Cyril Amarchand Mangaldas Advises on India’s Largest Rights Issue of INR 25,000 Cr by Vodafone Idea Limited
NEW DELHI and MUMBAI, May 15, 2019 /PRNewswire/ —
Acted as Indian legal counsel to Lead Managers – Kotak Mahindra, DSP Merrill Lynch, Morgan Stanley and HDFC Bank
India’s largest law firm, Cyril Amarchand Mangaldas (CAM), advised in relation to the INR 25,000 crore Rights Issue of Vodafone Idea. CAM acted as the India legal counsel to the Lead Managers – Kotak Mahindra, DSP Merrill Lynch, Morgan Stanley and HDFC Bank on the transaction. The Vodafone Idea Right Issue is the largest rights issue to date in India, and was the first capital raising undertaken by the Vodafone Idea post the merger of Vodafone India into Idea Cellular in August 2018.
The Capital Markets Team of Cyril Amarchand Mangaldas advised the Lead Managers on various securities that could be considered for a rights issue, regulatory approvals required for the transaction including the foreign investment approval from the Department of Telecommunications (DoT) and the Cabinet Committee on Economic Affairs, approvals from the Reserve Bank of India and exemption in relation to minimum public shareholding and participation by foreign shareholders. The Transaction team was led by Yash Ashar, Partner; and Abhinav Kumar, Partner; with support from S Vivek, Principal Associate; Shruti Sarkar, Consultant; Tania Chourasia, Associate; Siddhant Sattur, Associate; Saee Athalye, Associate; and Priyattama Bhanj, Associate.
As a part of the Transaction, Vodafone offered 2,000 crore (approx.) equity shares at a price of INR 12.50 per equity share aggregating to a total of INR 25,000 crore. The issue was oversubscribed nearly by 1.08 times.
The other parties involved in the Transaction were Sidley Austin LLP (International counsel to the Lead Managers) and S&R Associates (Domestic counsel to Vodafone India).
The date of filing the offer document was March 22nd, 2019 and the transaction closed on May 4th 2019.
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas takes forward the legacy of the 103-year old erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. The Firm is the largest and leading full-service law firm in India, with over 700 lawyers including 120 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.
The Firm was awarded flagship country award as being the ‘Most Innovative National Law Firm of the Year – India for 2018′; at the IFLR Asia Awards 2018 and coveted ‘National Law Firm of the Year 2018 for India‘ at the Chambers Asia-Pacific Awards.
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