Capital markets in India

AZB & Partners

AZB & Partners houses a distinguished capital markets practice, capable of handling sizeable transactions for a varied client base, which includes investment banks, issuers and private equity selling shareholders. The team regularly undertakes work involving debt transactions, public offerings, and rights issues for promoters and underwriters. Varoon Chandra heads the practice from Mumbai, drawing on his experience in complex corporate finance mandates, while senior associate Sweta Ananthanarayanan frequently advises on public offerings of equity shares, in addition to bond and depositary receipt offerings. Lionel D’Almeida advises a full range of stakeholders on IPOs, FPOs and listings of securities on stock exchanges. Srinath Dasari focuses on advising issuers and banks on securities buy-back transactions, and institutional placements, supporting the team from Bangalore, and Agnik Bhattacharyya, based in New Delhi, contributes his expertise in advising domestic and overseas clients on significant transactions.

Practice head(s):

Varoon Chandra

Other key lawyers:

Lionel D’Almeida; Srinath Dasari; Agnik Bhattacharyya; Sweta Ananthanarayanan

Key clients

API Holdings Limited

Anand Rathi Wealth Limited

Aptus Value Housing Finance India Limited

AU Small Finance Bank Limited

Apeejay Surrendra Park Hotels Limited

Atria Convergence Technologies Limited

Axis Bank Limited

BVG India Limited

Bandhan Bank Limited

Bharti Airtel Limited

BSE Limited

CarTrade Tech Limited

Central Depository Services (India) Limited

Chemplast Sanmar Limited

Chemspec Chemicals Limited

Chindata Group Holdings Limited

Coldex Limited

Computer Age Management Services Limited

CSB Bank Limited

Craftsman Automation Limited

Data Patterns (India) Limited

Delta Corp Limited

DLF Limited

Dodla Dairy Limited

Easy Trip Planners Limited

Electronics Mart India Limited

Emcure Pharmaceuticals Limited

eMudhra Limited

Eros International Plc

Fabindia Limited

Five Star Business Finance Limited

FSN E-Commerce Ventures Limited

GMR Infrastructure Limited

Global Health Limited

Go Airlines (India) Limited

HDFC Asset Management Company Limited

HDFC Bank Limited

HDFC Standard Life Insurance Company Limited

HFCL Limited

Hinduja Leyland Finance Limited

Housing Development Finance Corporation Limited

ICICI Bank Limited

ICICI Prudential Asset Management Co. Limited

IDFC First Bank Limited

Indiabulls Housing Finance Limited

Indiabulls Ventures Limited

IndiaMART InterMESH Limited

Indian Railway Finance Corporation Limited

Infosys Limited

InterGlobe Aviation Limited

Jain Irrigation Systems Limited

Jana Small Finance Bank Limited

JK Files & Engineering Limited

JM Financial Limited

JM Financial Credit Solutions Limited

JM Financial Products Limited

JSW Steel Limited

Kalyan Jewellers 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

Max Healthcare Institute Limited

Metropolis Healthcare Limited

Motherson Sumi Systems Limited

Mrs. Bectors Food Specialities Limited

Muthoot Finance Limited

Nazara Technologies Limited

National Commodity & Derivatives Exchange Limited

National Stock Exchange of India Limited

Northern Arc Capital Limited

Novartis India Limited

One Mobikwik Systems Limited

Oravel Stays Limited

Patel Infrastructure Limited

PI Industries Limited

PNB Metlife India Insurance Company Limited

Polycab India Limited

Prince Pipes and Fittings Limited

Protean eGov Technologies Limited

Redington (India) Limited

RBL Bank Limited

Rainbow Children’s Medicare Limited

Reliance Industries Limited

Ruchi Soya Industries Limited

S Chand And Company Limited

Sanathan Textiles Limited

Sansera Engineering Limited

SAMHI Hotels Limited

Sapphire Foods India Limited

SBI Cards and Payment Services Limited

SBI Life Insurance Company Limited

Seven Islands Shipping Limited

Shriram Properties Limited

Shriram Transport Finance Company Limited

Sintex Industries Limited

SRF Limited

Sterling and Wilson Solar Limited

Stove Kraft Limited

Tata Consultancy Services Limited

Tata Investment Corporation Limited

Tata Motors Limited

Tata Steel Limited

Tata Capital Financial Services Limited

TCNS Clothing Co. Limited

TeamLease Services Limited

The Indian Hotels Company Limited

The New India Assurance Company Limited

Thomas Cook (India) Limited

Tower Infrastructure Trust

Varun Beverages Limited

VTB Capital plc

YES Bank Limited

Investment Banks

A.K. Capital Services Limited

Axis Capital Limited

Barclays Bank Plc.

