Capital Markets

Representative Matters

• ‘Best Singapore Deal’ – ‘Ascendas India Trust’, on its SGD 500 Million IPO on the SGX, the first Indian real estate BT in Singapore by Finance Asia. ‘Deal of the Year’- ‘Motherson Sumi Systems’ Netherlands subsidiary, Samvardhana Motherson Automotive Systems Group BV, on its high yield offering of EUR 300 Million guaranteed notes by India Business Law Journal (IBLJ). ‘Deal of the Year’ – ‘Jaiprakash Associates’, on a consent solicitation and exchange offer in relation to its USD 110 Million convertible bonds by India Business Law Journal (IBLJ). ‘Best Singapore Deal’ – ‘Ascendas India Trust’, on its SGD 500 Million IPO on the SGX, the first Indian real estate BT in Singapore by Finance Asia. ‘Deal of the Year’- ‘Motherson Sumi Systems’ Netherlands subsidiary, Samvardhana Motherson Automotive Systems Group BV, on its high yield offering of EUR 300 Million guaranteed notes by India Business Law Journal (IBLJ). ‘Deal of the Year’ – ‘Jaiprakash Associates’, on a consent solicitation and exchange offer in relation to its USD 110 Million convertible bonds by India Business Law Journal (IBLJ).
• Public Offerings and Private Placements of Non-Convertible Debentures (NCDs)
• International Equity Offerings (including offerings of Depository Receipts such as ADRs and GDRs)
• Listing of Indian Infrastructure and Real Estate Investment Trusts (i.e., InvITs and REITs).
• Advised HSBC Securities (USA) Inc., Roth Capital Partners, LLC on the USD 250 Million rights offering and listing of equity shares of Azure Power Global Limited on the NYSE.
• Advised Unitech in relation to a USD 587 Million offerings and listing on the AIM Market of the London Stock Exchange.
• Advised CIMB, DBS, Nomura, Religare, and Standard Chartered, on the SGD 500 Million initial public offering and listing of units of Religare Health Trust on SGX.
• Advised Noida Toll Bridge on its USD 50 Million offering of GDRs and listing on the AIM Market of the London Stock Exchange, the first Indian public listed company to list its securities on the AIM Market.
• Advised CapitaMalls Asia on the secondary listing of its ordinary shares on the Hong Kong Stock Exchange.
• Advised Morgan Stanley and JP Morgan on the USD 1.5 Billion offering of ADRs by Sterlite Industries.
• Advised UBS and Deutsche Bank, on the USD 90 Million IPO of Amira Nature Foods in the US and listing on NYSE.
• Advised Barclays, Credit Suisse and Rothschild, on the USD 137 Million initial public offering in the US and listing of Azure Power on the NYSE.

INTERNATIONAL DEBT OFFERING

• Advised Barclays, Citigroup, DBS Bank Ltd, Deutsche Bank, Emirates NBD Capital, JP Morgan, MUFG and Standard Chartered Bank, on the offering of USD 1 Billion senior secured notes by Adani Electricity Mumbai Limited.
• Advised Barclays Bank PLC, Citigroup Global Markets Limited, Credit Suisse (Hong Kong) Limited, DBS Bank Ltd., Deutsche Bank AG, Singapore Branch, Emirates NBD Bank PJSC, J.P. Morgan Securities plc, Merrill Lynch (Singapore) Pte. Ltd., Mizuho Securities (Singapore) Pte. Ltd., MUFG Securities Asia Limited Singapore Branch, and Standard Chartered Bank, on the offering of USD 750 Million unsecured senior notes by Adani Ports and Special Economic Zone Limited.
• Advised Housing and Urban Development Corporation on the establishment of its INR 50,000 Million MTN Programme.
• Advised GMR Hyderabad International Airport Limited, on its offering of USD 350 Million senior secured notes.
• Advised Barclays, BofA Securities, Citigroup, JP Morgan and Standard Chartered on Bank of Baroda’s USD 750 Million notes offering.*
• Advised Barclays, BofA Securities, Citigroup, Deutsche Bank, HSBC and Standard Chartered on Bank of India’s USD 500 Million notes offering.

