A&O Shearman Advised On State Bank of India’s Largest-Ever INR 250 Billion Qualified Institutions Placement

A&O Shearman Advised on State Bank of India’s Largest-Ever INR 250 Billion Qualified Institutions Placement

The global law firm A&O Shearman advised Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Morgan Stanley, HSBC Securities and Capital Markets, and Citigroup (the book running lead managers) as U.S. counsel on the largest-ever qualified institutions placement (“QIP”) from India by the State Bank of India (“SBI”).

SBI raised INR 250 billion (approximately USD 2.9 billion) through the QIP. The proceeds will augment SBI’s Common Equity Tier-I capital base.

SBI, India’s largest bank, operates 22,937 branches in India and 244 international offices across 29 countries. The Government of India holds a majority stake in SBI. Its shares are listed on BSE Limited and the National Stock Exchange of India Limited, with global depository receipts listed on the London Stock Exchange. Through its subsidiaries and joint ventures, SBI operates across the Indian financial sector, including asset management, investment banking, factoring and commercial services, treasury operations, credit cards, payment services, life insurance, and general insurance.

This transaction marks SBI’s largest equity issuance to date.

Pallavi Gopinath Aney, International Capital Markets Partner and Co-Head of the India Group at A&O Shearman, said, 

The A&O Shearman team was led by Pallavi Gopinath Aney (Partner, Singapore), with support from Mark Leemen (Partner, Sydney), Nabil Shadab (Senior Associate, Singapore), Shinjan Alok (Associate, Singapore) and Rajshree Agarwal (Legal Assistant).

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