Vodafone Idea’s ₹250 billion (US$3.5 billion) rights issue, on which Sidley acted as Special U.S. counsel to the lead managers, was recognized in the Capital Markets section of India Business Law Journal’s 2019 Deals of the Year list. The annual list recognizes 50 landmark deals and disputes based on their size, novelty and complexity.
Sidley advised the lead managers in Vodafone Idea’s capital raising, the first since the merger of Vodafone India and Idea Cellular in August 2018. Vodafone’s offering of 20 billion equity shares at ₹12.50 per equity share was one of the largest rights issues of 2019 in India. The multi-office Sidley team was led by Singapore partner Manoj Bhargava and comprised Singapore partner Ankit Kashyap, partners Nicholas R. Brown and Brian M. Kaplowitz as well as counsel Carla G. Teodoro, all in New York.