J Sagar in Vardhaman QIP
Vardhaman Special Steels (VSSL) issued 3.5 million shares through a qualified institutional placement that aggregated to ₹500 million (US$7.6 million). VSSL’s product portfolio comprises alloy steel bars and bright bars of various specifications, which finds application in the auto, engineering, bearings and allied industries. J Sagar Associates advised VSSL and the book running lead manager, IIFL Holdings.
SmartShift to merge
Mahindra’s logistics platform SmartShift announced it will merge with Resfeber Labs’ Porter, an on-demand app to hire trucks and other vehicles.
The merged company will be called Mahindra SmartShift. The merger will help both SmartShift and Porter reach a pan-India presence in the shared mobility space. Mahindra will invest ₹650 million (US$9.9 million) in the two entities.
Dua Associates acted for SmartShift, while Verist Law advised Porter. This merger is subject to corporate and regulatory approvals.
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