Capital markets in India

AZB & Partners

AZB & Partners’ capital markets team handle a high volume of IPOs, typically on behalf of selling shareholders, in addition to advising clients, including issuers and underwriters, on structured bonds, public issuances of debt and buy-backs. The team stands out for its instruction in novel transactions, such as working on a direct listing by a financial services company which, once finalised, will be a first of its kind in India. With over 20 years of experience in the field, Madhurima Mukherjee is frequently instructed by large corporates to advise  on all aspects of IPOs and rights issues, including due diligence and regulatory compliance. Varoon Chandra advises issuers, investment banks, promoters and selling shareholders on public issues, QIPs, rights issues and domestic and international debt issues. Recently he acted for the BRLMs and the underwriters of HDFC Bank in a simultaneous ADR and QIP offering enabling it to target both American and domestic Indian markets, with an accumulative value of approximately $2.2bn.

Practice head(s):

Madhurima Mukherjee; Varoon Chandra


‘The firm is an exceptional repository of various nuances involved in capital markets transaction. Moreover, the team is well-equipped with to understand all the applicable provisions of SEBI, RBI, COMPANIES ACT 2013 as amended etc.’

‘Varoon Chandra has a deep understanding of capital markets transactions and is always ready to provide solutions.’

Key clients

Au Small Finance Bank Limited

Anand Rathi Wealth Services Limited

ASK Investment Managers Limited

Atria Convergence Technologies Limited

Axis Bank Limited

Bank of Baroda Limited

Bandhan Bank Limited

Bharti Airtel Limited

BSE Limited

Capacit’e Infraprojects Limited

Capital First Limited

Central Depository Services (India) Limited

Coldex Limited

Craftsman Automation Limited

Delta Corp Limited

DLF Limited

Dodla Dairy Limited

Endurance Technologies Limited

Galaxy Surfactants Limited

GMR Infrastructure Limited

HDFC Asset Management Company Limited

HDFC Bank Limited

HDFC Standard Life Insurance Company Limited

Hinduja Leyland Finance Limited

Housing Development Finance Corporation Limited

Indiabulls Housing Finance Limited

Indiabulls Ventures Limited

Infosys Limited

InterGlobe Aviation Limited

Jain Irrigation Systems Limited

JM Financial Limited

JM Financial Credit Solutions Limited

JM Financial Products Limited

JSW Steel Limited

Kotak Mahindra Bank Limited

Lemon Tree Hotels Limited

Larsen & Toubro Limited

LT Foods Limited

M. Pallonji & Company Private Limited

Mahindra Logistics Limited

Max Ventures and Industries Limited

Metropolis Healthcare Limited

Motherson Sumi Systems Limited

Muthoot Capital Services Limited

Mrs. Bectors Food Specialities Limited

Muthoot Finance Limited

Nazara Technologies Limited

Novartis India Limited

Work highlights

  • Advised HDFC AMC on its IPO, its pre-IPO placement in favour of 176 distributors; and the unwinding of the pre-IPO placement, as well as the transfer of equity shares from 176 distributors to KKR India Financial Services Private Limited (“KKR”).
  • Advised exiting shareholders of Varroc on the sale of their entire stake in the company.  
  • Assisted Max Ventures with its rights issue, handling all aspects of the transaction including drafting the offer letter and corresponding with the Securities Exchange Board of India.
  • Advised Tata Consultancy Services on its buyback of shares, representing the largest buyback undertaken by an Indian company to date.

Cyril Amarchand Mangaldas

With expertise advising clients, predominantly lead managers and issuers, on debt and equity issuances, Cyril Amarchand Mangaldas’ practice stands out for its pioneering position in respect of IPOs in relation to India’s first registered REIT and InvIT. More broadly the firm handles extremely high-value capital raising mandates and bond issuances in a wide range of sectors, including renewable energy, financial services and banking. 'Excellent' practice head Yash J. Ashar manages the full gamut of capital markets transactions, including IPOs, QIPs, rights offerings and ADRs. Recently he led the team that advised Indinfravit Trust, the sponsor and the selling unit-holder in connection with the initial offering of units in the company, totalling approximately $460m, which required making representations to the SEBI and other regulators to establish a regulatory regime for listing units of an InvIT.