BofA Securities India Limited

Centbank Financial Services Limited

Citigroup Global Markets India Private Limited

Credit Suisse Securities India Private Limited

CLSA India Private Limited

DAM Capital Advisors Limited (formerly IDFC Securities Limited)

Deutsche Equities India Private Limited

Edelweiss Financial Services Limited

Emkay Global Financial Services Limited

Equirus Capital Private Limited

Fortune Financial Services (India) Limited

Goldman Sachs India (Securities) Private Limited

Haitong Securities India Private Limited

HDFC Bank Limited

HSBC Securities and Capital Markets (India) Private Limited

ICICI Securities Limited

India Infoline Limited

IDBI Capital Markets & Securities Limited

IIFL Holdings Limited

IIFL Securities Limited

Inga Advisors Private Limited

Intensive Fiscal Services Private Limited

Investec Capital Services (India) Private Limited

Jefferies India Private Limited

JM Financial Limited

J.P. Morgan India Private Limited

Kotak Mahindra Capital Company Limited

Merrill Lynch

Morgan Stanley India Private Limited

Motilal Oswal Investment Advisors Limited

Nomura Financial Advisory and Securities (India) Private Limited

SBI Capital Markets Limited

Spark Capital Advisors (India) Private Limited

Trust Investment Advisors Private Limited

UBS Securities India Private Limited

Vivro Financial Services Private Limited

YES Securities (India) Limited

Funds/ Financial Investors


Affirma Capital

Bain Capital

Banyan Tree


BNP Paribas Cardif S.A.




Everstone Capital

Eight Roads

Everfin Holdings

Equity International



Gateway Partners

GAWA Capital

General Atlantic


Goldman Sachs

Granite Hill

GTI Capital


IIFL Special Opportunities Fund

International Finance Corporation

IFC FIG Investment Company I

J.P. Morgan


Kuwait Investment Authority



Marina III (Singapore) Pte. Limited

March Capital


Morgan Stanley


Norwest Venture Partners

Omega TC Sabre Holdings Pte. Ltd.

SABR India Investment Pvt Ltd.

Sarva Capital



Tata Capital


The Rohatyn Group

Tree Line


Warburg Pincus



Walton Street Capital

Work highlights

  • Advising Reliance Industries on a major foreign currency bond issuance of $4bn.
  • Advising Bharti Airtel on its rights issue of partly paid equity shares for an aggregate amount of INR 209.87bn.
  • Advising FSN E-Commerce Ventures (Nykaa, the issuer) and Sanjay Nayar Family Trust (as the promoter selling shareholder) on Nykaa’s initial public offering.

Cyril Amarchand Mangaldas

The team at Cyril Amarchand Mangaldas utilises its ‘deep bench strength‘ to advise investment banks, companies and private equity investors on transactions involving Indian assets or Indian companies. The team is renowned for handling first-of-their-kind transactions, such as rights issues by publicly listed infrastructure investment trusts, the IPO for India’s first unicorn to list on the stock exchange, and the first Indian renewable energy company to list on NASDAQ through the special purpose acquisition company route. Yash Ashar is the national head of the practice, as well as an accomplished securities law practitioner, frequently advising on preferential allotments, IPOs and qualified institutional placements. Other key members of the team include Kranti Mohan, who has a particular focus on InvITs and overseas listings through business trusts, and Gokul Rajan, who has over 17 years’ experience in advising underwriters and issuers on marquee equity and debt transactions, including domestic and overseas bond issuances, and follow-on offerings.

Practice head(s):

Yash Ashar

Other key lawyers:

Kranti Mohan; Cyril Shroff; Gokul Rajan; Rohit Tiwari


‘Deep bench strength and broad based know-how within the team.’

‘Strong reputation for giving credible well researched advice over the years.’

