Shardul Amarchand Mangaldas advised Axis Bank Limited in the largest private sector QIP

Shardul Amarchand Mangaldas & Co., one of India’s leading law firms 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.

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 Prashant Gupta, National Practice Head – Capital Markets; Nikhil Naredi, Partner; Sagarnil Banerjee, Principal Associate; Oindree Bandyopadhyay, Associate and Tarun Srikanth, Associate. 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.