Practice head(s):

Cyril Shroff; Yash J. Ashar


‘Cyril Amarchand Mangaldas is the pre-eminent leading firm in India for capital markets clients.’

‘Cyril Shroff and Yash Ashar are the standout partners leading the practice. They have gone from strength to strength since splitting from SAM, adapting to the growing Indian market whilst staying very technically focused and remaining very international in their approach.’

Key clients

Embassy Office Parks REIT

IndInfravit Trust

Power Finance Corporation Limited

HDFC Bank Limited

CreditAccess Grameen Limited

Oberoi Realty Limited

ReNew Power Limited

Barclays Bank PLC, Citigroup Global Markets Limited, J.P. Morgan Securities plc, The Hongkong and Shanghai Banking Corporation Limited, MUFG Securities Asia Limited and Standard Chartered Bank

Vodafone Idea Limited

India Grid Trust

ICICI Bank Limited

Standard Life (Mauritius Holdings) 2006 Limited

Kerala Infrastructure Investment Fund Board

Aavas Financiers Limited

Department of Investment and Public Asset Management

Indian Oil Corporation Limited

JSW Steel Limited

Polycabs India Limited

Hindustan Construction Company Limited

Work highlights

  • Advised the Embassy Office Parks REIT, its manager and sponsors in connection with the proposed initial public offering of the Embassy Office Parks REIT aggregating approximately $685m.
  • Advised IndInfravit Trust, the sponsor and the selling unitholder, in connection with the initial offer of units by IndInfravit Trust, aggregating approximately $460m, through a private placement.
  • Advised Power Finance Corporation Limited on its issuance of US foreign currency bonds aggregating $500m.
  • Advised HDFC Bank Limited on its capital raising through simultaneous preferential allotment, private placement and issuance of American depository receipts aggregating $3.4bn.

J Sagar Associates

J Sagar Associates’ capital markets team handles a fairly even spread of equity and debt transactions, spanning IPOs, rights issues, private placements, QIPs, acquisitions involving the takeover regulations and delistings. The team has notable expertise advising clients in the real estate and infrastructure sectors on the structuring of InvITs and REITs and private placements, and in advising Indian issuers, such as major corporations and banks, on bond issuances concerning offerings listed on overseas exchanges. Highly active practice head Dina Wadia advises Indian and multinational clients on DCM transactions – recently she advised the State Bank of India on the Listing of $650M Green Bonds and its $10bn Medium Term Note Programme on the Global Securities Market of BSE’s India International Exchange.

Practice head(s):

Dina Wadia

Other key lawyers:

Rohitashwa Prasad; Vikram Raghani; Arka Mookerjee; Uttara Kolhatkar

Key clients

Axis Capital Limited

Bank of America Merrill Lynch

Citigroup Global Markets

Edelweiss Financial Services Limited

Galaxy Surfactants Limited

ICICI Securities Limited

IDBI Capital Markets & Securities Limited

IIFL Holdings Limited


National Stock Exchange of India Ltd

TATA Steel Limited

The Royal Bank of Scotland N.V

UBS AG (Hong Kong)

Work highlights

  • Advised Galaxy Surfactants on its IPO of equity shares aggregating to $146.5m by way of an offer for sale by 307 existing shareholders of the issuer.
  • Advised L&T IDPL, ICICI Securities Limited and Citigroup Global Markets India Private Limited on the first private placement of units of an infrastructure investment trust (InvIT) in India.
  • Advised ICICI Securities Limited, Edelweiss Financial Services Limited, IIFL Holdings Limited and JM Financial Limited as book running lead managers in relation to the proposed initial public offering of Shyam Metalics and Energy Limited (“SMEL”).

Khaitan & Co LLP

Khaitan & Co LLP handles a high volume of IPOs, where it typically acts for underwriters, in addition to a steady volume of debt issuances, where it acts for issuers, investment banks and lead managers. The capital markets group has further expertise advising issuers on QIPs and in acting for clients in regulatory matters before bodies such as the SEBI and the Securities Appellate Tribunal. Partner Abhimanyu Bhattacharya manages the full gamut of transactions, including major IPOs by clients such as Bandhan Bank and HDFC Asset Management. Aditya Cheriyan has broad experience which includes advising clients in relation to IPOs, follow on public offerings, rights issues and foreign currency convertible bonds. Madhur Kohli is also a key member of the practice, with particular expertise representing issuers and book-running lead managers in IPOs.

