Capital Markets

Amidst calls for greater transparency, growing regulatory oversight and high levels of litigation, navigating the capital markets can appear to be a daunting proposition.

With sweeping changes across regulatory and legal aspects, the raising and managing of capital requires a careful understanding of listing requirements. We advise across the full spectrum of our clients’ requirements, whether it be the pursuit of an IPO, strengthening the balance sheet or successfully expanding into new markets to drive growth.

Our Capital Markets Practice is highly regarded by issuers and investment banks as one of India’s leading legal practices, with expertise in handling the most complex equity and debt securities offerings and is among the very few Capital Markets practices in India to have this dual focus. We advise the full breadth of market participants including top tier financial institutions, corporate organizations, governments, as well as first time issuers, amongst others in the capital markets.

Consistently ranked Band 1 by Chambers and Partners, our team has advised clients on a wide range of transactions including several landmark, award-winning, and innovative deals. In 2019, among other things, we advised on 3 completed IPOs and 4 QIPs, raising more than USD 3.0 billion (₹ 21,000 cr), and the filing of 6 offer documents with SEBI. In 2018, we advised on 6 completed IPOs, raising more than USD 1.0 billon. In 2017, we completed 8 IPOs and 9 QIPs, raising more than USD 6.0 billion.

Apart from Indian transactions, our track record in international offerings is also exemplary. We have advised on all the U.S. listed offerings by Indian groups or companies since 2008. Over the years, we have advised numerous clients on equity market deals including Indian offerings and foreign listings on shares.

In the recent past, we have advised clients on equity market deals including Indian offerings or foreign listings of shares of India-based companies, such as IPOs and follow-on public offers (“FPOs”), issuance and listing of American Depositary Receipts (“ADRs”), preferential allotments including qualified institutions placements (“QIPs”) and institutional placement programmes (“IPPs”), infrastructure investment trusts (InvITs), Real Estate Investment Trusts (REITs), rights issues, offers for sale (“OFS”) through stock exchanges, block deals, bonus issues, buybacks, etc.

We have also advised clients on issuance and listing and restructurings of Foreign Currency Convertible Bonds (“FCCBs”), overseas bond offerings, Indian listings of publicly issued or privately placed non-convertible debentures (“NCDs”), and private placements of infrastructure and other unlisted NCDs, and private placements ofbinfrastructure and other unlisted NCDs. In 2019, we advised on overseas bond offerings by Indian companies that raised approximately USD 3.8 billion, and onshore issuances of NCDs that raised over ₹ 21,500 cr.

We have advised on:

• the first debt offering by a REIT in India (Embassy Office Parks – 2019)
• the first private placement of listed units by an InvIT (IndInfravit Trust – 2018)
• the largest institutional placement programme (Interglobe Aviation (Indigo Airlines) – 2017)
• the largest QIP in India (State Bank of India – 2017)
• the largest equity public offering (Coal India – 2015)
• the first U.S. listing pursuant to a SPAC investment (Videocon d2h – 2015)
• the largest bond offering of an Indian group (Vedanta Resources Plc – 2013)
• the first OFS transaction through the stock exchange mechanism (ONGC – 2012)
• the largest IPO in India (Coal India – 2010)
• the first public offering by the auction method (NTPC – 2010)
• the first Indian book-built offer by the Government of India (Maruti Udyog – 2003)