EQUITY-LINKED BOND OFFERING

• Advised JP Morgan and Morgan Stanley on the offering of USD 950 Million convertible notes by Sterlite Industries.
• Advised Geodesic, on its offering of USD 125 Million convertible bonds.
• Advised ICICI Securities on Fortis Healthcare’s USD 30 Million floating rate convertible bonds offering.
• Advised DBS Bank on Amtek India’s USD 70 Million SBLC backed convertible bonds offering.
• Advised Singha Estate, on its USD 180 Million SBLC backed convertible bonds and USD 50 Million equity private placement.
• PUBLIC OFFERING AND PRIVATE PLACEMENT OF NON-CONVERTIBLE DEBENTURES (NCDS)
• Advised Cairn India, on its INR 22,500 Million offering of unsecured redeemable NCDs.
• Advised Apollo Hospitals, on private placement of its INR 1,000 Million secured redeemable NCDs.
• Advised ICICI Bank Limited, the lead arranger, in relation to the issuance of listed senior secured non-convertible debentures aggregating to INR 10,000 Million issued by Adani Ports and SEZ Limited.
• Advised SBICAP Ventures Ltd in connection with the subscription of the senior secured unlisted non-convertible debentures aggregating up to INR 2,380 Million issued/to be issued by Ramprastha Promoters and Developers Private Limited.
• Advised DLF on private placement of its INR 5,000 Million secured redeemable NCDs.
• Advised ICICI Securities, AK Capital Services, Edelweiss, Karvy, RR Investors Capital Services and SBI Capital, on the INR 2,900 Million public offering of NCDs by Muthoot Finance.
• Advised Housing and Urban Development Corporation, on the INR 45,952 Million public offering of tax-free bonds.
• Advised Power Finance Corporation Limited, on the INR 7,800 Million public offering of tax-free bonds.

LIABILITY MANAGEMENT

• Advised Sterling Biotech, on an exchange offer in relation to its USD 206 Million convertible bonds.
• Advised Adani ports, on a tender offer in relation to its USD 750 Million senior unsecured notes.
• Advised Jaiprakash Power Ventures, on standstill arrangements for its USD 200 Million convertible bonds.

INITIAL PUBLIC OFFERINGS

• Acting as domestic legal counsel to the book running lead manager (Systematix Corporate Services Limited) on the proposed IPO of an issuer company engaged in manufacturing of polyester filament yarn for customers in India and abroad.
• Acting as domestic legal counsel of the issuer company on the proposed IPO of an issuer company engaged in providing integrated energy saving equipment and solutions for sugar and allied industries across the globe.
• Acting as sole counsel to the book running lead manager (Narnolia Financial Advisers Limited) and the issuer company on the proposed IPO by a company engaged in manufacturing pharmaceutical and dermatological products.
• Acting as sole counsel to the book running lead manager (Narnolia Financial Advisers Limited) and the issuer company on the proposed IPO by a company engaged in providing customized therapeutic programs and support for children dealing with autism and other developmental delays.
• Acting as sole counsel to the book running lead managers (Khandwala Securities Limited and Saffron Capital Advisors Private Limited) and the issuer company on the INR 2,500 Million proposed IPO by ArMee Infotech Limited.
• Acted as a sole counsel to Rosmerta Digital Services Limited and book running lead managers (Narnolia Financial Services Limited and Beeline Capital Advisors Private Limited) on the INR 2,010 Million IPO of the issuer company on the SME Platform of BSE (DRHP filed).
• Represented Novo Holdings, in its INR 1171.58 Crores pre-IPO secondary purchase of shares of Medi Assist Healthcare Services Limited.
• Advised CA Lotus Investments on the INR 12,040 Million IPO by Metropolis Healthcare Limited.
• Advised Anand Rathi Advisors on the INR 1,707.80 Million IPO by Paras Defence and Space Technologies Limited.
• Advised Kotak Mahindra, IIFL and JM Financial on the INR 7,459 Million IPO by Ujjivan Small Finance Bank.
• Advised Axis Capital Limited and IIFL on the INR 4,097 Million IPO by CSB Bank.
• Advised Kotak Mahindra, CLSA, Edelweiss and JM Financial on the proposed IPO by BurgerKing India.
• Advised Prince Pipes and Fittings Limited on its INR 5,000 Million IPO, JM Financial Limited and Edelweiss are the underwriters.
• Advised Housing and Urban Development Corporation (HUDCO) and the GoI on HUDCO’s proposed IPO.
• Advised Reliance General Insurance on its proposed IPO.
• Advised Kotak Mahindra, CLSA, JM Financial, Morgan Stanley, BOBCaps, Edelweiss, HDFC, ICICI Securities, IIFL, UBS and Yes Securities on the proposed IPO by Lodha Developers.
• Advised Affle (India) on its INR 4,590 Million IPO,
• Advised Kotak Mahindra, ICICI Securities, JM Financial and others on the INR 18,700 Million IPO by Avenue Supermarts.
• Advised ICICI Securities, Credit Suisse, IIFL and Kotak Mahindra on the INR 11,312 Million IPO by Credit Access Grameen.
• Advised Kotak Mahindra and Axis Capital on the INR 8,288 Million IPO by Mahindra Logistics.
• Advised Dr. Lal Pathlabs on its INR 6,319 Million IPO.
• Advised Kotak Mahindra, Axis Capital, IDFC, Nomura and YES Securities on the INR 94,700 Million IPO by New India Assurance.
• Advised RBL Bank on its INR 12,130 Million IPO.
• Advised BofA Securities, JP Morgan, Standard Chartered, UBS, Barclays, Citigroup, Deutsche Bank, Axis Capital, HSBC, Kotak Mahindra, ICICI Securities and others on the INR 41,723 Million IPO by Bharti Infratel, one of the largest Indian IPOs in recent years.
• Advised Kotak Mahindra, BofA Securities, Citigroup, Deutsche Bank, ICICI Securities, UBS and SBI Capital Markets on a INR 91,875 Million IPO by DLF, the third largest Indian IPO.
• Advised JM Financial, Morgan Stanley, Citigroup and HSBC on the INR 27,772 Million IPO by Oil India.
• Advised ICICI Securities, Kotak Mahindra, IDFC Capital and Nomura on the INR 4,689 Million IPO by Godrej Properties.
• Advised Cairn Energy on its INR 62,471 Million IPO.
• Advised Kotak Mahindra, Citigroup and Lehman Brothers on the INR 6,919 Million IPO of Edelweiss Capital.
• Advised Kotak Mahindra, BofA Securities, Edelweiss, ICICI Securities, IDBI and SBI Capital on the INR 5,400 Million IPO by CARE.
• Advised ICICI Securities, Kotak Mahindra and HDFC on the INR 9,013 Million IPO by Muthoot Finance.