‘Ability to service clients seamlessly pan India.’

‘Yash Ashar and Gokul Rajan are hands on and understand client sensitivities.’

‘Ability to navigate complex transactions.’

Key clients

IPO of Zomato Limited

SPAC for listing on NASDAQ – ReNew Power Limited

IPO of POWERGRID Infrastructure Investment Trust and Power Grid Corporation of India Limited

IPO of Star Health and Allied Insurance Company Limited

IPO of PB Fintech Limited – Kotak Mahindra Capital Company

IPO of Sona BLW Precision Forgings Limited and Singapore VII Topco III Pte Ltd

IPO of FSN E-Commerce Ventures Limited (Nykaa) – Kotak Mahindra Capital Company Limited and Morgan Stanley

Rights issue of India Grid Trust

IPO & QIP of Macrotech Developers Limited

IPO of units of Brookfield India Real Estate Trust

IPO of Cartrade Tech Limited

Rights issue of L&T Finance Holdings Limited

IPO of Nazara Technologies Limited

IPO of Kalyan – advised Warbug Pincus

IPO of Paytm – advised SoftBank

Work highlights

  • Acted for Zomato Limited in its initial public offering (IPO) and an offer for sale by Info Edge (India).
  • Acted for Sona BLW Precision Forgings and the promoter selling shareholder in the comapny’s IPO.
  • Acted for the underwriters in the IPO of FSN E-Commerce Ventures Limited (Nykaa).


The team at IndusLaw consists of ‘top-of-the-class practitioners‘, who are regularly sought out by a host of clients. The team can often be seen advising promoters on how to navigate the regulatory landscape in India; new-age issuers on IPOs; and IPO founders on pre-IPO private rounds. Manan Lahoty leads the team from Mumbai and advises on substantial transactions in the domestic and international capital markets. Vishal Yaduvanshi has over 10 years’ experience in representing issuers and underwriters, and specialises in foreign listings by Indian issuers, while associate Priyadarshini Rao advises a host of clients, such as manufacturing and retail companies on IPOs, rights issues and offers for sale. Manshoor Nazki regularly advises on transactions which include domestic and international listings of convertible securities and debt, areas in which Abhyuday Bhotika, who was promoted to partner in April 2022, is also vastly experienced.

Practice head(s):

Manan Lahoty

Other key lawyers:

Manshoor Nazki; Vishal Yaduvanshi; Priyadarshini Rao; Abhyuday Bhotika


‘The partners on the team are an ideal mix of top-of-the-class practitioners in the capital markets space and team-first personalities. The team’s advice is always spot on client-focused. In a very short period of time, Manan Lahoty and his partners have been able to build up a top tier capital markets practice.’

‘I’ve worked with Abhyuday Bhotika, Anshul Roy, and Ayushi Tiwari, and they all are very talented and hardworking.’

‘Awareness of market practices is a standout quality.’

‘Abhiroop Lahiri – Responsiveness, pragamatic advice.’

‘Highly experienced, good knowledge base, experts in technology companies, accessible, flexible in billing.’

‘Induslaw partners have a solutions driven approach, vast experience in capital markets and provide sound legal advice’.

‘The team is very nice and co-operative.’

Key clients

One 97 Communications (SS Counsel)

Zomato IPO

Lodha Developers QIP

Vedant Fashions (SS Counsel)

Burger King QIP

Adani Wilmar IPO

CMS Info Systems IPO

Tega Industries IPO

Go Fashion IPO

Sapphire Foods IPO

Policy Bazaar (PB Fintech) IPO

Krsnaa Diagnostics IPO

CarTrade Tech IPO

Canara Bank QIP

Imagine Marketing (BoAt) IPO

Oravel Stay Limited (OYO) IPO

Wellness Forever IPO

Sahajanand Medical Technologies IPO

Navi Technologies Limited IPO

Lava International IPO

Work highlights

  • Advised the selling shareholders, Elevation Capital and SAIF Partners, on all aspects of Indian law in the IPO of One97 Communications (Paytm).
  • Advised the book running lead managers (Kotak, Morgan Stanley, Credit Suisse, BOFA Securities and Citi) on all aspects of Indian law in relation to the IPO by Zomato Limited.
  • Advised the book running lead managers on the qualified institutional placement by Lodha Developers.

