Cyril Amarchand Mangaldas Advises ICICI Bank on Raising INR 15000 Crore through QIP
Largest equity offering ever by a private sector bank in India
Mumbai | Delhi, India: 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.
