18 May 2017
Clifford Chance advises on India's first IPO of an infrastructure investment trust and on India's second-largest qualified institutional placement
Leading international law firm Clifford Chance advised the underwriters, IDFC Bank, Credit Suisse India, ICICI Securities, and IndiaInfoline (IIFL), on the international law aspects of IRB InvIT Fund's US$785 million IPO on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). This is India's first ever infrastructure investment trust. The transaction established a new form of funding for infrastructure developers in India.
Partner Rahul Guptan led the deal and was supported by partner Johannes Juette who provided US securities law advice and senior associate Shashwat Tewary. In London, partner Owen Lysak advised on Alternative Investment Fund Managers Directive (AIFMD) issues.
Rahul also led on advising the lead managers, Merrill Lynch India, Kotak Mahindra Capital Company and Morgan Stanley India, on the international law aspects of Kotak Mahindra Bank Limited's US$901 million qualified institutional placement on the BSE and the NSE. The transaction is the second-largest ever Indian qualified institutional placement and the largest for 2017.
Rahul was supported by partner Johannes Juette who provided US securities law advice, senior associate Jonathan Crandall, associate Terence Fong and a New York team including partner Avrohom Gelber and associate Grace Park.
Rahul said, "We were delighted to advise on these high profile deals in India, particularly on market making first of their kind transactions. We are seeing a lot of activity out of India given the market dynamic backed by strong earnings and growth potential of Indian corporate. We expect that trend to continue."
Other recent high profile transactions include advising on the US$184 million IPO for Asia's oldest stock exchange, BSE Ltd. in India.