Khaitan & Co LLP

Khaitan & Co LLP maintains a thriving capital markets practice, which proves to be a go-to-choice for underwriters seeking advice on IPOs across multiple sectors, the issuance of non-convertible debentures, and regulatory matters concerning cross-border joint ventures. Sudhir Bassi heads the practice and leads on major capital raising issues, delistings and policy initiatives with regulators, while Aditya Cheriyan has 16 years of experience in advising on all manner of capital markets transactions, such as IPOs and follow-on public offerings. Abhimanyu Bhattacharya is particularly experienced in rights issues, offshore high-yield bonds, and qualified institutional placements. The team also frequently advises on scheme listings, offers for sale and block trade. Other key practitioners include Soumya Mohapatra and Manisha Shroff, both of whom have a particular focus on equity and debt capital markets, regularly advising on domestic debt and international bond issuances. Oishik Bagchi was promoted to partner in April 2022, and often advises on secondary sale transactions, foreign debt listings and securities law issues regarding debt restructuring.

Practice head(s):

Sudhir Bassi

Other key lawyers:

Manisha Shroff; Abhimanyu Bhattacharya; Aditya Cheriyan; Soumya Mohapatra; Oishik Bagchi

Key clients

One 97 Communications Limited

Go Airlines (India) Limited

Aditya Birla Sun Life AMC Limited

Healthium Medtech Limited

JSW Steel Limited

Ruchi Soya Industries Limited

Metro Brands Limited

Vedanta Resources PLC

Indian Railway Finance Corporation Limited

Department of Investment and Public Asset Management

Snapdeal Limited

Bank of Baroda

Le Travenues Technology Limited

State Bank of India

L&T Finance Holdings Limited

IIFL Finance Limited

Work highlights

  • Represented a syndicate comprising 11 book running lead managers for the IPO of Aditya Birla Sun Life AMC.
  • Representing the book running lead managers on the proposed IPO of equity shares of Emcure Pharmaceuticals.
  • Acted as the Indian legal adviser to the joint lead managers in relation to the offering of sustainability linked bonds (SLB) by JSW Steel aggregating to $1bn.

Shardul Amarchand Mangaldas & Co

Shardul Amarchand Mangaldas & Co is home to an impressive capital markets practice, which frequently assists clients with complex, big-ticket transactions. Prashant Gupta leads the team and advises issuers and underwriters on large capital market deals such as buy-backs, pre-IPO private placements and capital restructurings, and Nikhil Naredi assists a host of clients, including issuers, investors and investment banks on equity-linked and debt securities. The team continues to place an emphasis on the provision of debt and equity security offerings, while Manjari Tyagi acts for merchant banks in a myriad of domestic equity capital markets transactions, international high-yield bond transactions and foreign listings. Shubangi Garg remains a key member of the team and focuses on listed non-convertible debenture issuances by InvITs and REITs.

Practice head(s):

Prashant Gupta

Other key lawyers:

Nikhil Naredi; Shubhangi Garg; Manjari Tyagi; Sayantan Dutta

Key clients

Paytm, One 97 Communications Limited

PB Fintech Limited (Policybazaar)

Nuvoco Vistas Corporation Limited

Axis Capital Limited

Virescent Renewable Energy Trust

J. P. Morgan Securities plc

Hongkong and Shanghai Banking Corporation Limited

Freshworks Inc.

Kotak Mahindra Capital Company Limited

Krishna Institute of Medical Sciences Limited

General Atlantic Singapore KH Pte. Ltd.

J.P Morgan Chase Bank N.A

Indian Cleantech Energy

Morgan Stanley & Co. LLC

Goldman Sachs (Asia) L.L.C.

K Raheja Corp Investment Managers LLP

Work highlights

  • Advised PB Fintech (Policybazaar) on its $766m IPO.
  • Advised Freshworks Inc. on its $1.06bn IPO.
  • Advised Brookfield on its IPO of 38,181,800 units of the REIT aggregating to ₹38,000m.