EXCHANGE TRADED FUNDS

• Represented the GoI in relation to the setting up of a INR 30,000 Million offering (launched as a scheme of the Goldman Sachs Mutual Fund) by Central Public Sector Enterprises (CPSE) Exchange Traded Fund, a fund comprising of shares of listed CPSEs, the first product of its kind to be introduced in the Indian market.
• Advised Taurus Global Opportunities Fund (TGOF) in relation to opening of the mutual fund scheme.

QUALIFIED INSTITUTIONAL PLACEMENT

• Acting as domestic legal counsel to UCO Bank on its proposed INR 20,000 Million QIP.
• Acting as sole counsel to the book running lead manager (Elara Capital Private Limited) and the issuer company on the proposed INR 12,600 Million proposed QIP by Paisalo Digital Limited.
• Advised DAM Capital Advisors Limited, JM Financial Limited and PL Capital Markets Private Limit on QIP aggregating up to INR 92,020 Lakh of Valor Estate Limited.
• Advised Union Bank of India on its INR 30,000 Million QIP.
• Advised Info Edge (India) on its INR 18,750 Million QIP.
• Advised Minda Industries Limited on its INR 6,999 Million QIP.
• Advised DLF on its INR 31,728 Million QIP.
• Advised CLSA, JM Financial, Motilal Oswal and others on the INR 19,305 Million QIP by YES Bank.
• Advised BofA Securities and Citigroup on the INR 35,000 Million QIP by Idea Cellular.
• Advised Edelweiss on the INR 5,108 Million QIP by J.K. Cement.
• Advised Indiabulls Housing Finance on its INR 39,964 Million QIP.
• Advised CLSA, BofA Securities, IIFL and Motilal Oswal on the INR 49,067 Million QIP in 2017 by Yes Bank, the largest private sector QIP at the time.
• Advised Axis Capital, Citigroup and JP Morgan on the INR 47,260 Million QIP by Axis Bank.
• Advised Citigroup, Axis Capital, Kotak Mahindra and Nomura on the INR 6,580 Million QIP by LIC Housing Finance.
• Advised Edelweiss, Citigroup, JM Financial and Motilal Oswal on the INR 10,000 Million QIP by L&T Finance Holdings.
• Advised Goldman Sachs, Deutsche Bank, HSBC, JM Financial, Motilal Oswal and UBS on the INR 29,421 Million QIP in 2014 by Yes Bank.
• Advised Citigroup, Emkay Global, ICICI Securities, Kotak Mahindra and SBI Capital on the INR 15,277 Million QIP by Edelweiss Financial Services.
• Advised BofA Securities, Credit Suisse, Goldman Sachs, HSBC, Kotak Mahindra and Morgan Stanley on the INR 49,999 Million QIP by Punjab National Bank, one of the largest ever QIPs.
• Advised CLSA, Citigroup, Credit Suisse, ICICI Securities, Kotak Mahindra and IDFC Securities on the INR 4,908 Million QIP by CESC.
• Advised Apollo Hospitals on its INR 3,300 Million QIP.
• Advised JP Morgan, Kotak Mahindra, Macquarie and IDFC Capital on the INR 7,169 Million QIP by GVK Power.
• Advised Citigroup, JM Financial, JP Morgan, Kotak Mahindra, Lehman Brothers and UBS on the QIP in 2007 by GMR Infrastructure.
• Advised BofA Securities, Axis Bank and IDBI Capital on GMR Infrastructure’s QIP in 2010.
• Advised JP Morgan, HSBC, SBI Capital and JM Financial on the INR 19,932 Million QIP by Canara Bank.
• Acting as domestic legal counsel to a Public Sector Bank on its proposed INR 20,000 Million QIP.

