Investment firms CAM, Link, S&R, and A&O Shearman advise State Bank of India on its groundbreaking $2.9 billion Quantitative Investment Purchase (QIP) deal.
State Bank of India (SBI), the country's largest lender by assets, has successfully completed a record-breaking INR 250 billion (₹25,000 crore) Qualified Institutional Placement (QIP) fundraise[1]. This marks the bank's largest ever QIP and a significant step towards strengthening its capital positions for increased lending and compliance with regulatory requirements in India's growing economy.
A&O Shearman & Sterling LLP, a leading global law firm, advised SBI on this landmark transaction[2][4]. Pallavi Gopinath, a partner at A&O Shearman, led the team that provided comprehensive legal advice on all aspects of the fundraise, ensuring regulatory compliance, documentation, and transaction structuring for this large equity issue to institutional investors[2][4].
Cyril Amarchand Mangaldas, another prominent Indian law firm, also played a crucial role in the fundraising. Yash J Ashar, a senior partner at the firm, provided strategic inputs for the fundraising, while Amit Singh, a partner at Linklaters, led the team advising SBI on the fundraise[3].
The bookrunning lead managers for SBI's QIP are Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Morgan Stanley India, HSBC Securities and Capital Markets, and Citigroup[3]. This is the first QIP by SBI since 2017, according to exchange filings[5]. In May, SBI had approved raising up to $2.9 billion through various modes, including the qualified institutional placement, as part of its capital raising strategy[5].
While the search results do not provide direct information on the role of S&R Associates in this transaction, no details on their involvement can be confirmed based on the available data[2].
References:
- Business Standard
- Live Law
- Mint
- Legal Era
- Economic Times
Law firms A&O Shearman & Sterling LLP and Cyril Amarchand Mangaldas were instrumental in the legal aspects of State Bank of India's record-breaking QIP fundraise, with A&O Shearman providing comprehensive legal advice for regulatory compliance, documentation, and transaction structuring, while Cyril Amarchand Mangaldas offered strategic inputs. This funding round, aimed at strengthening SBI's capital positions for increased lending and compliance with regulatory requirements, is expected to contribute significantly to India's growing economy. Furthermore, the finance sector played a vital role in the QIP, with law playing an integral part in ensuring the transaction proceeded smoothly and adhered to legal standards in India and abroad.
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