Practice head(s):

Sudhir Bassi

Key clients

Bandhan Bank Limited

Chalet Hotels Limited

Coal India Limited

Emami Cement Limited

Flemingo Travel Retail Limited

G R Infraprojects Limited

Hindustan Aeronautics Limited

HDFC Asset Management Company

India Grid Trust

Jindal Steel and Power Limited

J M Financial Limited

Larsen and Tourbo Limited

Morgan Stanley

Metropolis Healthcare Limited

Penna Cement Industries Limited

Puranik Builders Limited

Reliance General Insurance Company Limited

Sandhar Technologies Limited

Varroc Engineering Limited

Work highlights

  • Advised Bandhan Bank Limited, the issuer and the BRLMs on the IPO of equity shares for cash at a price of INR3.75bn per equity share.
  • Advised the issuer, HDFC Asset Management and the BRLMs on IPO of equity shares of HDFC AMC, aggregating up to $400m.
  • Advised the issuer, Jindal Steel and Power Limited and BRLMS on QIP of equity shares of Jindal Steel and Power Limited, aggregating to $172m.
  • Advised Reliance Industries Limited on the issue Series G unsecured redeemable non-convertible debentures aggregating to $476.8m for refinancing existing borrowings.

Shardul Amarchand Mangaldas & Co

With a sustained focus on debt and equity offerings and a prestigious client range including investment banks and private equity funds, Shardul Amarchand Mangaldas & Co handles IPOs on behalf of issuers and lead managers, advises InvITs in India on private placements and acts for clients in QIPs and buy-backs.  Prashant Gupta stands out for his instruction in high-value transactions, including the largest Indian IPO (Coal India) and the largest bond offering by an Indian group (Vedanta Resources), in which he is regularly assisted by Manjari Tyagi. Recently Gupta advised Chalet Hotels and the company’s selling shareholders in its IPO valued at approximately $232.8m, representing one of the largest IPOs in the hospitality sector.

Practice head(s):

Nishant Venkat; Mansi Chhabra

Other key lawyers:

Prashant Gupta; Manjari Tyagi


‘Prashant Gupta & Sayantan Dutta display commerciality and an in-depth understanding of the sector.’

Key clients

Chalet Hotels Limited

Aavas Financiers Limited

Credit Suisse Securities (USA) LLC, Barclays Capital Inc., HSBC Securities (USA) Inc., SG Americas Securities, LLC, JMP Securities LLC, Roth Capital Partners, LLC and Janney Montgomery Scott LLC (as underwriters for the follow-on public offering by Azure Power Global Limited)

TCNS Clothing Limited

Kotak Mahindra Capital Limited, Citigroup Global Markets India Private Limited, Credit Suisse Securities (India) Private Limited and IIFL Holdings Limited (as lead managers to the initial public offering by Varroc Engineering Limited)

Kotak Mahindra Capital Company Limited, J P Morgan India Private Limited and Morgan Stanley India Company Private Limited (as lead managers to the qualified institutions placement by DLF Limited)

Axis Capital Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited and ICICI Securities Limited (as lead managers for a rights issue by Bharti Airtel Limited)

State Bank of India

Brookfield (through Rapid Holdings 2 Pte. Limited) (in relation to India Infrastructure Trust InvIT)

J.P. Morgan India Private Limited, JPMorgan Chase Bank N.A., Mumbai Branch, Kotak Mahindra Bank Limited and Morgan Stanley India Company Private Limited (as joint structuring advisors in relation to Embassy Office Parks REIT)

Work highlights

  • Advised Chalet Hotels Limited and the selling shareholders on its initial public offering of equity shares.
  • Advised Aavas Financiers Limited on its initial public offering of equity shares.
  • Assisted the Underwriters as to Indian law regarding the follow-on public offering of Azure Power Global Limited on the NYSE .
  • Advised TCNS Clothing Limited on its initial public offering.
  • Advised the lead managers as to Indian law in the initial public offering of Varroc Engineering Limited.

