choudhary and Maitreya Rajurkar, with significant support from Pooja Tada, a Senior Associate, and associates Yug Gambhir, Siddhant Mishra, Samruddhi Varma, Shreyansh Gupta, and Arnab Goswami. Additionally, Sai Krishna Bharathan, another partner at Trilegal, provided crucial strategic inputs throughout the transaction, highlighting the depth of expertise brought to the Trilegal IPO counsel India team.

On the other side of the transaction, Khaitan & Co provided legal advisory services to the Book Running Lead Managers (BRLMs) for the IPO. These BRLMs were ICICI Securities Limited (which was delisted on March 24, 2025, following its merger with ICICI Bank) and Jefferies India Private Limited, key financial institutions facilitating the offering. The Khaitan & Co capital markets team advising the ICICI Securities Jefferies IPO advisors included Sudhir Bassi, an Executive Director specializing in Capital Markets, and Madhur Kohli, a Partner. They were supported by Nagashayana Srinivasaiah, also a Partner, Tharun Vadlapatla, a Senior Associate, and associates Varun Nair, Rupa Veena S, Shreya Shetty GR, and Siddharth Melepurath. The involvement of both Trilegal Khaitan & Co in the Runwal Enterprises IPO underscores the collaborative and specialized legal support required for such significant capital market events in India.

The decision by Runwal Enterprises to launch a ₹500 crore IPO, comprising a fresh issue of over 16 million equity shares, reflects a strategic move to access public capital markets for corporate growth and financial stability. This capital infusion is specifically earmarked for the repayment or prepayment of existing borrowings, a common and prudent financial strategy for companies looking to de-leverage and improve their balance sheet health.

This transaction highlights the ongoing activity in India's real estate sector, where developers like Runwal Enterprises are seeking diverse funding avenues to support their extensive operations. The company's broad engagement in residential, commercial, retail, and educational property development necessitates robust financial backing, and the IPO provides a significant pathway to achieve this. The successful execution of such an offering, with the detailed legal guidance from firms like Trilegal and Khaitan & Co, sets a precedent for other real estate entities considering similar capital-raising initiatives.

Lawyers advising real estate developers on capital raising or involved in IPOs can note the firms and partners active in this space, using this deal as a reference for market activity and potential counsel for similar transactions in the Indian market.

Source: Original reporting via legal industry publication