Capital markets in India

AZB & Partners

AZB & Partners handles a balanced roster of work for issuers, investment banks and private equity houses and selling shareholders, which includes IPOs, QIPs, rights issues, FCCB and ADR offerings. However, the firm truly excels in advising banking clients on novel or record breaking transactions, such as the first IPO by a foreign promoted commercial bank in India. Varoon Chandra has an expansive practice, which encompasses corporate finance,  domestic and international debt issuances and QIPs. Srinath Dasari, who specialises in corporate finance, has handled numerous IPOs for Indian companies throughout his career. Highly active practitioner Richa Choudhary advises issuers, promoters, selling shareholders and investment banks on IPOs and FPOs.

Practice head(s):

Varoon Chandra

Other key lawyers:

Srinath Dasari; Richa Choudhary

Key clients

Axis Bank Limited

BIF IV Jarvis Pte. Ltd.

Bharti Airtel Limited

CSB Bank Limited

HDFC Bank Limited

Housing Development Finance Corporation Limited

Infosys Limited

JM Financial Products Limited

Muthoot Finance Limited

National Commodity & Derivatives Exchange Limited

National Stock Exchange of India Limited

Reliance Industries Limited

SBI Cards and Payment Services Limited

SBI Life Insurance Company Limited

Shriram Transport Finance Company Limited

Tata Motors Limited

Varun Beverages Limited

YES Bank Limited

Investment Banks

A.K. Capital Services Limited

Axis Capital Limited

Citigroup Global Markets India Private Limited

Goldman Sachs India (Securities) Private Limited

HSBC Securities and Capital Markets (India) Private Limited

JM Financial Limited

Nomura Financial Advisory and Securities (India) Private Limited

Funds/ Financial Investors



Equity International


Goldman Sachs

International Finance Corporation

Warburg Pincus

Work highlights

  • Advised Reliance Industries Limited on its rights issue of partly paid-up equity shares for cash.
  • Advised CSB Bank, its promoter, FIH Mauritius Investments Ltd and the selling shareholders, in the initial public offering of equity shares.
  • Advised Bharti Airtel on its qualified institutions placement of equity shares.

Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas' practice is particularly well known for its work in complex, novel or extremely high-value capital markets transactions, including rights issues, preferential issues, IPOs and DCM transactions. The firm's work in the burgeoning REIT and INVIT sectors is particularly notable, insofar as it involves meeting with regulators and industry participants to discuss regulatory matters in pertinent areas, such as the legal framework of depository receipts. Yash Ashar leverages his expertise in securities law to advise clients on IPOs, follow-on public offerings, FCCBs and various other equity transactions. Arjun Lall has a strong track record in market firsts, including the first sponsored ADR programme and the first formation of a REIT.

Other key lawyers:

Arjun Lall

Key clients

Embassy Ofice Parks REIT

Kotak Mahindra Capital Company

DSP Merrill Lynch

Morgan Stanley India


India Grid Trust

Sterlite Power Grid Ventures

Greenko Group

India Oil Corporation

Barclays Bank PLC

BNP Paribas

Citigroup Global Markets

JP Morgan Securities

Standard Chartered Bank

ReNew Power

Kanak Renewables

Kotak Mahindra Capital Company

Axis Capital Limited

Work highlights

  • Advised Embassy Office Parks REIT, its manager, sponsors and selling unitholders in connection with the company’s proposed IPO.
  • Advised the lead managers (Kotak Mahindra Capital, DSP Merrill Lynch, Morgan Stanley India, HDFC Bank and SBI Capital Markets) of the rights issue by Vodafone Idea, representing one of India’s largest ever rights issues.
  • Advised India Grid Trust and the sponsor on the first preferential issue of units by a listed InvIT in accordance with the InvIT Regulations and SEBI Preferential Issue Guidelines.