INSTITUTIONAL PRIVATE PLACEMENTS

• Advised Standard Chartered, Deutsche Bank, BofA Securities, JP Morgan, CLSA, HSBC, Kotak Mahindra, UBS and IIFL in relation to the INR 18,634 Million IPP in India by DLF, the largest IPP at the time.
• Advised Virescent Renewable Energy Trust (park of the KKR Platform) in the private placement of 10,000 non-convertible debt securities aggregating up to INR 10 Billion. The transaction was the first of its kind as it marked the first-ever bond issuance by a renewable energy InvIT in India.
• Advised Kotak Mahindra on the INR 3,700 Million IPP by Godrej Industries, the second IPP transaction in India.
• Advised Standard Chartered, JP Morgan and Religare Capital Markets on the INR 3,219 Million IPP by Fortis Healthcare.

FOLLOW-ON PUBLIC OFFERINGS

• Advised ICICI Securities, Citigroup, JP Morgan and Kotak Mahindra on the INR 84,801 Million FPO by NTPC, one of the first offerings in India to determine prices through the ‘French Auction’ method.
• Advised REC on its INR 35,300 Million FPO.
• Advised Engineers India and the GoI on Engineers India’s INR 5,000 Million FPO.

RIGHTS OFFERING

• Advised Tata Sponge Iron on its INR 16,500 Million rights offering.
• Advised Axis Capital on the INR 18,143 Million rights offering by Religare Enterprises.
• Advised Axis Capital on the INR 11,399 Million rights offering by Dish TV India.
• Advised JM Financial on the 2015 rights offering by IL&FS Transportation.
• Advised Edelweiss on the INR 6,309 Million rights offering by South Indian Bank.

BLOCK TRADES

• Advised Carlyle Group on the INR 7,500 Million sale of its shares in Metropolis Healthcare Limited.
• Advised Petronas on the INR 93,815 Million sale of its shares in Cairn India.
• Advised Goldman Sachs on the INR 10,015 Million sale of shares in Crompton Greaves by Avantha Holdings.
• Advised Deutsche Bank on the INR 13,544 Million sale of shares in HDFC by CMP Asia.
• Advised Goldman Sachs on the INR 200,000 Million sale of shares in Sun Pharmaceutical by Daiichi.
• Advised Deutsche Bank and JP Morgan on the INR 38,000 Million sale of shares in DLF by its promoters.
• Advised Citigroup, Morgan Stanley and ICICI Securities on the INR 67,000 Million sale of shares in ITC Limited.
• Advised ING Group, Netherlands on the INR 71,000 Million sale of shares in Kotak Mahindra Bank.
• Advised Credit Suisse on the placement of shares of Aurobindo Pharma and Jubilant Foodworks.
• Advised HSBC Iris Investments on sale of its shares in Axis Bank.
• Advised JP Morgan on the sale of shares in Tech Mahindra by British Telecommunications.

OFFERS FOR SALE ON THE STOCK EXCHANGES

• Advised GoI on the offer for sale of equity shares of ONGC, the first of its kind after the introduction of the offer for sale through stock exchange mechanism by the SEBI.
• Advised Citigroup, Morgan Stanley and ICICI Securities, on the offer for sale of shares of Axis Bank.
• Advised AstraZeneca, Sweden, the seller and ICICI Securities, the broker, on the offer for sale of shares of AstraZeneca Pharma India.
• Advised Punjab National Bank, on the offer for sale of shares of PNB Housing Finance.
• Advised Citigroup, Morgan Stanley and ICICI Securities, on the INR 21,000 Million sale of shares in Larsen & Toubro by Specified Undertaking of Unit Trust of India (SUUTI).
• Advised DHL Vertriebs, on the offer for sale of shares of Blue Dart Express by DHL Express (Singapore).
• Advised Citigroup, Jefferies, Axis Capital and YES Securities, on the offer for sale of shares of NTPC, by the GoI.

DELISTING

• Advised Solvay SA, a promoter member, and ICICI Securities the lead manager, on the delisting of Rhodia Specialty Chemicals from BSE Limited.
• Advised Ricoh Asia Pacific on the proposed delisting of Ricoh India from the BSE Limited.

BUY-BACK

• Advised Standard Chartered on the open market buy-back offer by Cairn India.
• Advised DLF on its open market buy-back offer.
• Advised ICRA on its open market buy-back offer.
• Advised Triveni Turbine Limited on its buy-back tender offer.