JSA acts on Aether Industries $73 million Offer for Sale

JSA Advocates & Solicitors advised Purnima Ashwin Desai, a promoter of Aether Industries Limited, on the approximately $73 million Offer for Sale (OFS) of the company’s shares through the stock exchange mechanism.

The firm also advised the appointed brokers – DAM Capital Advisors Limited, JM Financial Services Limited, and UBS Securities India Private Limited – on various aspects of the transaction.

The transaction team consisted of Arka Mookerjee (Lead Partner), Siddhartha Desai (Partner) and Kairav Parikh (Principal Associate).

The OFS was held on May 13 and 14, 2025, with promoter Purnima Desai offering up to 89.79 lakh equity shares, representing 6.77% of the company's total equity. The floor price was set at ₹700 per share, approximately 13% below the previous closing price of ₹806.30.

The sale aimed to bring down promoter holding from 81.77% to 75%, aligning with the regulatory requirement of at least 25% public shareholding for listed companies. The OFS was structured over two days: May 13 for non-retail investors and May 14 for retail investors and unallocated non-retail bids.

Aether Industries Limited, based out of Surat (Gujarat, India), focuses on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies. Their products find application in the pharmaceutical, agrochemical, material science, coating, high performance photography, additive, and oil and gas segments of the chemical industry.

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