Dhir & Dhir Associates

The capital markets group at Dhir & Dhir Associates  has considerable expertise advising companies on buybacks of equity shares, acting for issuers and investors in private placements of NCDs, and in advising public sector bodies on capital contributions in micro, small and medium sized enterprises. Practice head Girish Rawat leads on the majority of the firm’s mandates, including a recent instruction by National Aluminium Company regarding its buyback of equity shares worth INR50.4bn through the tender offer process.

Practice head(s):

Girish Rawat

Key clients

National Aluminium Company

Bharat Heavy Electricals


Panchsheel Buildtech

Mahagun Real Estate

Annika Promoters

India Infrastructure Finance Company

Indian Renewable Energy Development Agency

Work highlights

  • Advised Nalco on the buyack of equity shares from the shareholders of the company.
  • Advised BHEL on the buyback of equity shares from the shareholder of the company.  
  • Assisted Panchsheel Buildtech Private Limited in private placement of secured, non-convertible debentures.
  • Assisted Mahagun Real Estate Private Limited in private placement of secured, non-convertible debentures.

L&L Partners Law Offices

L&L Partners Law Offices ’ capital markets team has particular experience acting for companies and lead managers in IPOs and QIPs of substantial value, where it stands out for its knowledge of structuring and restructuring and regulatory compliance, in relation to legislation such as the Foreign Exchange Management Act. Further capabilities include advising clients on screen-based block trades, share buybacks and fundraising. The team advised the lead managers of JM Financial Limited in the proposed IPO of ASK Investment Managers, potentially representing one of the first portfolio management services providers to be publicly listed in India. Key names to note are Rajiv Luthra, Geeta Dhania and Mohit Saraf. Saraf's expertise includes domestic and overseas IPOs, an area in which he is very active, and qualified institutional placements. Manan Lahoty, Ravi Dubey, Abhiroop Lahiri, Manshoor Nazki and Vishal Yaduvanshi, along with three senior associates and ten associates joined IndusLaw in October 2019, while Jitesh Shahani joined the firm from Allen & Overy in Singapore.

Practice head(s):

Rajiv Luthra; Mohit Saraf

Other key lawyers:

Geeta Dhania; Jitesh Shahani

Work highlights

  • Advising Affle on the Indian law aspects of the company’s initial public offering of equity shares.
  • Advising the Lead Managers in relation to the proposed initial public offering of ASK Investment Managers Private Limited (“ASK”).
  • Advised the Lead Managers of CreditAccess Grameen Limited regarding the Indian law aspects of the company’s IPO.  
  • Advised the Lead Managers of Flemingo Travel Retail Limited in connection with the Indian law aspects of the company’s IPO.  
  • Advised Idea on the qualified institutions placement of its equity shares.

Rajani Associates

Rajani Associates predominantly acts for lead managers in IPOs across a range of sectors including IT, hospitality, aviation, and textiles. Partner Sangeeta Lakhi handles banking and finance and corporate work in addition to capital markets matters, including advising corporates on domestic and international loan transactions and structured finance matters.

Practice head(s):

Prem Rajani; Sangeeta Lakhi

Work highlights

  • Advised Hem Securities Limited on subscribing to the IPO of Mindpool Technologies Limited.
  • Advised SMC Capitals Limited on subscribing to the IPO of Jinaam’s Dress Limited.  
  • Advised Fedex Securities Limited on subscribing to the IPO of Artemis Electricals Limited.  

S&R Associates

S&R Associates 'highly skilled' practice predominantly acts for lead managers in high-value IPOs, rights issues and preferential allotments of shares. The group stands out for its involvement in novel mandates, such as advising on the first listing by a real estate trust in India, and the largest ever rights issue by an Indian company, namely Xiaomi Corporation. Sandip Bhagat specialises in advising major corporations and investment banks on public offerings in India and internationally, as well as private placements and block trades.

Practice head(s):

Sandip Bhagat; Juhi Singh; Venkatesh Vijayaraghavan; Jabarati Chandra


‘The S&R team is detail-oriented and solution-focused. It is one of the best firms for capital markets in India.’

‘Extremely high-quality team, consistently across its roster of partners, senior associates and associates. It is also a very hands-on team with lots of partner attention and consistently sound advice. The work product is very polished, which international clients appreciate.’

