Ajai focuses on capital markets transactions and has advised on several domestic capital market transactions including initial public offerings (IPOs), rights issues and qualified institutional placements (QIPs), structuring for equity/quasi-equity fundraising, mergers, demergers, and acquisition of listed companies.
Ajai’s practice also addresses the regulatory issues, listing, general compliance for listed entities, and appearing in adjudication proceedings before the Securities and Exchange Board of India (SEBI) and the Securities Appellate Tribunal (SAT). His regulatory practice extends to advisory and representation in relation to takeovers, prevention of fraudulent practices, and insider trading.
His experience as an investment banker and a qualified Chartered Accountant have helped him gain an understanding of processes and market dynamics, which has been extremely valuable as to his practice.
- Representing W.S. Industries (India) Limited before Securities Appellate Tribunal regarding issues under Securities and Exchange Board of India Act, 1992 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.
- Advising Centrum Capital Limited and Ebix, Inc. and its subsidiaries on the open offer made by Ebix group companies to shareholders of Weizmann Forex Limited aggregating approximately INR 1.47 billion.
- Advising ICICI Securities Limited and Essel Group on the open offer by an Essel Group entity to shareholders of LKP Finance Limited aggregating approximately INR 647 million.
- Advising Inga Capital Private Limited, Investec Capital Services (India) Private Limited, and SREI Capital Markets Limited, the underwriters on public issue of equity shares by Bharat Road Network Limited aggregating approximately INR 6 billion.
- Advising Spark Capital Advisors (India) Private Limited, lead manager and Intellect Design Arena Limited, issuer on rights issue of equity shares by the issuer aggregating approximately INR 2 billion.
- Advising Anjani Portland Cement Limited (part of Chettinad Group) on its proposed issue of shares on a rights basis aggregating approximately INR 750 million.
- Representing B. Ramalinga Raju and B. Rama Raju before Securities Appellate Tribunal regarding issues under Securities and Exchange Board of India Act, 1992, SEBI (Prohibition of Insider Trading) Regulations, 1992, and SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to the Securities Market) Regulations, 2003.
- Representing Almondz Global Securities Limited before Securities Appellate Tribunal regarding issues under SEBI (Issue of Capital and Disclosures Requirements) Regulations, 2009.
- Advising ICICI Securities Limited, lead manager and a number of acquirers on an open offer to shareholders of Intec Capital Limited aggregating approximately INR 522.65 million.
- Advising IDBI Capital Market Services Limited, book running lead manager and MobME Wireless Solutions Limited, issuer as the domestic counsel on initial public offering of the issuer.
- Advising Elara Capital (India) Private Limited, lead manager on the open offer to shareholders of Fortune Financial Services (India) Limited aggregating approximately INR 552 million.
- Advising Equirus Capital (P) Limited, lead manager and HAL Offshore Limited, acquirer on: (i) acquisition of shares of Seamec Limited from Technip S.A; and (ii) subsequent open offer to shareholders of Seamec Limited aggregating approximately INR 2.47 billion.