Shearman & Sterling, alongside other prominent law firms, advisor SBI on their groundbreaking $2.9 billion Qualified Institutional Placement (QIP) transaction.
State Bank of India Raises $2.9 Billion Through Qualified Institutional Placement
State Bank of India (SBI), the country's largest lender by assets, has approved a fundraise of up to $2.9 billion through a Qualified Institutional Placement (QIP) of equity shares. This QIP is believed to be the country's biggest to date, marking the first such fundraising by SBI since 2017.
The QIP is part of SBI's capital raising strategy, aimed at strengthening its capital positions for lending growth and regulatory compliance in India's expanding economy.
Cyril Amarchand Mangaldas and Linklaters have advised SBI on this significant fundraise. Devaki Mankad, partner at Cyril Amarchand Mangaldas, led the transaction team, with support from principal associate Rishav Buxi, associates Hitesh Nagpal, Devansh Raheja, and Janhavi Deshmukh. Amit Singh, partner at Linklaters, led the team for SBI's fundraise.
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 are acting for the bookrunning lead managers in SBI's QIP.
Yash J Ashar, senior partner at Cyril Amarchand Mangaldas, provided strategic inputs for SBI's fundraising. S&R Associates, led by Partners Sandip Bhagat and Jabarati Chandra, advised the bookrunning lead managers. A&O Shearman, with a team led by Pallavi Gopinath Aney, acted as the international legal counsel for the bookrunning lead managers. Linklaters, led by Partner Amit Singh, acted as the international legal counsel for SBI.
This QIP is expected to be the largest equity issuance for SBI to date, according to reports. The funds raised will contribute to SBI's growth and compliance efforts in the Indian market.
Law firms Cyril Amarchand Mangaldas and Linklaters provided legal advice on the law related aspects of the capital raising strategy, with the former acting for State Bank of India (SBI) and the latter acting for SBI in the Qualified Institutional Placement (QIP) of equity shares. This QIP, which is expected to be the largest equity issuance for SBI, is aimed at strengthening SBI's financial position for lending growth and regulatory compliance in India's expanding economy.
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