Shardul Amarchand Mangaldas advises Axis Bank Limited to raise Rs. 12, 500 crores in the largest private sector Qualified Institutions Placement (QIP)

September 27, 2019

One of India’s leading law firms, Shardul Amarchand Mangaldas & Co, has recently advised Axis Bank Limited in raising Rs.12,500 crore through a Qualified Institutions Placement (QIP). This is the largest QIP ever by any private sector company in India and the second largest to date (second to the QIP by State Bank of India in June 2017, where we had advised the placement agents).

Axis Bank is India’s third largest private sector bank in terms of total assets based on public filings of private sector banks. As the legal counsel to the issuer, SAM & Co advised Axis Bank on all the aspects of the transaction.

The transaction involved the qualified institutions placement of 198,728,139 equity shares of Rs. 2 face value each of Axis Bank, at a price of Rs. 629 per equity share.
The team representing SAM & Co included Mr. Prashant Gupta, National Practice Head – Capital Markets; Mr. Nikhil Naredi, Partner; Mr. Sagarnil Banerjee, Principal Associate; Ms. Oindree Bandyopadhyay, Associate and Mr. Tarun Srikanth, Associate. Ms. Sumedha Mazumdar, Associate, assisted on the deal.

AZB & Partners acted as the legal counsel for the Book Running Lead Managers (BRLMs) with respect to Indian law while Latham & Watkins LLP acted as the U.S. legal counsel to the BRLMs.

The Preliminary Placement Document was filed with the Indian stock exchanges on September 19, 2019 and equity shares pursuant to the QIP were allotted on September 26, 2019.

In addition to the Axis Bank QIP, SAM & Co has, in the month of September (one of the most volatile and challenging months for our stock markets in recent times) advised on the Rs. 3,500 crore offer for sale of equity shares of SBI Life Insurance Company Limited, the $ 350 million green bonds issuance by Azure Power Solar Energy Private Limited and the DRHP filed by Samhi Hotels Limited.