Shardul Amarchand Mangaldas & Co. advised Tenneco Clean Air India on its ₹3,600 crore initial public offering
The Leading Law firm in India, Shardul Amarchand Mangaldas & Co. (SAM) advised Tenneco Clean Air India Limited on its ₹3,600 crore (US$406 million) initial public offering, comprising an offer for sale of 90,680,100 equity shares by the promoter selling shareholder.
Tenneco Clean Air India is the largest supplier of clean air solutions to certain categories of Indian OEMs, with a market share of more than 50% in Fiscal 2025. The issue closed with an oversubscription of 174.78 times in the QIB portion and an overall oversubscription of 61.79 times.
The SAM transaction team for Tenneco Clean Air India Limited was led by Sayantan Dutta (Partner), with support from Sanjana Chowdhary (Principal Associate), Rishika Kharbanda (Associate) and Satakshi N Dixit (Associate). Prashant Gupta (National Practice Head, Capital Markets) provided strategic inputs to the deal.
The SAM transaction team for the promoter selling shareholders was led by Manjari Tyagi (Partner), supported by Jheel Bhargava (Senior Associate) and Bhumika Panigrahi (Associate).
The SAM capital markets team was also supported on the corporate advisory for pre-IPO restructuring as well as the pre-IPO placement by Gunjan Shah (Partner), Karun Prakash (Partner), Sangamitra Sankaraiah (Partner), Tanay Khanna (Principal Associate), Simran Khullar (Senior Associate) and Aradhana Parmeshwar (Associate).
The SAM employment law team was led by Pooja Ramchandani (Partner), Kriti Kaushik (Partner), Istuti Kapoor (Senior Associate) and Rakshita Mehta (Associate).
The SAM governance and compliance team was led by Alina Arora (Partner) and Parth Singh (Partner).
Rohan Arora (Partner) advised on the competition law aspects.
Khaitan & Co LLP acted as Indian legal counsel to the book running lead managers.
Allen Overy Shearman Sterling LLP acted as US legal counsel to the book running lead managers.
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