Pioneer Legal, one of India’s youngest and fast growing M&A and PE firm was the legal advisor in the reverse merger between Excel Crop Care Limited (“ECC”) and Sumitomo Chemical India Limited (“SCIL”) wherein ECC, a listed entity has been merged with SCIL, an unlisted entity.

Pioneer Legal advised and played a significant role in drafting of the scheme of merger and advising on various aspects relating to the merger. In addition to preparing the draft and final Information Memorandum to be filed for the subsequent listing of the shares of SCIL as per the SEBI Regulations, Pioneer Legal was involved in the drafting and reviewing of the public advertisement published for listing of shares of SCIL as per the SEBI Regulations.

Pioneer Legal was substantially involved in assisting the review and finalization of the listing application and other related documents.

Managing Partner Satish Kishanchandani, assisted by Counsel Shoubhik Dasgupta and Associates Eishan Agnihotri and Pavana Padmakumar were involved from the Pioneer Legal team.

Post the merger, SCIL was required to issue and allot shares to the shareholders of ECC, in accordance with the share exchange ratio provided under the scheme of merger. Thereafter, the shares of SCIL have been listed on the Bombay Stock Exchange and the National Stock Exchange and have commenced trading on January 27, 2020.

The market capitalization of SCIL on the day of listing was at approximately INR 10,220.01 Crores.

*This is the first reverse merger for Pioneer Legal and is the 5th reverse merger that has taken place in the country. The reverse mergers in the past have been either undertaken between two business arms of the same organization or with a wholly owned subsidiary. These are Yatra,  ICICI (Industrial Credit and Investment Corp of India) and two of its wholly-owned subsidiaries, ICICI Personal Financial Services and ICICI capital Services, reverse-merged with ICICI Bank in 2002. Industrial Development Bank of India (IDBI) was reverse-merged with its commercial banking arm, IDBI Bank, and has since become IDBI Bank. In 2013, Indiabulls Financial Services reverse-merged into its wholly-owned subsidiary Indianbulls Housing Finance.