IndusLaw's practice expanded significantly in October 2019, with five partners and thirteen associates from L&L Partners Law Offices' capital markets practice joining the firm's offices in Mumbai and Delhi. Manan Lahoty specialises in public offerings and securities law, having advised numerous major corporates and financial institutions throughout his career. Vishal Yaduvanshi is well versed when it comes to assisting underwriters and issuers undergoing QIPs, rights issues, buybacks and various other equity deals. Manshoor Nazki, who previously worked in the policy division of SEBI, has notable expertise in equity and debt offerings. In a recent highlight, the firm advised the lead managers (Kotak Mahindra, IIFL Securities and JM Financial) in the $107m IPO of Ujivan Financial Services, which was over subscribed 160 times.

Practice head(s):

Manan Lahoty

Other key lawyers:

Vishal Yaduvanshi; Manshoor Nazki

Key clients

Axis Capital



DSP Merrill Lynch/Bank of America

Edelweiss Financial Services

Goldman Sachs

ICICI Securities

IIFL Securities

IDFC Securities

JM Financial

J. P. Morgan

Kotak Mahindra Capital


A.K. Capital

Avenue Supermarts (D-Mart)

Burger King

Prince Pipes and Fittings

Samhi Hotels

Shriram Properties

RBL Bank

Jagran Prakashan

Ujjivan Small Finance Bank

Work highlights

  • Advising the lead managers of the proposed initial public offering of Burger King India Limited.
  • Advised the placement agents in the qualified institutions placement of Avenue Supermarts Limited (“D-Mart”) and the brokers in the offer for sale by the promoters of D-Mart.
  • Advising the lead managers in relation to the initial public offering by SAMHI Hotels Limited.

J Sagar Associates

J Sagar Associates' expansive practice advises clients on all types of equity and debt transactions, including IPOs, rights issues, private placements, takeovers and buybacks. Notably, the firm also assists clients looking to set up INVITs and REITs, guiding them through the regulatory and commercial aspects of their operations. Arka Mookerjee focuses on advising clients on equity transactions, including IPOs, rights issues and QIPs. Dina Wadia  advises clients on all types of debt transactions,  project finance, acquisition finance and restructuring. Rohitashwa Prasad often advises underwriters and issuers on various capital markets transactions. Uttara Kolhatkar focuses on debt capital markets.

Other key lawyers:

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)

National Highways Authority of India

Rossari Biotech Limited

National Commodity and Derivatives Exchange Limited

Dilip Buildcon Limited

Work highlights

  • Advised Tata Sponge and Iron in relation to its rights issue.
  • Advised IDBI Capital Markets & Securities, SBI Capital Markets and YES Securities in relation to the IPO of Indian Railway Catering and Tourism Corporation.
  • Advised ICICI Securites and Nomura Financial Advisory and Securities as book running lead managers in relation to the IPO of Affle.

Khaitan & Co LLP

Khaitan & Co LLP's capital markets practice is highly active in IPOs, QIPs, issuances of debt securities, private placements and various other capital markets transactions. Sudhir Bassi is often instructed by marquee clients to advise them on IPOs, particularly in the real estate and infrastructure sectors. Manisha Shroff specialises in debt capital markets and structured finance, including international bond issuances. Abhimanyu Bhattacharya has recently advised clients undergoing IPOs, QIPs and debt restructuring agreements. Aditya Cheriyan and Madhur Kohli frequently advise clients, primarily issuers, in relation to IPOs.

Key clients

Muthoot Finance Limited

Reliance Industries Limited

India Grid Trust

Standard Chartered Bank

TVS Motor Company Limited

JSW Steel Limited

Aditya Birla Finance Limited

Delhi International Airport

Mahindra & Mahindra Limited

India Infoline Finance Limited –

L&T Finance Limited

Mahindra & Mahindra Financial Services Ltd.

Bajaj Finance Limited

Shree Cement Limited

KEI Industries Limited

Aditya Birla Fashion and Retail Limited

Gland Pharma Limited

Work highlights

  • Advised Bajaj Finance on its qualified institutions placement of equity shares.
  • Advised Shree Cement Limited on its qualified institutions placement of equity shares.
  • Advised KEI Industries on its qualified institutions placement of equity shares.

