Sidley Advises on Brookfield India REIT and Poonawalla Fincorp Qualified Institutions Placements

Sidley has advised on two significant qualified institutions placements (QIPs) in India, for Brookfield India Real Estate Trust (Brookfield India REIT) and Poonawalla Fincorp, together raising over ₹5,100 crore (US$550 million).

Both transactions were executed against a backdrop of geopolitical uncertainty and market volatility, and their successful completion — coupled with strong investor demand and upsizing dynamics — underscores the resilience and depth of India’s capital markets.

• Sidley advised Brookfield India REIT on its QIP of units, with Kotak Mahindra Capital, Avendus Capital, and JM Financial acting as placement agents. The offering launched at ₹2,000 crore (US$215 million) and was upsized by 30% through a greenshoe option following strong investor demand, ultimately raising ₹2,600 crore (US$280 million). The transaction drew a diverse mix of global and domestic institutional investors, underscoring continued confidence in India’s commercial real estate sector and listed REIT platform.
  
  This transaction marks Brookfield India REIT’s fourth QIP since its IPO, with Sidley advising on all five of its equity offerings to date, supporting capital raises of over ₹13,000 crore (US$1.4 billion) since 2021 — highlighting the firm’s role as a longstanding adviser on one of India’s most active listed REIT vehicles.
• Sidley also advised the book-running lead managers, Kotak Mahindra Capital, Jefferies, and J.P. Morgan, on the QIP of shares of Poonawalla Fincorp, which raised ₹2,500 crore (US$270 million). Poonawalla Fincorp is a systemically important nonbanking financial company (NBFC) registered with the Reserve Bank of India.
  
  The offering saw strong participation from a high-quality, diversified base of institutional investors, reflecting confidence in the company’s strategy and growth trajectory. The transaction further demonstrates Sidley’s ability to navigate complex regulatory considerations in highly regulated sectors.

Sidley is a leading international adviser on India-related capital markets transactions, having acted on many of the market’s largest and most high-profile offerings. Recent highlights include advising on the US$1.75 billion IPO of Tata Capital — India’s largest IPO of 2025 and the largest-ever NBFC IPO — and the US$1.2 billion IPO of ICICI Prudential Asset Management Company Limited, the largest IPO in India by an asset management company to date. Sidley is ranked #1 international legal counsel for India equity and rights offerings for FY2025 by Bloomberg (manager-ranked, by deal count and volume) and has been named a “Top Foreign Law Firm” for India-related work by India Business Law Journal for eight consecutive years.