The Firm has a premier capital markets practice, showcased by our involvement on large, complex and marquee transactions. We are especially recognized for our understanding of regulatory expectations in a fast-growing capital market, characterized by rapid change and innovation.
Our capital markets practice covers the full spectrum of domestic and cross-border securities markets products, specializing in equity, debt, and hybrid listings. We also advise our clients on restructuring and liability management transactions. Members of our team have advised on a broad range of Rule 144A and Regulation S capital markets transactions for leading Indian companies across a range of industries.
The team advises on capital markets offerings across products types, issuers and sectors. Our experience includes advising on capital markets offerings by Government and private sector issuers in a wide variety of sectors.
Our lawyers draw on their deep product expertise to advise debut and repeat issuers (some being the largest companies in India), sponsors, selling shareholders, underwriters, and financial institutions such as large funds and private equity investors on their capital market transactions.
The Firm routinely works with specialist regulatory, restructuring, banking and finance and dispute resolution teams, maintain strong relationships with key international and Indian investment banks as well as top-tier international law firms, and work seamlessly with them to deliver innovative funding solutions and bring several deals to closure.
Over the last decade, the Firm has advised on the largest Indian IPO (Coal India), the first Indian business trust listing in Singapore (Ascendas), India’s first sovereign blue-chip equity ETF (CPSE ETF), the first Indian public offering priced French-auction style (NTPC) and the first offer for sale transaction by the government of its shares to the public on Indian stock exchanges (ONGC).
Geeta Dhania is a Partner in the Capital Markets practice and is based in New Delhi. She has led transactions that include domestic and international listings of equity, debt and convertible securities, and span private placements and public offerings by issuers across a wide range of industries.
Ms. Dhania has advised on some of the largest transactions in the Indian capital markets, including the Central Public Sector Enterprises (CPSE) ETF; Initial Public Offering (IPO) of Coal India etc.
Other transactions of significance which Ms. Dhania has advised on include the stake sale by Government of India in ONGC through an offer for sale on the stock exchanges, the issue of perpetual debt securities and listing on the SGX-ST by Ballarpur. In addition, Ms. Dhania works closely with leading investment banks in India on various corporate and securities law matters.
Capital Markets/ General Corporate/ Transactional Experience
- Advised on some of the largest transactions in the Indian capital markets, including the Central Public Sector Enterprises (CPSE) ETF; IPO of Coal India, Reliance Nippon, Reliance General Insurance, Ujjivan Financial Services, Mas Financial Services, Security and Intelligence Services, HUDCO, MOIL, Muthoot Finance; qualified institutions placement of CESC, Indiabulls Housing Finance, Edelweiss Financial Services, Yes Bank Limited; and follow on public offerings by Engineers India, REC, NTPC Limited.
Initial Listings in India
- Acting as counsels to the book running lead managers (Axis capital, BoB Capital Markets, Dam Capital and SBI Capital Markets) on the INR 5,000 million proposed IPO by Lava international Limited.
Qualified Institutions Placement (QIP)
- Acted as the counsel to the book running lead managers in relation to QIP by Ujjivan Small Finance Bank.
- Acted as counsel to the company in relation to INR 31,728 million QIP by DLF Limited.
Sale on the Stock Exchanges
- Acted as counsel to the Government of India in the offer for sale of equity shares of Oil and Natural Gas Corporation.
Girish Rawat is a qualified lawyer and company secretary with close to 15 years of experience. Girish has been involved in numerous complex and high-profile transactions and advises across several sectors, including real estate, projects, infrastructure, hospitality, technology, manufacturing among others.
Girish focuses on banking, finance and restructuring, including structured finance, cross border lending, hybrid debt financing, project finance, acquisition finance, real estate finance as well as restructuring and security enforcement assignments, and the corporate insolvency resolution process.
He actively advises clients on various investment and financing transactions, including bond/ debt securities, both listed and unlisted, buyback of listed securities. He also advises clients on their investment and disinvestment strategies as well as takeover of the listed companies.
Banking and Finance
- Advised Power Finance Corporation Limited in availing external commercial borrowing to the extent of INR 2340 Crore (USD 360 Million) from State Bank of India, Hong Kong Branch.
Projects and Infrastructure
- Advised GRT Jewelers Private Limited on setting up of solar power project with total capacity of 25 MW at various locations in the State of Karnataka.
- Acted as the Lenders’ Legal Counsel to the consortium of lenders comprising of Power Finance Corporation Limited, Rural Electrification Corporation Limited and Bank of India, led by Power Finance Corporation Limited for the financial assistance of INR 3772 Crore to Western UP Power Transmission Company Limited.
- Advised Landmark Infracon Private Limited on acquiring land parcel of 39.0083 acres, situated in the revenue estate of Village Rajokri, Sub-Division, Vasant Vihar, District North West, Delhi.
- Acted as the sole legal counsel to the public issue of tax free bonds in the nature of secured redeemable non-convertible debentures aggregating to INR 5,000 Crore by Housing and Urban Development Company Limited.