S&R Associates

S&R Associates is well-equipped to advise large domestic and international clients on debt and equity transactions. Over the years, the team has established its strong position in the market by handling numerous market first transactions, including the first preferential issue by an InVIT. Sandip Bhagat specialises in public offerings, private placements, high-yield debt offerings and block trades. Juhi Singh and Vinkatesh Vijayaraghava  frequently act for issuers and investment banks in relation to IPOs, QIPs, rights issues and buy-backs. The team welcomed Jitesh Shahani who joined its Mumbai office from L&L Partners Law Offices.

Key clients

Vodafone Group

DSP Merrill Lynch

Kotak Mahindra

Morgan Stanley

Polycab India

ICICI Prudential Life Insurance

Embassy Office Parks REIT

IRB Infrastructure Trust

IIFL Securities Limited

Citigroup Global Markets

Work highlights

  • Advised Vodafone Idea Limited on its rights issue and the various regulatory requirements therein.
  • Advised a consortium of lead managers (including Morgan Stanley, Kotak Mahindra Capital Company and J.P. Morgan India) in relation to the IPO of Embassy Office Park’s REIT, which was co-sponsored by the Embassy Group and the Blackstone group.
  • Advised various lead managers, including Edelweiss Financial Services Limited and Axis Capital Limited, on the rights issue of India Grid Trust.

Shardul Amarchand Mangaldas & Co

Shardul Amarchand Mangaldas & Co' team advises large banks and corporates on major debt and equity offerings, including IPOs, QIPs, FCCBs, private placements and listings of InvITs and REITs. Prashant Gupta advises underwriters and issuers undergoing major debt and equity transactions. In a recent highlight, he advised a consortium of banks subscribing to Bharti Airtel's $3.5bn rights issue, representing India's largest capital markets transaction. Nikhil Naredi's ambit of work includes ADR listings, private placements, IPOs and follow-on public offerings. Shubhangi Garg has impressive credentials in debt capital markets transactions, whereas Manjari Tyagi often advises lead managers and issuers on complex, cross-border IPOs.

Practice head(s):

Prashant Gupta

Key clients

Kotak Mahindra Capital Company Limited

Axis Bank Limited

J.P. Morgan India Private Limited

Citigroup Global Markets India Private Limited

Morgan Stanley India Company Private Limited


K Raheja Group

ICICI Securities Limited

Axis Capital Limited

State Bank of India

Work highlights

  • Advised Axis Bank on issuing its qualified institutions placement.
  • Advised a consortium of lead managers, including Kotak Mahindra Capital and J.P. Morgan, in relation to DLF’s QIP.
  • Advised Oriental InfraTrust, Oriental Structural Engineers and Oriental Tollways, and Indian Technocrat  on all aspects of Oriental Infratrust’s public offering.

L&L Partners Law Offices

L&L Partners Law Offices advises issuers, selling shareholders and underwriters in relation to equity and debt transactions, including IPOs, QIPs, private placements and medium-term note programmes. Mohit Saraf has been instructed by clients to assist them with major IPOs and QIPs throughout his career, including DLF's $414m QIP and Ujivan Small Finance Bank's $97.5m IPO. Geeta Dhania has standout expertise assisting the Government of India with primary and secondary listings of public companies. The team lost Manan Lahoty and Jitesh Shahani who joined IndusLaw and S&R Associates, respectively.

Practice head(s):

Mohit Saraf; Geeta Dhania

Other key lawyers:

Geeta Dhania


‘L&L’s capital markets practice is one of the strongest in India’s infrastructure sector. A very market aware practice, they understand the market nuances and accordingly help structure a deliverable transaction.’


Key clients

Adani Electricity Mumbai Limited

Adani Ports and Special Economic Zone Limited

Adani Transmission Limited

Axis Capital Limited

Barclays Bank Plc

Credit Suisse

DLF Limited

Indiabulls Housing Finance Limited

RBL Bank Limited

Standard Chartered Bank

Suzlon Energy Limited

Tata Steel Limited

The Carlyle Group

Work highlights

  • Advised Adani Electricity Mumbai and Power Distribution Services on a maiden US dollar offering of senior secured notes due 2030 by the issuer.
  • Advised Suzlon Energy on its restructuring by way of a consent solicitation and voluntary substitution of its Step-Up convertible bonds due 2019.
  • Advised Axis Capital as lead managers in relation to the IPO of CSB Bank.


