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.
Capital markets in India
AZB & Partners
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
Accion
Affirma Capital
Bain Capital
Banyan Tree
Blackstone
BNP Paribas Cardif S.A.
Brookfield
Carlyle
Elevar
Everstone Capital
Eight Roads
Everfin Holdings
Equity International
Fairfax
FMO
Gateway Partners
GAWA Capital
General Atlantic
GIC
Goldman Sachs
Granite Hill
GTI Capital
IFIF
IIFL Special Opportunities Fund
International Finance Corporation
IFC FIG Investment Company I
J.P. Morgan
KKR
Kuwait Investment Authority
LeapFrog
Madison
Marina III (Singapore) Pte. Limited
March Capital
Maplewood
Morgan Stanley
Nomura
Norwest Venture Partners
Omega TC Sabre Holdings Pte. Ltd.
SABR India Investment Pvt Ltd.
Sarva Capital
Sequoia
Starwood
Tata Capital
Temasek
The Rohatyn Group
Tree Line
TPG
Warburg Pincus
WestBridge
Wolfensohn
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
Testimonials
‘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).
IndusLaw
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
Testimonials
‘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
Trilegal
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
Testimonials
‘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 Alibaba.com Singapore E-Commerce on the IPO of One97 Communications (Paytm).
- Advised Kotak Mahindra Capital Company on the IPO of Sona BLW Precision Forgings.
ZBA
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
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
HSBC
Deutsche Bank AG
Citigroup
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.