S&R, A&O Shearman successfully oversee SBI's historic $2.9 billion Qualified Institutions Placement (QIP) operation
State Bank of India (SBI), the country's largest lender by assets, has successfully raised ₹25,000 crore through a Qualified Institutional Placement (QIP) of equity shares. This marks the first QIP by SBI since 2017, and it is part of an ongoing effort by Indian banks to strengthen their capital positions.
The advisors for this significant fundraise included several esteemed legal firms. Cyril Amarchand Mangaldas and Linklaters advised SBI directly on the QIP and its legal aspects, while S&R Associates and A&O Shearman provided legal advisory services specifically to the book running lead managers (BRLMs).
Cyril Amarchand Mangaldas was led by Partner Devaki Mankad, who served as the regional co-head - capital markets - west. Mankad led the transaction team for SBI's QIP, and she was supported by associates Devansh Raheja, Janhavi Deshmukh, Rishav Buxi, and Hitesh Nagpal. Senior Partner Yash J. Ashar provided strategic inputs for the QIP.
Linklaters, on the other hand, acted as the international legal counsel for SBI, with Partner Amit Singh leading the team. S&R Associates advised the BRLMs involved in the fundraising, which included Kotak Mahindra Capital, SBI Capital Markets, ICICI Securities, Morgan Stanley India, HSBC Securities and Capital Markets, and Citigroup. A&O Shearman served as the international legal counsel representing these lead managers in this transaction.
This is believed to be the country's biggest QIP to date. The funds raised through this QIP are part of SBI's capital raising strategy, as SBI had approved raising up to $2.9 billion through various modes, including the QIP, in May.
The QIP is an important step for SBI as it aims to strengthen its capital position and continue to serve its customers effectively. This fundraise demonstrates the confidence that institutional investors have in SBI and the Indian banking sector as a whole.
Law firms Cyril Amarchand Mangaldas and Linklaters, along with S&R Associates and A&O Shearman, provided legal advisory services for the finance aspect of State Bank of India's (SBI) Qualified Institutional Placement (QIP) of equity shares, worth ₹25,000 crore. Specifically, Cyril Amarchand Mangaldas led by Partner Devaki Mankad advised SBI directly on the QIP and its legal aspects, while Linklaters acted as the international legal counsel for SBI.
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