‘Sandip Bhagat is heads and shoulders above all his peers in terms of his legal acumen, technical skills, professional integrity and transactional management.’

Key clients

Vodafone Group

Bank of America Merrill Lynch

Kotak Mahindra (Investment Banking)

Morgan Stanley

Aakash Educational Services

Endurance Technologies Limited

Xiaomi Corporation

Polycab India Ltd.

Embassy Office Parks REIT

AGS Transact Technologies


With the capability to advise issuers, investors, underwriters, companies and banks in the capital markets space, Trilegal handles a healthy balance of equity and debt mandates, spanning IPOs, QIPs, rights issues, and issuances of NCDs. The group also regularly advises clients on private placements, and boasts a particularly strong track record acting for investors providing capital to India’s INVITs, including Indinfravit Trust. Practice head Bhakta Patnaik remains very active across the full spectrum of transactions, including structured finance and debt issuances.

Practice head(s):

Bhakta Patnaik

Key clients

OMERS Infrastructure Management Inc.

Marriott (Marriott Hotels India Private Limited + Global Marriot Group entities) (MII)

Edelweiss Financial Services Limited

Citigroup Global Markets India Private Limited

International Finance Corporation

ICICI Securities Limited

IIFL Holdings Limited

Kotak Mahindra Capital Company Limited

DSP Merrill Lynch Limited

Axis Capital Limited

Work highlights

  • Advised the book running lead managers regarding the proposed initial public offering of Montecarlo Limited by way of a fresh issue of equity shares and an offer for sale by the promoter selling shareholder trust.
  • Advised Anmol Industries Limited on the proposed initial public offering of equity shares aggregating through an offer for sale.
  • Assisted the book running lead managers during the proposed initial public offering of Puranik Builders Limited (the Company) by way of a fresh issue of equity shares and an offer for sale by the selling shareholders.
  • Advised the book running lead managers in the proposed initial public offering of Flair Writing Industries Limited (Issuer or Company) of such equity shares  comprising of fresh issue and offer for sale.


ZBA’s 'very experienced' capital markets team has strength in depth in high-value debt transactions, including medium-term note programmes and FCCBs, where they act for lead managers, issuers and investors. Practice head Niloufer Lam, who is dual-qualified as an advocate in India and a solicitor in England and Wales, regularly advises clients, including major corporations and banks, on MTNs, buybacks and bond issuances of substantial value. Recently she acted for Axis Bank Limited, lead managers to the deal, on its $5bn medium-term note programme offering.

Practice head(s):

Niloufer Lam


“We primarily deal with Niloufer Lam who proves to be a very hands on, knowledgeable and commercially-oriented partner.”

Key clients

Axis Bank Limited

Bharat Petroleum Corporation Limited

Work highlights

  • Advised Axis Bank Limited Singapore Branch, Citigroup Global Markets Singapore Pte. Ltd., The Hongkong and Shanghai Banking Corporation Limited (HSBC), and Standard Chartered Bank (“Joint Lead Managers”) on the recent $5bn Rule 144A medium term note (MTN) programme for Axis Bank Limited.
  • Advised BPCL as issuer on its issuance of listed, secured non-convertible debentures of $215m (in tranches) on recognised stock exchanges of India.

ALMT Legal

ALMT Legal advises issuers, underwriters, promoters and investors on IPOs, QIPs, buy-backs and takeovers of listed companies. Practice head Rajat Bopaiah advises clients on their debt and equity offerings on international exchanges such as AIM and NASDAQ, and additionally handles a high volume of IPOs and FPOs.

Practice head(s):

Rajat Bopaiah

Other key lawyers:

SR Arun

Key clients

Polaris Consulting & Services

Canara Bank

Penver Products

BOB Capital Markets

Karvy Investor Services

PNB Investment Services

Work highlights

  • Assisted the underwriters in respect of the proposed further public offering of ITI Limited, a government-owned manufacturer of telecommunications equipment in India.
  • Advised Polaris Consulting & Services Limited on its delisting of equity shares in accordance with the SEBI (Delisting of Equity Shares) Regulations, 2009.
  • Advised Canara Bank on its proposed divestment of controlling stake in Can Fin Homes Limited in accordance with the SEBI Takeover Regulations.
  • Advised Penver Products Limited on its initial public offering.