With nearly 15 years of invaluable experience under his belt, Karan specializes in rendering advisory and legal assistance in the field of foreign and domestic debt financing in India with clients ranging in various sectors including renewables, roads, ports, steel, thermal power, transmission, airports, hospitality, healthcare, real estate.
Karan has a holistic approach to structuring and negotiating finance and restructuring deals, having advised several stakeholders including borrowers, sponsors, lenders and bond-holders. He has advised clients on myriad financing transactions including project finance, structured finance, corporate finance, restructurings, cross-border financings, debenture issuances and overseas direct investments.
Karan’s roster of clients includes New Development Bank, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.P.A, Bank of America, Siemens Bank GmbH, DBS Bank, Société Générale, Japan Bank for International Cooperation (JBIC), Nordic Investment Bank, State Bank of India, PFC Limited, REC Limited, L&T Finance Limited, ICICI Bank, Tata Capital, Aseem Infrastructure, HDFC Bank, Aditya Birla Finance, Virescent (KKR backed renewable platform), Engie, GIP (Global Infrastructure Partners), Enel Group, the Adani Group, Renew Power, amongst others.
He is a Member of the India Committee of APLMA and is on the Editorial board of EQ, one of India’s premier publishing and research houses for renewable energy in India. He has also been featured in the Asia Law Client Servicing Report, 2020, which highlights lawyers who have consistently delivered high quality service to clients.
- Advised Coöperatieve Rabobank U.A., Intesa Sanpaolo S.P.A, Siemens Bank GmbH and Société Générale in connection with the ECB financing of USD 147 Million provided to Renew Solar Urja Private Limited (part of the Renew Power group) for a 300 MW solar power project in the state of Rajasthan.
- Advised DBS Bank in connection with the ECB financing of SGD 470 Million provided to Bharat Mumbai Container Terminals Private Limited (part of the PSA group, Singapore) for the Phase II of the Fourth Container Terminal at Navi, Mumbai, India.
- Advised Infrastructure Finance Company Limited (United Kingdom) in connection with financial assistance in the form of an external commercial borrowing facility aggregating to approximately USD 31 Million, to a company developing, implementing and setting up a 100 MW (AC) solar power project.
- Advised Renew Surya Roshni Private Limited in connection with ECB facilities availed by it from a consortium of 12 lenders for an amount equivalent to USD Equivalent of INR 77.60 Billion in relation to the financing, construction and operation of a 400 MW capacity "Round The Clock" Project.
- Advised SB Energy Six Private Limited (sponsored by SB Energy Holdings Limited, a part of the SoftBank group) in an ECB financing for an aggregate amount of USD 266,400,000 and JPY 7,415,000,000 involving lenders from various jurisdictions including MUFG Bank Limited, Sumitomo Mitsui Banking Corporation, BNP Paribas, Société Générale and Standard Chartered Bank.
- The deal won 'Indian Green Deal of the Year' award by Project Finance International (PFI) 2020.
- The deal also won the ‘India Green Project of the Year Award’ at Asset Triple A- Asia Infrastructure Awards 2021.
Purvi Dabbiru is a Partner with the Banking & Finance and Project Finance Practice Group at Luthra and Luthra Law Offices India. Having over 11 years of experience in this space, Purvi specializes in rendering advisory and legal assistance in the fields of banking and finance, project finance and debt restructuring space.
Her expertise ranges across sectors including ports, roads, power, renewables, real estate and manufacturing, and with expertise in wide range of financial products, including fund based and non-fund based facilities, private placements of debentures and external commercial borrowings. Having advised various stakeholders including lenders, borrowers, sponsors and guarantors, Purvi has an all-round approach in structuring transactions and negotiating documentation.
- Advised Bharat Mumbai Container Terminals Private Limited (wholly owned subsidiary of PSA International PTE Limited) and PSA International PTE Limited, in relation to an external commercial borrowing (ECB) facility aggregating to approximately SGD 630 Million and certain hedging facility, provided by DBS Bank Limited.
- Assisted Nordic Investment Bank in relation to the facility of SEK 607,000,000 and EUR 8,600,000 provided to Power Grid Corporation of India Limited by Nordic Investment Bank for the purpose of part financing of a project of the company in India consisting of construction of a HVDC multi-terminal system package.
- Advised Infrastructure Finance Company Limited (United Kingdom) in connection with financial assistance in the form of an ECB facility aggregating to approximately USD 31 Million, to a company (confidential) developing, implementing and setting up a 100 MW (AC) solar power project including the transmission line.
- Advised Rajasthan Sun Technique Energy Private Limited, a company promoted by Reliance Power Limited, in connection with the financing, involving inter alia foreign currency facility and rupee term loans, for the development and operation of a 100 MW concentrating solar generation power plant at Rajasthan, with a project cost envisaged at approximately USD 410 Million.
- Acted for a consortium of lenders viz. Axis Bank Limited, Aseem Infrastructure Finance Limited and NIIF Infrastructure Finance Limited in relation to the financial assistances aggregating up to INR 17.799 Billion made available to four separate SPVs (forming part of the Actis Group) for the purpose of, inter alia, refinancing their existing debt with respect to their respective solar power projects in the states of Madhya Pradesh and Andhra Pradesh.