Sidley acted as U.S. counsel to Reliance Industries Limited in connection with its US$7 billion rights offering pursuant to Section 4(a)(2) and Regulation S. This is the largest rights offering by a non-financial services company in the world in the last 10 years. This is also India’s largest rights issue ever, where offers and sales were also made to qualified institutional buyers in the U.S. and institutional investors outside of India.
Reliance Industries Limited is a Fortune 500 company and the largest private sector corporation in India. Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications.
The Singapore-based Sidley team was led by partner Manoj Bhargava, with support from partners Ankit Kashyap, Robert L. Meyers and Matthew Sheridan, and senior associate Varun Jetly and staff attorney Rachna Talati.