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Next Generation Partners

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At AZB & Partners, areas of expertise include debt issuances, non-convertible debentures and warrants, masala bonds and IPOs. The latter has been particularly prominent in the team's workload as it recently assisted the New India Assurance Company with the regulatory and compliance aspects surrounding its INR95bn IPO, and advised HDFC Standard Life Insurance Company on its INR87bn IPO, the largest listing by a life insurance company in India. In another matter, the team acted for issuer Central Depository Services on its INR5bn IPO, the first of a depository in India. New Delhi-based Madhurima Mukherjee and Mumbai-based Varoon Chandra co-head the practice.

Cyril Amarchand Mangaldas' capital markets team attracts praise for its 'good industry knowledge'. The firm has seen an uptick in instructions from the financial services sector: recent highlights include advising the General Insurance Corporation of India on its INR112m IPO, the first of a reinsurance company in India, and assisting the State Bank of India with its INR150bn qualified institutions placement (QIPS). Yash Ashar chairs the national practice, and the other key names are Mumbai-based Gaurav Gupte, who has expertise in international and domestic offerings made by Indian companies; Bangalore-based Arjun Lall, who is well known for representing private equity funds; and Delhi-based Gokul Rajan, whose key clients include Axis Capital, Indian Energy Exchange and ReNew Power.

The team at J Sagar Associates has significant capabilities across the whole range of capital markets matters, including regulatory and statutory compliance issues, registrations with the Securities and Exchange Board of India (SEBI), private placements of bonds, initial and follow-on public offerings, institutional placements and takeovers. Recent work includes assisting the State Bank of India with issuing notes totalling $600m under its $10bn medium-term note programme, and advising Citigroup Global Markets India on the high-value buyback offer made by Tata Consultancy Services. The key names are Dina Wadia, Vikram Raghani and Rohitashwa Prasad.

The capital markets group at Khaitan & Co LLP reports an increase in instructions relating to IPOs and private placements, particularly in the insurance sector. Recent work highlights include representing the underwriters in the $1.6bn IPO of the General Insurance Corporation of India; advising Edelweiss Financial Services on its QIP; and acting for Cochin Shipyard on its IPO. Sudhir Bassi leads the team, in which Abhimanyu Bhattacharya is a name to note. Aditya Cheriyan and Madhur Kohli both made partner in April 2018.

At L&L Partners Law Offices, areas of expertise include share buy-backs, IPOs, QIPS, high-yield bonds and rights offerings. The team advises a wide spectrum of clients, including underwriters, investment banks, prominent businesses and shareholders. Recent work included advising Matrimony, an online matrimonial services provider, on its $78m IPO, and acting for a number of underwriters on the $160m IPO of Lemon Tree Hotels. The practice is jointly headed by Manan Lahoty and Mohit Saraf.

Shardul Amarchand Mangaldas & Co is adept at handling the whole spectrum of debt and equity offerings, particularly for a client base of investment banks and issuers. The team recently advised Azure Power on the issue of $500m worth of green bonds and represented Kotak Mahindra Capital Company and J.P. Morgan India as the two managers in the $2bn buyback of shares from Infosys. The client base also includes UBS Securities, Yes Bank, Eris Lifesciences and HPCL-Mittal Energy. The practice is headed by Prashant Gupta, and chairman Shardul Shroff is well known in this space.

Talwar Thakore & Associates has solid expertise in handling domestic and international offerings; structured high-yield transactions are a core specialty. Past work for the team includes advising clients on masala bond matters in relation to both international capital markets and private placements. Kunal Thakore and Rahul Gulati are the practice co-heads, and Sonali Mahapatra specialises in debt capital markets matters. The client base includes Morgan Stanley, Goldman Sachs,  Standard Chartered Bank and Fullerton India Credit Company.

ALMT Legal has a strong client roster of banks and corporates, and is adept at representing clients in transactional structuring, takeovers of listed companies, qualified institutional placements, buy-backs, IPOs and follow-on offerings, and disclosure and corporate governance matters. The team recently acted for Virtusa Consulting Services on the issue of INR7m non-convertible debentures and assisted Apex Frozen Foods with its INR1500m IPO. S R Arun heads the practice and specialises in stock exchange and capital markets matters across India. Rajat Bopaiah is also a name to note.

