Shearman & Sterling, alongside CAM, Link, and A&O, have assisted State Bank of India in executing a groundbreaking $2.9 billion Qualified Institutional Placement (QIP).
State Bank of India (SBI), India's largest lender by assets, has successfully raised INR 25,000 crore ($2.9 billion) through a Qualified Institutional Placement (QIP) of equity shares. This marks the bank's first QIP since 2017 and sets a new record as the largest QIP ever in India.
The legal advisors for SBI on this transaction were Cyril Amarchand Mangaldas and Linklaters. Devaki Mankad, regional co-head - capital markets - west at Cyril Amarchand Mangaldas, led the transaction team, while Rishav Buxi, principal associate, and Devansh Raheja, another associate, provided support. Amit Singh from Linklaters led the team for SBI's QIP. Hitesh Nagpal, another associate at Cyril Amarchand Mangaldas, and Janhavi Deshmukh, an associate, were also part of the team. Yash J Ashar, senior partner at Cyril Amarchand Mangaldas, provided strategic inputs.
The fundraising is part of SBI's capital raising strategy and aims to strengthen its capital positions for lending growth and regulatory compliance in India's expanding economy. According to exchange filings, SBI had approved raising up to $2.9 billion through various modes, including the QIP, in May.
The consortium of book running lead managers included Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Morgan Stanley India, HSBC Securities and Capital Markets, and Citigroup. S&R Associates and Allen & Overy Shearman Sterling advised the book running lead managers.
This is believed to be the country's biggest QIP till date, demonstrating SBI's commitment to maintaining a strong financial position and supporting India's growing economy.
Law firms Cyril Amarchand Mangaldas and Linklaters provided legal advice during SBI's QIP of equity shares, with funds raised amounting to INR 25,000 crore ($2.9 billion). The law firm's capital raising strategy involves strengthening SBI's capital positions for lending growth and regulatory compliance in India's expanding economy, demonstrating a commitment to maintaining a strong financial position and supporting the growing economy.
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