Adv Madhurima Mukherjee > JSA Law > New Delhi, India > Lawyer Profile

Adv Madhurima Mukherjee

+91 124 439 0678 madhurima.mukherjee@jsalaw.com View profile

Work Department

Corporate & Finance

Position

Partner

Career

About
Madhurima has more than 20 years of experience in securities offerings in the domestic and international markets including initial public offering, further offers, rights offer, qualified institutions placement, InVITs, block trades.
Often referred to as the “queen of capital markets”, she has been part of some of the most high-profile capital raising efforts in the country, including the Coal India Initial Public Offering (IPO) in 2010. Coal India eventually raised Rs 15,199 crore (over US$ 2.5 billion), which remains India’s one of the largest IPO so far.
Madhurima has strong business acumen and is oriented in approach. She heads the Capital Markets division at JSA. Before joining JSA, Madhurima was a Senior Partner at AZB & Partners, until April 2020. She has also worked with Luthra & Luthra as National Head and Partner until 2013 and Erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co, as Partner until 2006.
Madhurima has smoothly transitioned the AZB team to JSA.
Madhurima is also inclined towards academia and is a visiting Professor and mentor at The West Bengal National University of Juridical Sciences and National Law School, New Delhi.

Recognitions
Madhurima is one of the most well recognised and sought-after lawyers in the Capital Market space in India. Over the years, she has been bestowed with several awards and accolades by leading global and national directories and publications including Chambers and Partners, Asialaw, The legal 500, Asian Legal Business etc. which is a testament to her commitment to deliver value to the clients.
Band 1, Chambers & Partners Global & APAC
Featured in the ‘Top 100 Indian Lawyers’ list by IBLJ (2018 – 2020)
Listed amongst the 30 most powerful women in Indian Business by the BusinessToday magazine
‘Highly Regarded’ for Capital Markets by IFLR1000
Recognised as ‘Distinguished Practitioner’ for Capital Markets by Asialaw
Recognised as ‘Top Legal Practitioner’ in India for Capital Markets by Banking, Finance and Transactional Law Expert Guide 2018
Recommended for IPO by the prestigious RSG India Report (2017)
Recognised as ‘Leading Lawyer’ for Capital Markets by the International Who’s Who of Professionals (2012)
Listed as ‘Hot 100 Lawyers’ by Asian Legal Business (2011)

Experience
Some of the key transactions Ms. Mukherjee has been involved are provided below:
Initial Public Offerings (Significant Recent Deals Mentioned Only)
For the Company (proposed and concluded):
• Route Mobile.
• Kalyan Jewellers
• Apeejay Surrendra Park Hotels
• Promoter group of Chalet Hotels
• S.Chand Publishing
• New India Assurance Company
• Au Financers (India) Limited.
• EasemyTrip.com
Underwriters (proposed and concluded):
• IndiaMART InterMESH.
• TCNS Clothing Co.
• Atria Convergence Technologies.
• Sansera Engineering.
• Varun Beverages.
• Nazara Technologies.
• HealthCare Global Enterprises Limited.
• InterGlobe Aviation Limited.
• Coffee Day Enterprises Limited.
Investor selling shareholder (proposed and concluded):
• The Carlyle Group: SBI Cards
• Gateway Partners: Mrs. Bectors
• Maplewood Investment Ltd. (Warburg Pincus): LemonTree Hotels.
• IFC and Standard Chartered PE: Craftsman Automation.
• IFC: Bandhan Bank.
• IFC: Polycab
• FMO and Lok Capital: MAS Financial Service Limited.
• Sarva Capital LLC, Mauritius Unitus, Elevar Equity, India Financial, FMO, IFC and WWB: Ujjivan Financial Services.
• Sequoia, Westbridge, IFC and FMO: Equitas Holdings Limited.
• Everfin Holdings: Hinduja Leyland Finance Limited.
• WestBridge and Sanjeevini Investment Holdings: Dr. Lal Pathlabs Limited.
• Blackstone GPV Capital Partners: Nuziveedu Seeds Limited.
• TPG and Actis: AGS Transact Technologies Limited.
Historical Significant Deals
• Counsel to Government of India and Company in relation to the IPO of Coal India. With a deal size of Rs. 151,994.40 million, it is largest IPO in the history of Indian capital markets.
• Underwriters’ counsel for the IPO of DLF Lmited. With a deal size of approximately Rs. 91,900 million, it is the third largest IPO in India till date.
• Acted as the counsel to thirteen underwriters for the Rs. 41,723.1 million IPO of Bharti Infratel.
Institutional Placement Programme
• Acted as the counsel to DLF in relation to IPP by DLF, the largest IPP till date. The deal value of the placement was approximately Rs 18,634.24 million.
• Acted as the counsel to the lead managers in relation to the IPP by Fortis Healthcare. The deal value of the placement was approximately Rs. 3,219.4 million.
• Acted as the counsel to the lead manager in relation to the IPP by Godrej Industries. The deal value of the placement is approximately Rs. 3700 million.

