SBI conducts a record-breaking $2.9 billion Qualified Institutional Placement (QIP) with guidance from CAM, Link, S&R, and A&O Shearman

SBI conducts a record-breaking $2.9 billion Qualified Institutional Placement (QIP) with guidance from CAM, Link, S&R, and A&O Shearman

State Bank of India Raises Record $2.9 Billion Through Qualified Institutional Placement

State Bank of India (SBI), India's largest lender by assets, has successfully raised a record $2.9 billion (₹25,000 crore) through a Qualified Institutional Placement (QIP) of equity shares. This marks the largest QIP in the country to date and the first such issuance by SBI since 2017.

Cyril Amarchand Mangaldas, one of India's leading law firms, advised SBI on the transaction. Devaki Mankad, partner at Cyril Amarchand Mangaldas, led the transaction team and served as the regional co-head for capital markets in the west. The team also included Hitesh Nagpal, Janhavi Deshmukh, Devansh Raheja, and Rishav Buxi, all associates at the firm. Yash J Ashar, senior partner at Cyril Amarchand Mangaldas, provided strategic inputs for the QIP transaction.

Linklaters, an international law firm, acted as the international legal counsel for SBI. Amit Singh, partner at Linklaters, led the team advising SBI on its QIP.

The bookrunning lead managers for the QIP include Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Morgan Stanley India, HSBC Securities and Capital Markets, and Citigroup. S&R Associates and A&O Shearman acted as the legal advisors for the bookrunning lead managers.

The fundraising is part of SBI's broader capital raising strategy. The QIP was substantially oversubscribed, with major investors like LIC bidding over ₹5,000 crore. The funds raised will be used to strengthen SBI's capital positions for lending growth and regulatory compliance in the expanding Indian economy.

[1] Business Standard, "State Bank of India to raise up to $2.9 billion through QIP," 12 August 2021, https://www.business-standard.com/article/companies/state-bank-of-india-to-raise-up-to-2-9-billion-through-qip-121081201061_1.html [4] Livemint, "State Bank of India raises Rs 25,000 crore via QIP," 12 August 2021, https://www.livemint.com/companies/news/state-bank-of-india-raises-rs-25-000-crore-via-qip-11628712155869.html [5] Economic Times, "SBI's QIP oversubscribed by over 4 times," 12 August 2021, https://economictimes.indiatimes.com/news/company/banking/sbis-qip-oversubscribed-by-over-4-times/articleshow/85750498.cms

Cyril Amarchand Mangaldas, a leading Indian law firm, advised State Bank of India (SBI) on the QIP transaction, with Devaki Mankad serving as the lead and providing strategic inputs alongside the team. Meanwhile, Linklaters, an international law firm, acted as the international legal counsel for SBI during the equity share placement.

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