The firm is expert in advising investors, including issuers and underwriters, on structured bonds, public debt issuance and buybacks, the Capital Markets team manages a high volume of IPOs, usually on behalf of selling shareholders.
1. AZB & Partners
The firm is expert in advising investors, including issuers and underwriters, on structured bonds, public debt issuance and buybacks, the Capital Markets team manages a high volume of IPOs, usually on behalf of selling shareholders. The team stands out for its instruction on novel transactions, such as a financial services firm operating on a direct listing. Regularly advised by large companies to advise on all aspects of IPOs and rights issues, including due diligence and regulatory enforcement, with over 20 years of experience in the area. Varoon Chandra offers advice on public concerns, QIPs, rights issues and domestic and foreign debt issues for issuers, investment banks, promoters and selling shareholders.
With experience in advising clients, primarily leading managers and issuers, on debt and equity issuances, practice stands out for its pioneering role with respect to IPOs in relation to India's first registered REIT and Invite. More generally, the company raises exceptionally high-value capital and issues bonds in a wide variety of industries, including renewable energy, financial services, and banking.
The capital markets team of J Sagar Associates manages a reasonably balanced distribution of equity and debt deals, covering IPOs, rights concerns, private placements, QIPs, acquisitions and de-listings. The team has significant experience in advising clients in the real estate and infrastructure sectors on the structuring of Invitations and REITs and private placements, and in advising Indian issuers, such as major companies and banks, on bond issuances relating to offers listed on overseas exchanges.
The firm in addition to a steady volume of debt issuances, the firm manages a high volume of IPOs where it usually works for underwriters, where it works for issuers, investment banks and lead managers. The Capital Markets Division has more experience in advising issuers on QIPs and in working before bodies such as the SEBI and the Securities Appellate Tribunal on regulatory matters for clients.
The company manages IPOs on behalf of lenders and lead executives, advises InvITs in India on private placements and works for customers in QIPs and buybacks, with a sustained emphasis on debt and equity offerings and a prestigious client range spanning investment banks and private equity funds. Recently, in its IPO valued at around $232.8 million, advised the company's selling shareholders, representing one of the largest IPOs in the hospitality field.
The Dhir & Dhir Associates Capital Markets Department has significant experience in advising companies on equity buybacks, working on behalf of issuers and investors in private placements of NCDs, and advising public sector agencies on capital allocations to micro, small and medium-sized enterprises. Head of practice Girish Rawat leads on most of the company's mandates, including a recent instruction from National Aluminum Company to buy back equity shares worth INR50.4bn via the tendering process.
In relation to legislation such as the Foreign Exchange Management Act, the Capital Markets Team has particular experience working for businesses and managers in IPOs and QIPs of considerable value, where it stands out for its understanding of structuring and restructuring and regulatory enforcement. Additional capabilities include advising customers on block trades based on screens, share buybacks and fundraising. In the proposed ASK Investment Managers IPO, the team advised the lead managers of JM Financial Limited, potentially representing one of the first portfolio management services companies to be publicly listed in India.
Rajani Associates works mainly for IPO lead managers in a number of industries, including IT, hotels, aviation, and textiles. Partner Sangeeta Lakhi manages banking and finance and corporate jobs as well as capital market concerns, including corporate advice on domestic and foreign loan transactions and structured finance concerns.
S&R Associates' highly professional work primarily works in high-value IPOs, rights problems and preferential allocations of shares for lead managers. The group stands out for its participation in novel mandates, such as advising on the first listing of a real estate trust in India, and the Indian firm, Xiaomi Corporation, on the largest ever rights issue.
Trilegal maintains a healthy mix of equity and debt mandates, covering IPOs, QIPs, rights issues, and issuances of NCDs, with the opportunity to advise issuers, investors, underwriters, companies and banks in the capital markets room. The group also routinely advises private placement clients and boasts an especially good track record of providing capital to India's INVITs, including Indinfravit Trust, for investors.
The company's 'extremely seasoned' capital markets team has an in-depth strength in high-value debt deals, including medium-term billing services and FCCBs, representing lead executives, lenders and shareholders. Head is Niloufer Lam, who is dual-qualified as an advocate in India and a solicitor in England and Wales, regularly advises clients on significant value MTNs, buybacks and bond issuances, including large companies and banks. She recently acted on her $5bn medium-term note program offering for Axis Bank Limited, leading managers to the contract.
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