With a range of clients that includes large multinationals, foreign portfolio investors and banks, Trilegal is best known for its expertise in IPOs, QIPs, FCCBs and GDRs. Bhakta Patnaik has a strong track record in public offerings, in which he has acted for issuers and investors. Associate Brajendu Bhaskar has advised underwriters and issuers on IPOs, QIPs and other transactions. Associate Albin Thomas  has represented underwriters and issuers in various international transactions, including convertible bond offerings and private placements.

Practice head(s):

Bhakta Patnaik

Other key lawyers:

Brajendu Bhaskar; Albin Thomas

Key clients

Piramal Enterprises Limited

Bajaj Energy Limited

Standard Chartered Bank

Barclays Bank PLC

J. P. Morgan India Private Limited

Kotak Mahindra Capital Company Limited

ICICI Securities Limited

Edelweiss Financial Services Limited

Citigroup Global Markets India Private Limited

Axis Capital Limited

Motilal Oswal International Advisors Limited

Axis Bank Limited

ICICI Bank Limited

SBI Funds Management Private Limited

Work highlights

  • Advised the book running lead managers in relation to the qualified institutions placement (QIP) of Godrej Properties Limited.
  • Advised the book running lead managers in relation to the rights issue of Piramal Enterprises Limited.
  • Advised the book running lead managers in relation to the proposed IPO of Bajaj Energy Limited.


ZBA is particularly well known for its expertise assisting clients with EMTN transactions and foreign and domestic bond issuances, including listings in Singapore and London. Niloufer Lam specialises in debt capital markets and frequently acts for major Indian and international clients in high value bond issuances across numerous sectors, including oil and gas and infrastructure.

Practice head(s):

Niloufer Lam

Key clients

Rural Electrification Corporation

Bharat Petroleum Corporation Limited

Indian Railways Finance Corporation

Oil India Limited

Axis Bank

Work highlights

  • Advised ONGC and OVL in respect of the establishment of a EMTN programme to be listed on the Singapore Stock Exchange and India-INX in Gujarat.
  • Advised Oil India Limited on its public offering on the Singapore Stock Exchange and International Securities Market of the London Stock Exchange.
  • Advised Indian Railway Finance Corporation on the estabishment of its EMTN programme to be listed on Singapore Stock Exchange and India Inx.

ALMT Legal

ALMT Legal's practice advise clients in relation to IPOs in India and overseas, takeovers of public companies, buy-backs, and various related transactions. SR Arun has a strong track record of advising companies seeking to access the Indian market through IPOs, QIPs, and follow-on offerings. Rajat Bopaiah's expertise includes assisting clients with debt and equity offerings on foreign stock exchanges, such as AIM and ASX.

Practice head(s):

SR Arun; Rajat Bopaiah

Key clients

BOB Capital Markets Limited

Karvy Investor Services Limited

PNB Investment Services Limited

Canara Bank

Virtusa Consulting Services Private Limited

Karvy Financial Services Limited

Work highlights

  • Advised underwriters (BOB Capital Markets Practice, Karvy Investor Services and PNB Investment Services) in relation to the proposed further public offering of ITI Limited.
  • Advised Canara Bank on its proposed divestment of controlling stake in Can Fin Homes Limited in accordance with the SEBI Takeover Regulations.
  • Advised Polaris on its de-listing of equity shares on the Bombay Stock Exchange and National Stock Exchange.

Bharucha & Partners

Bharucha & Partners advises clients on equity and debt issuances in India, and shows notable expertise in disputes and investigations before the Securities Exchange Board of India and the Securities Appellate Tribunal. Vishnu Dutt acts for issuers and underwriters throughout the process of IPOs and rights issues and in relation to regulatory challenges. Ajai Achuthan specialises in securities law disputes governed by SEBI.

