Shardul Amarchand Mangaldas advises Lead Managers in the Limited Rights Issue of Bharti Airtel

March 12, 2019

Lead Managers for the deal were Axis Capital Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited and ICICI Securities Limited.

Shardul Amarchand Mangaldas has advised Axis Capital Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited and ICICI Securities Limited who acted as Lead Managers in the issuance of up to 1,133,591,075 equity shares by Bharti Airtel Limited (the “Company”) on a rights basis. At a price of ₹220 per equity share, the issuance of the shares aggregates up to ₹249,390.04 million, in the ratio of 19 equity shares for 67 equity shares held by each shareholder identified as of the record date.

The Capital Markets practice of Shardul Amarchand Mangaldas acted as the legal counsel to the Lead Managers as to India law in a manner customary to capital markets transactions. The transaction team included Mr. Prashant Gupta, Partner, NP Head – Capital Markets; Mr. Sayantan Dutta, Partner; Ms. Shraddha Krishnan Dash, Senior Associate; Ms. Sanjana Chowdhry, Associate and Mr. Sanjeev Chowdhary, Associate. Ms. Poorvi Jain, Associate and Mr. Aditya Iyer, Associate also helped on the deal.

Parties involved in the transaction include AZB & Partners who acted as the legal counsel to Bharti Airtel Limited and Latham & Watkins LLP who acted as legal counsel to Lead Managers as to U.S. Law.

The approximate value of the deal is USD 3,542.04 million. The date of filing of draft letter of offer with SEBI was March 7, 2019 and the closing date will be in April 2019.