The Legal 500 > Asia Pacific > India > Capital markets

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.

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.

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.

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.

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.

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.

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.

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.

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