Luthra and Luthra Law Offices India

The team at Luthra and Luthra Law Offices India provides a comprehensive service covering domestic and overseas securities products, helping a varied client base to navigate technical issues to aid deal execution. The team frequently advises debut and repeat issuers, underwriters, selling shareholders, and financial institutions. Geeta Dhania is an expert in leading on domestic and international equity and debt listings, as well as convertible securities. Girish Rawat joined the team from Dhir & Dhir Associates, bringing his experience in investment and financing transactions, including listed and unlisted bond and debt securities. Karan Mitroo has over 13 years’ experience in the provision of advice on domestic and overseas debt financing in India across a multitude of sectors, including thermal power, hospitality and healthcare.

Practice head(s):

Geeta Dhania; Rajiv K Luthra; Girish Rawat; Karan Mitroo

Other key lawyers:

Purvi Dabbiru

Key clients

Unicast Autotech Private Limited

Minda Industries Limited

Anand Rathi Advisors Limited

Venus Pipes and Tubes Limited

Azure Power Global Limited

Axis Capital Limited

DAM Capital Advisors Limited (Formerly IDFC Securities Ltd)

BOB Capital Markets Limited

SBI Capital Markets Limited

Saraf and Partners

Mohit Saraf in New Delhi (who was a founding partner of L&L) and Murtaza Zoomkawala in Mumbai head the capital markets team at Saraf and Partners. A large number of lawyers also moved to the firm in 2021 together with a substantial roster of clients. Over some three decades Mohit Saraf has worked on IPOs and large debt raisings, steering clients through complex transactions in addition to M&A matters. Murtaza also advises on capital markets, mergers and acquisitions and has a focus on advice relating to Indian securities laws. Another key team member is Satadru Goswami whose focus is on debt markets work.

Practice head(s):

Mohit Saraf; Murtaza Zoom

Other key lawyers:

Satadru Goswami

Key clients

Stovekraft Limited

Info Edge (India) Limited

Indiabulls Housing Finance Limited

Bharat Dynamics Limited

CA Lotus Investments (the Carlyle Group)

RBL Bank Limited

Dhani Services Limited (formerly Indiabulls Ventures Limited)

Adani Electricity Mumbai Limited

Adani Ports and Special Economic Zone Limited

Adani International Container Terminal Private Limited


The accomplished team at Trilegal ‘sets the standard for professionalism and competent expertise’ and continues to run a thriving capital markets practice, regularly advising on the full scope of equity and debt issuances and linked instruments, from IPOs to foreign currency convertible bonds. Bhakta Patnaik heads the practice from Mumbai and often assists prestigious investment banks with domestic and overseas offerings, equity securities, and private placements of convertible and exchangeable bonds. Richa Choudhary is a key member of the team and advises on a full range of capital markets transactions, including masala, green and social bonds, as well as rights issues, preferential allotments and buybacks. Brajendu Bhaskar frequently acts for domestic and overseas issuers and underwriters on equity transactions, including foreign institutional investments into India, structured debt issuances and qualified institutional placements. Counsel Albin Thomas has varied experience in representing issuers and underwriters in domestic and international transactions across a range of sectors, including pharmaceuticals, energy and real estate.

Practice head(s):

Bhakta Patnaik

Other key lawyers:

Richa Choudhary; Brajendu Bhaskar; Albin Thomas


‘The Capital Markets team led by Bhakta Patnaik sets the standard for professionalism and competent expertise. They have helped me navigate a notoriously difficult transaction. Having the Trilegal team by my side gave me the confidence to expertly navigate the nuances of the said transaction. The transaction was a big success, and the team at Trilegal made it all possible.’

‘Bhakta Patnaik and Brajendu Bhaskar deserve special mention and kudos for the great job that they do. Needless to say they are competent lawyers. They are genuinely interesting people who, at least in my case, have invested the time to get to know me. It’s a long-term relationship with them and I’m sure it’ll pay dividends for all, over time.’

