Jurisdiction - India
India – A&O Advises On Axis Bank USD1bn Qualified Institutions Placement – India’s Largest-ever QIP.

6 February, 2013


Allen & Overy has advised Citibank, J.P. Morgan and Axis Capital as bookrunners on Axis Bank's Rs.47.26 billion (approximately USD1 billion) qualified institutions placement (QIP), which involved a private placement of shares under Section 4(a)(2) of the U.S. Securities Act to investors in the United States and a Regulation S offering outside the United States. Together with the QIP, Axis Bank also made a preferential allotment to some of its principal shareholders, taking the total amount of equity capital raised by this deal to Rs.55.37 billion (approximately USD1.03 billion).


The offering is the largest-ever QIP out of India, and marks a revival of the Indian equity markets which have been moribund for quite some time.


The Allen & Overy team was led by Hong Kong partners Andrew Harrow and Jim Grandolfo, and they were assisted by counsels Amit Singh and Eric Gonzalez and associate Kurt Sherwood.


Other law firms on the transaction included Amarchand & Mangaldas & Suresh A. Shroff & Co. and Luthra & Luthra Law Offices, advising Axis Bank and the bookrunners, respectively, as Indian counsel.


For further information, please contact:


Susan Byrnes, Allen & Overy






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