Sidley advised ICICI Securities Limited, BofA Securities India Limited, Morgan Stanley India Company Private Limited, and Avendus Capital Private Limited, the bookrunning lead managers, in connection with the qualified institutional placement (QIP) of equity shares of AU Small Finance Bank Limited (the Bank). The deal closed on August 9, 2022.
The Bank, the largest small finance bank in India, raised INR2,000 crore (approximately US$250 million) through the QIP. Sidley acted as the sole international counsel on the transaction, with AZB & Partners representing the Bank, and Shardul Amarchand Mangaldas & Co. representing the lead managers as their respective Indian counsel.
This is the third QIP with which Sidley has assisted India-based clients in recent months. Sidley has advised on over 20 completed capital markets transactions in India in the past year, with an aggregate value of over US$6 billion. The firm is one of the most experienced international counsel in India and other Asian markets executing capital markets transactions.
The Sidley team was led by Manoj Bhargava and comprised Shashwat Tewary, Jia Li, Jayant Bhardwaj, and legal assistant Caulyn Bong of the Singapore office, and Robert Kreitman, Nicholas Brown, Carla Teodoro, Christian Molander-Barraza, and Alvin Wang of the New York office.