Shardul Amarchand Mangaldas & Co Acts As Domestic Legal Counsel To Yes Bank

Shardul Amarchand Mangaldas & Co (SAM & Co), a full-service Indian law firm, acted as the domestic legal counsel to Yes Bank as to Indian law in relation to the Qualified Institutional Placement (QIP - a capital-raising tool primarily used in India and other parts of southern Asia, whereby a listed company can issue equity shares, fully and partly convertible debentures, or any securities other than warrants that are convertible to equity shares to a qualified institutional buyer) of its equity shares. The Rs 4,906-crore issue was the largest-ever private sector QIP from India in rupee terms as well as the largest QIP on BSE and NSE for 2016-17.

Prashant Gupta, Partner, National Practice Head - Capital Markets, led the Capital Markets Team of Shardul Amarchand Mangaldas. The team comprised Monal Mukherjee, Partner; Mathew Thomas, Senior Associate; Shruti Sarkar, Associate; and Oishika Dasgupta, Associate, who were assisted by Sagarnil Banerjee, Senior Associate Designate; Ishita Kashyap, Associate; and Monic Pipalia, Associate.

The transaction included the QIP of equity shares of face value of Rs 10 each by YES Bank being executed under Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended (the “SEBI ICDR Regulations”) and Section 42 of the Companies Act, 2013 and the rules made thereunder.

Notably, the issue opened on March 23, 2017 and closed on March 29, 2017. The Equity Shares were allotted on March 31, 2017. The Preliminary Placement Document was filed with BSE Limited and National Stock Exchange of India Limited on March 23, 2017, and the Placement Document was filed with the Stock Exchanges on March 29, 2017.

Among the advisors to the transaction were Luthra & Luthra Law Offices (domestic legal counsel to Book Running Lead Managers (BRLMs) as to Indian law) and Allen & Overy (international legal counsel to BRLMs as to US Law).