Bharucha & Partners

Primarily acting as legal counsel to companies and issuers in IPOs, Bharucha & Partners also advises offer managers and acquirers in open offers, and defends companies in regulatory proceedings brought by the SEBI and the Securities Appellate Tribunal in relation to the takeover code, unfair trade practices and various other allegations of non-compliance. Partner Vishnu Dutt boasts strong relationships with merchant bankers and domestic corporations and carries out both debt and equity transactions, acting for issuers and underwriters.

Practice head(s):

Alka Bharucha

Other key lawyers:

Vishnu Dutt

Key clients

Vodafone Idea

Intellect Design Arena Limited

Neogen Chemicals Limited

ICICI Securities Limited

Dakshin Mercantile Private Limited

Centrum Capital Limited

EbixCash World Money Limited

Sanathnagar Enterprises Limited

Diageo Plc

Work highlights

  • Advised Neogen Chemicals Limtied on its initial public offering.  
  • Advised Centrum Capital Limited (manager to offer) and EbixCash World Money Limited (acquirer) in the open offer made by the acquirer along with Ebix Asia Holdings Inc. and Ebix, Inc. to the public shareholders of Weizmann Forex Limited, to acquire up to 25.16% of the equity shares of the Target Company.
  • Advised Vodafone Idea (then Idea Cellular Ltd), on the preferential issue of equity shares having an aggregate value of INR32.5bn to resident and non-resident members of the promoter group.
  • Advised Intellect Design Arena Limited, a public listed company, on a preferential issue of its equity shares to its promoters.  


SNG & PARTNERS  even-handedly represents companies, selling shareholders and investors in public listings on the national stock exchange of India and the BSE and in issuances of NCDs, where they handle all aspects from document drafting through to regulatory compliance. Further expertise is demonstrated in the area of divestment: the group recently acted for the Ministry of Finance’s Department of Investment and Public Asset Management and several other government bodies in numerous separate mandates, helping the government of India to achieve its divestment targets in various sectors.

Practice head(s):

Rajesh Gupta; Amit Aggarwal; Saroj Pandey

Key clients

Government of India

Standard Chartered Bank

Work highlights

  • Advised the Government of India regarding its disinvestment through the Further Fund Offer (FFO) of INR84bn of BHARAT 22 ETF, helping the government to reach its divestment target.
  • Advised 27 different lenders (including State Bank of India, Canara Bank and IDBI  Bank) to Indiabulls Housing Finance Limited on the Structuring Security Sharing Arrangement.
  • Advised the subscribers with regard to raising of funds by RMZ Ecoworld Infrastructure Private Limited through issuance of non-convertible debentures.

Tatva Legal

With a range of clients that includes large domestic and international corporations and government agencies, Tatva Legal’s capital markets group acts for investors, and occasionally issuers, in private equity transactions. Practice head Dilip N.K. is the key name to note: his expertise includes private equity and mergers and acquisitions, with a particular focus on the technology, healthcare, retail and real estate sectors.

Practice head(s):

Dilip N.K.; Manav Nagaraj

Key clients

Aspada Investment Company

MEMG Family Office LLP

RNT Associates and Tahoe Ltd.

Lightstone Global Fund

Manipal Integrated Services Pvt. Ltd.

Accion Frontier Inclusion Mauritius

Work highlights

  • Advised Aspada on a  follow-on investment in Dunzo Digital Private Limited, totalling $12.5m.
  • Advised MEMG Family Office on investment in Aeon Learning Private Limited, where they acquired close to a 13% stake in the target company.
  • Advised RNT Associates and Tahoe on investment in Advamedica, including carrying out due diligence and drafting and finalizing transaction documents.
  • Advised Lightstone Global Fund on acquisition of significant stake in x Urban Technologies, including conducting due diligence of the target entity and finalising the transaction documents.
  • Advised Manipal Integrated Services as stakeholder in the sale of a minority stake in Good Host Spaces to HDFC for $10m.

Kanga & Company Advocates and Solicitors

Kanga & Company Advocates and Solicitors' capital markets practice is known for representing issuers in the retail, construction, pharmaceutical, engineering, and information technology sectors.