Further Public Offerings
• NTPC: The offering was on a fast track basis and was the first offering where prices were determined as per the auction method introduced by SEBI.
• Acted as the counsel to the company in the FPO of Rural Electrification Corporation.
• Acted as the counsel to the company in relation to the FPO by Engineers India.
Qualified Institutions Placement
• Counsel to the company in the QIP and FCCB issuance by Bharti Airtel.
• Counsel to the company in the QIP by Varun Beverages.
• Counsel to the company in the QIP by Muthoot Capital Services.
• Transaction counsel in relation to the QIP by LT Foods.
• Counsel to the company in the QIP by Motherson Sumi Systems.
• Counsel to lead managers in relation to the QIP by Axis Bank.
• Counsel to the issue in the QIP of South Indian Bank.
• Counsel to the issue in relation to the QIP by Jaiprakash Associates.
• Counsel to the lead managers in relation to the QIP by GMR Infrastructure.
• Counsel to the lead managers in relation to a QIP by GVK Power & Infrastructure.
• Counsel to company in QIP by Capital First Limited.
Debt Offerings
• Advised the managers in Issuance of overseas high yield bond issue by HPCL-Mittal Energy.
• Advised the NTPC Limited in relation to the offering of tax free bonds.
• Advised the Rural Electrification Corporation Limited in relation to the offering of tax free bonds.
Rights Issues
• Company counsel: Bharti Airtel Limited.
• Sole counsel: Shriram Transport.
• Sole domestic counsel : Max Ventures and Industries Limited.
Invits, Overseas Listing Of Equity Or Equity Linked Instruments
• Counsel to the company in the QIP and FCCB issuance by Bharti Airtel.
• Brookfield entity in its InvIT buyout of the Tower Infrastructure Trust of Reliance Industries
• Acted for ADIA in its investment in the Fibre Optics assets of Reliance through its InvIT
• IPO of Airtel Africa Plc on London Stock Exchange.
• SPAC and the follow-on listing of Yatra Online Inc. on NASDAQ.
• Advised underwriters in relation to the initial public offering and listing of the units of the Religare Health Trust on the Singapore Stock Exchange.

Languages

English, Hindi & Bengali

Memberships

Bar Counsel of Delhi

Education

BA, LLB (Hons), National Law School of India University, Bangalore, India : 1997
Enrolled as an Advocate with the Bar Council of Delhi : 1998

Personal

Accolades
Ranked for Capital Markets Band 1 by Chambers Asia-Pacific (several years)
Ranked for Capital Markets Band 1 by Chambers Global (several years)
‘Highly Regarded’ (2016 – 2020) and ‘Leading Lawyer’ (2011) for Capital Markets by IFLR1000
Recognised as ‘Distinguished Practitioner’ for Capital Markets by Asialaw Profiles (2020)
Featured in the ‘Top 100 Indian Lawyers’ list by IBLJ
Recognised as ‘Top Legal Practitioner’ in India for Capital Markets by Banking, Finance and Transactional Law Expert Guide 2018
Recommended for IPO by the RSG India Report (2017)
Recognised as ‘Leading Lawyer’ for Capital Markets by the International Who’s Who of Professionals
Recognised as ‘Leading Lawyer’ for Capital Markets by the Asialaw Leading Lawyer
Recognised as ‘Leading Lawyer’ for Capital Markets by Asialaw – India Annual Review
Listed as ‘Hot 100 Lawyers’ by Asian Legal Business
Voted as the ‘Most highly-acclaimed legal expert in the Asia-Pacific region’ for Capital Markets and Corporate Finance by Asialaw Leading Lawyers survey