Practice head(s):

Alka Bharucha

Other key lawyers:

Vishnu Dutt; Ajai Achuthan

Key clients

Diageo Plc

ITC Ltd.

Avantha Holdings Limited

Solaris Industrial Chemicals Ltd

Neogen Chemicals Limited

Cella Space Limited

Centrum Capital Limited

EbixCash World Money Limited

Roselabs Finance Limited

W.S. Industries (India) Limited

AstraZeneca Pharmaceuticals AB

Sri Sarvaraya Sugars Limited

Apollo Global

Famy Energy Private Limited

Kaveri Seeds Company Limited

Jefferies India Private Limited

Inga Ventures Private Limited

Marico Limited

Muthoot Vehicle & Asset Finance Limited

Shakthi Knitting Private Limited

Capstock Securities (India) Private Limited

Edelweiss Comtrade Limited

Lotusdew Wealth Advisors

Work highlights

  • Advised Muthoot Vehicle & Asset Finance in relation to the public issue of non-convertible debentures.
  • Represented Diageo in an appeal that it filed before the Securities Appellate Tribunal and Securities Exchange Board of India (SEBI) against the order of SEBI.
  • Served as legal counsel to W.S. Industries Limited in its appeal before the Securities Appellate Tribunal against the orders passed by the Bombay Stock Exchange and the National Stock Exchange of India.

Dhir & Dhir Associates

Dhir & Dhir Associates' team predominantly handles private placements and investments, displaying particular expertise in terms of dealing with compliance issues involving the SEBI. Girish Rawat's experience includes advising clients on securitisation, IPOs, QIPs, takeover deals and various other capital markets transactions. Principal associate Antik Senapati specialises in the negotiation and structuring of debt and equity transactions.

Practice head(s):

Girish Rawat

Other key lawyers:

Antik Senapati

Key clients

Small Industries Development Bank of India (SIDBI)

Kuldip Singh Rathee and Vijay Rathe

Work highlights

  • Advised Small Industries Development Bank of India on its investment in Sabre Partners Fund 2019.
  • Advised Small Industries Development Bank of India on its capital contribution to Ascent India IV.
  • Advised Small Industries Development Bank of India on its investment in Stellaris Venture Partners India I.

Rajani Associates

Rajani Associates advises lead managers on IPOs across numerous different industries, including aviation, hospitality and IT. Sangeeta Lakhi specialises in debt capital markets and banking and finance matters, including structured finance, FCCBs and QIPs.

Practice head(s):

Prem Rajani; Sangeeta Lakhi


SNG & PARTNERS advises private and public clients raising capital through IPOs, FCCBs and ECB arrangements. In addition, the team is frequently instructed by the Government of India to advise it on its disinvestments. Amit Aggarwal regularly advises issuers, investors and underwriters on debt and equity transactions across numerous sectors, including real estate, retail and hospitality.

Key clients

Government of India through DIPAM

HDFC Capital Advisors

Standard Chartered Bank

ICICI Prudential Asset Management Company Limited

Advent Advisory Services Private Limited

Work highlights

  • Advised HDFC Capital Advisors on its investment in Satyatower Affordables Projects by way of non-convertible bond issuance.
  • Advised Advent Advisory Services on subscribing to Zaggie Prepaid Ocean Services issue of optionally convertible debentures.
  • Advised Government of India in relation to its disinvestment by way of Further Fund Offering of BHARAT 22 ETF.

Kanga & Company Advocates and Solicitors

Mumbai-based Kanga & Company Advocates and Solicitors has a long-established capital markets practice which serves clients in a range of industries, including construction, pharmaceuticals, engineering, and information technology.

Tatva Legal

Tatva Legal's capital markets group acts for investors, and issuers in private equity transactions. Practice head Dilip N.K. is a key practitioner whose expertise spans corporate and capital markets matters.

Practice head(s):

Dilip N.K.;  Manav Nagaraj