Cyril Amarchand Mangaldas acted as the domestic legal counsel to book running lead managers (BRLMs) in relation to a qualified institutions placement (QIP) by ICICI Bank Limited (ICICI Bank), one of the largest private sector banks in India. This transaction is the largest equity offering ever by a private sector bank in India.
The BRLMs to the QIP, included ICICI Securities Limited, Morgan Stanley India Company Private Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, Kotak Mahindra Capital Company Limited, DSP Merrill Lynch Limited, Citigroup Global Markets India Private Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, BNP Paribas, SBI Capital Markets Limited, HDFC Bank Limited, Axis Capital Limited, Motilal Oswal Investment Advisors Limited, JM Financial Limited, IIFL Securities Limited, Edelweiss Financial Services Limited, and YES Securities (India).
The Capital Markets Practice of Cyril Amarchand Mangaldas advised the BRLMs on the Transaction.
The Transaction team was led by Yash Ashar, Partner & Head – Capital Markets and Abhinav Kumar, Partner; with support from Neha Samant, Principle Associate; Arzoo Virmani, Senior Associate – Designate; Surbhi Purohit, Associate; Vanya Utkarsh, Associate; Jhalak Shah, Associate; Itisha Khandelwal, Associate; and Ashwathi Umaria, Associate.
S Vivek, Partner; with support from Siddhant Sattur, Associate; advised on the certain foreign investment related advice in relation to the transaction.
As part of the Transaction, ICICI Bank issued 418,994,413 equity shares of face value INR 2 each at a price of INR 358 per equity share, including a premium of INR 356 per equity share to raise an aggregate amount of INR 15,000 crore (approx.).
Other legal advisors to the Transaction, included Davis Polk & Wardwell (International legal advisor to the BRLMs) and AZB & Partners (Indian legal advisor to ICICI Bank).
The Transaction was signed on August 10, 2020 and concluded on August 15, 2020.
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. Tracing its professional lineage to 1917, the Firm of Cyril Amarchand Mangaldas is now the largest full-service law firm in India, with over 750 lawyers including over 141 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.
The firm, Cyril Amarchand Mangaldas, was recently awarded with “India – Firm of the Year” at the AsiaLaw Regional Awards 2019 and “India Deal Firm of the Year” at the In-House Community Counsels of the Year Awards 2019. The firm was also named as the “Most Innovative National Law Firm of the Year – India for 2018” at the IFLR Asia Awards, having also been successful in winning the prestigious & coveted “National Law Firm of the Year, 2018 for India” at the Chambers Asia-Pacific Awards. The firm was also voted as the “Employer of Choice for 2018” from India, by the Asian Legal Business, now 4 years in a row, building upon the several awards that the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. had won in the past.