Key clients

Glenmark Life Sciences Limited

Metro Brands Limited

Fino Payments Bank Limited

GPT Healthcare Limited

Asianet Satellite Communications Limited

HCL Technologies Limited

Indorient Financial Services Limited

Alicon Castalloy Limited

Haitong Securities India Private Limited

UBS Securities India Private Limited

Equirus Capital Private Limited

Kotak Mahindra Capital Company Limited

Axis Capital Limited

BofA Securities India Limited

Citigroup Global Markets India Private Limited

ICICI Securities Limited

CLSA India Private Limited

Credit Suisse Securities (India) Private Limited

Jefferies India Private Limited

Ambit Private Limited

DAM Capital Advisors Limited

IIFL Securities Limited

SBI Capital Markets Limited

Edelweiss Financial Services Limited

HSBC Securities and Capital Markets (India) Private Limited

Nomura Financial Advisory and Securities (India) Private Limited

HDFC Bank Limited

BOB Capital Markets Limited

IndusInd Bank Limited

YES Securities (India) Limited

J.P. Morgan India Private Limited

Emkay Global Financial Services Limited

TPG Asia

Shriram Transport Finance Company Limited

JM Financial Products Limited

JM Financial Limited

IndusInd Bank Limited

Pandara Trust – Scheme I represented by its trustee Vistra ITCL (India) Limited

Prasol Chemicals Limited

Muthoot Finance Limited

Pristine Logistics & Infraprojects Limited

Prudent Corporate Advisory Services Limited

Work highlights

  • Advised Kotak Mahindra Capital Company in connection with the IPO of equity shares of Star Health and Allied Insurance Company.
  • Advised Singapore E-Commerce on the IPO of One97 Communications (Paytm).
  • Advised Kotak Mahindra Capital Company on the IPO of Sona BLW Precision Forgings.


ZBA has an impressive track record in advising on debt capital markets issues, frequently assisting clients with foreign currency bond issuances, non-convertible debentures and medium-term note programmes. The team has a particular focus on transactions with cross-border aspects, often handling work in jurisdictions such as the UK, Singapore and the US. Niloufer Lam heads the practice from Mumbai; under her guidance the team frequently advises corporations operating across a number of sectors, including railways, energy, oil and gas, and financial services.

Practice head(s):

Niloufer Lam

Other key lawyers:

Mihir Shukla; Anuttam Mahapatra; Mallika Jain

Key clients

Hindustan Petroleum Corporation Limited

Indian Oil Corporation Limited

The Tata Power Company Limited

Power Finance Corporation Limited

Indian Railways Finance Corporation Limited

L&T Finance Holdings Limited

Oil and Natural Gas Corporation Limited

ONGC Videsh Vankorneft Pte. Ltd

ONGC Videsh Limited

Max Life Insurance Company Limited

Star Union Dai-ichi Life Insurance Company Limited

Niva Bupa Health Insurance Company Limited

Coastal Gujarat Power Limited

PNB MetLife India Insurance Company Limited

Bharat Oman Refineries Limited

REC Limited

Fasanara Capital

Nippon Mutual Fund

Shriram Housing Finance Limited

Vivriti Capital Private Limited

Work highlights

  • Advised Power Finance Corporation on a global medium-term note programme and issuance of green foreign currency bonds.
  • Advised REC Limited in issuances of Rupee non-convertible debentures/bonds.
  • Advised Indian Railways Finance Corporation under the global medium-term note programme.

Bharucha & Partners

The team at Bharucha & Partners frequently assists clients with the gamut of capital markets transactions, including debentures, private placements, IPOs and share issuances. Vishnu Dutt, as a capital markets specialist, maintains strong client relationships with merchant banks and often advises on large complex transactions such as IPOs and rights issues. Alka Bharucha oversees the practice, while associate Mehul Jain provides advice on regulatory issues, listings and fundraising issues; Jain also appears before the Securities Appellate Tribunal in adjudication proceedings.

Practice head(s):

Alka Bharucha

Other key lawyers:

Vishnu Dutt; Ajai Achuthan; Sneha Jaisingh; Mehul Jain

Key clients

Dreamfolks Services Limited

Equirus Capital Private Limited

SBI Capital Markets Limited

Bhagiradha Chemicals Industries Limited

Aurum Platz IT Private Limited

RPP Infra Projects Limited

Greenlam Industries Limited

Diageo Plc

Dakshin Mercantile Private Limited

Brahmayya & Co.