Dhir & Dhir Associates' cornerstone area of expertise lies in debt capital markets and the buyback of securities, and the team has reported an uptick in mandates involving the buyback of equity shares and issuance of non-convertible debentures. The practice is well known for assisting clients with public offerings, takeovers, private placements and other SEBI-related matters. The group recently assisted SJVN, a joint venture between the governments of India and Himachal Pradesh, with its high-value buyback of equity shares, and also acted for Mahagun Real Estate, a real estate developer, on its private placement of INR2000m non-convertible debentures. In another matter, the group is advising the Indian Railway Finance Corporation on the issue of $300m of masala bonds. Girish Rawat is the key practitioner.

Juris Corp's 'excellent' team is widely recognised for its strength in real estate investment trusts, alternative investment fund activities and asset-backed securities. The client base includes Barclays Bank, Indian Oil Corporation, Paisabazaar Marketing and Consulting, and Nomura Capital (India). Practice head Shan Bottlewalla is the name to note.

IPO mandates have been prominent in Rajani Associates' recent workload; the team advised newspaper company Madhya Pradesh Today on the issue of its INR1417 lakh IPO, and assisted Jash Engineering and Systematix Corporate Services with the former's INR4800 lakh offering, with the latter acting as lead book runner. Other highlights include representing Western India Shipyard in the issue of equity shares to non-promoters. Prem Rajani leads the practice, in which Sangeeta Lakhi is the key name.

At Trilegal, notable work highlights included acting for several lead book runners and managers in the $178m IPO of the Housing and Urban Development Corporation through an offer for sale by the President of India, and representing Morgan Stanley India Company in a cross-border block trade by the Mauritian subsidiary of Carrier Corporation. In another matter, the firm represented a group of Chinese underwriters in the $112m IPO of medical device manufacturer Sisram Medical, the first company based in Israel to be listed on the Hong Kong Stock Exchange. The key names are practice head Bhakta Patnaik and Srinivas Parthasarathy.

ARA LAW is well known for acting on behalf of investment fund clients in investment transaction matters. Recent work includes advising HDFC Asset Management Company on the issuance of non-convertible redeemable preference shares and, in another matter, assisting IIFL Wealth and its offshore fund Global Dynamic Opportunities Fund (based in Mauritius) with a multimillion-pound investment in masala bonds. The practice is led by managing partner Rajesh Begur.

Alka Bharucha heads the capital markets practice at Bharucha & Partners, where the team's expertise covers the full spectrum of debt and equity matters, including debentures, IPOs, private placements and share issuances. The firm predominantly assists issuer clients and is developing a solid client base of banks and underwriters. The group recently acted for two shareholders of the Motilal Oswal Private Equity Group in the £54m IPO of Dixon Technologies (India). Vishnu Dutt is the other name to note.

Tushar Ajinkya is the key individual at DSK Legal, which has substantial experience in debt and equity matters. The practice's workload includes IPOs, rights issue, SEBI advisory matters and QIPS. The team recently assisted ammunitions manufacturer Bharat Dynamics with its INR9.6bn IPO, the first of a company in India's defence industry. Other key clients include Rail Vikas Nigam and Mazagon Dock Shipbuilders.

FINSEC Law Advisors is adept at handling the regulatory issues governing Indian capital markets and assisting clients with cross-border securities mandates. Recent work highlights include advising the World Gold Council on the development of a spot gold exchange. Founding partner Sandeep Parekh has extensive experience in securities and investment regulations and corporate governance matters, and Anil Choudhary is well known for representing investment banks and corporate houses.

S&R Associates has experience in handling REITS, delistings, rights issues, IPOs and follow-on public offerings, debt and FCCB matters and QIPS, to name a few areas. Sandip Bhagat and Jabarati Chandra are the key names to note.

ZBA's practice attracts praise for its 'deep understanding of banking and debt capital markets matters'. The team acts for banks, non-banking financial institutions, and corporates, and in a recent work highlight, the group assisted Rural Electrification Corporation with the issue of its $3bn medium-term note programme. Practice head Niloufer Lam is 'very knowledgeable' and is viewed by some as 'one of the go-to lawyers for Indian debt capital markets transactions'.

Economic Laws Practice is noted for its strength in securities-related regulatory matters, debt and equity offerings, and rights issues. Trade remedial matters are also core area of instruction. Suhail Nathani is the key practitioner, and Tomu Francis is another name to note.

Gagrats is well known for assisting high-profile clients with FCCBs, IPOs, qualified institutional placements, and rights and preferential issues, and also makes frequent appearances before SEBI on matters involving insider trading regulations and fraudulent trade practices. Managing partner Rustam Gagrat is the name to note.

Equity expert Chetan Thakkar leads Kanga & Company Advocates and Solicitors' practice, which is known for representing issuers in the retail, construction, pharmaceutical, engineering and information technology sectors. The team's client base includes banks, securities brokers and non-banking financial companies.

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