ALMT Legal

ALMT Legal is a go-to practice for several domestic companies, promoters, issuers and merchant banks, which turn to the firm for advice on offshore listings, IPOs, FPOs and buy-backs. S.R. Arun co-heads the practice alongside Rajat  Bopaiah in Bangalore. Arun, with 25 years’ experience in the capital markets space, assists merchant banks and promoters in accessing markets in India and overseas at various stages; Bopaiah has extensive experience in working with public markets and stock exchanges and regularly advises companies on IPOs, acquisitions of shares and rights issues. Souvik Paul Mazumdar has a niche interest in advising Indian companies listed on NASDAQ on international offerings in the alternative investment market in Australia, Toronto and London.

Practice head(s):

S. R. Arun; Rajat Bopaiah

Other key lawyers:

Souvik Paul Mazumdar

Key clients

BOB Capital Markets Limited

Canara Bank

Karvy Financial Services Limited

Safari Industries (India) Limited

Virtusa Consulting Services Private Limited

Work highlights

  • Advised underwriters DAM Capital Advisors and SBI Capital Markets regarding the proposed IPO of GPT Healthcare.
  • Advised International Media Acquisition Corp on its proposed SPAC listing on NASDAQ.
  • Advised Canara Bank on its private placement of Tier 1 bonds.

DSK Legal

DSK Legal is home to a growing capital markets practice with a strong focus on IPOs, global and depositary receipts, and foreign currency convertible bonds. Ajay Shaw and Gaurav Mistry head the practice from Mumbai, frequently advising domestic and international financial institutions, supranational organisations, and first-time issuers across a multitude of sectors, from infrastructure to technology to financial services.

Practice head(s):

Ajay Shaw; Gaurav Mistry

Key clients

Equirus Capital Private Limited

Corrtech International Limited

Mandala Capital Limited

Mandala Capital AG Limited

Work highlights

  • Advised Corrtech International on its proposed IPO through a fresh issue of equity shares and an offer for sale.
  • Advised Dreamfolks Services on its proposed IPO through offers for sale of equity shares.
  • Advised Mazagon Dock Shipbuilders on its IPO through offers for sale of equity shares by the President of India, through the Ministry of Defence, Government of India.


SNG & PARTNERS fields a strong capital markets team, which assists a varied client base with IPOs, QIPs and bond issuances. The team places an emphasis on the debt capital markets sphere, including advising on hybrid and high-yield bonds. Amit Aggarwal is regularly involved in deals in both equity and debt, and Saroj Kumar Pandey frequently provides advice to domestic and international funds, family offices and financial institutions on complex transactions.

Practice head(s):

Amit Aggarwal; Saroj Kumar Pandey

Key clients

UGRO Capital Limited

Sundae Capital Advisors Private Limited

Incred Financial Services Limited

ICICI Bank Limited

HDFC Asset Management Company Limited

Clix Capital Limited

Work highlights

  • Advised an individual on the sale of a 100% stake in Khyati Chemicals to Dorf Ketal Chemicals India.
  • Advised UGRO Capital and Sundae Capital Advisors on the public issue of non-convertible debentures (NCDs).
  • Advised Incred Financial Services and Sundae Capital Advisors on the public issue of NCDs.

Talwar Thakore & Associates

Talwar Thakore & Associates’ practice is best known for its proficiency in the debt capital markets space, placing a great deal of emphasis on structured high-yield transactions. The team advises on USD and INR debt issuances across a number of sectors, including roads, transmissions and renewable energy. Rahul Gulati has over 17 years’ experience in advising lead managers and issuers on domestic and overseas equity and debt offerings, and Priyanka Kumar leads on novel transactions, such as international co-issuer structures by Indian companies, and dual-level bond issuance structures.

Practice head(s):

Rahul Gulati; Priyanka Kumar

Key clients

ReNew Power Limited

Adani Group

Barclays Bank PLC

J.P. Morgan India Private Limited


Deutsche Bank AG


Linklaters Singapore Pte. Ltd.

Latham & Watkins LLP

Ashurst LLP

Apollo Global Management LLC

Work highlights

  • Acted as the Indian legal advisers to Citigroup Global Markets in relation to the issue of senior notes due 2026 by HCL America Inc.
  • Advised Apollo Global Management on the investment by certain credit funds in relation to secured notes due 2029 issued by Mumbai International Airport.
  • Acted for Barclays Bank relating to the issue of senior notes due 2031 by JSW Hydro Energy.