Harekrishna J. Ashar

HAREKRISHNA ASHAR advises on public and private international securities transactions, including initial public offerings, follow-on offerings, and private placements to qualified investors.

Prior to joining Sidley, Harekrishna was an associate in the capital markets practice of another U.S. law firm. 

He is fluent in English and Hindi.

Harekrishna’s recent experience includes the following:

Equity Capital Markets

• Juventus Football Club S.p.A
  • On the successful private placement of its €150 million bond issuance. 

• National Securities Depository Limited (NSDL)
  • Initial public offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal, and SBI Capital Markets. This is the largest IPO of a market infrastructure institution in India and marks the public debut of a key pillar of India’s capital markets ecosystem.
• Belrise Industries Limited
  • Initial public offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by Axis Capital, HSBC, Jefferies and SBI Capital Markets. The IPO received an overwhelming response, with an overall subscription of 43.14 times.
• Ajax Engineering Limited
  • Initial public offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by ICICI Securities, Citigroup, JM Financial, Nuvama and SBI Capital Markets.
• Vishal Mega Mart Limited
  • Initial public offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by Kotak Mahindra, ICICI Securities, Jefferies, J.P. Morgan, Morgan Stanley, and Intensive Fiscal Services. Named “Deal of the Year” 2024 by India Business Law Journal.
• Torrent Power Limited
  • Qualified institutions placement of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by Kotak Mahindra, Jefferies, and JM Financial.
• Akums Drugs and Pharmaceuticals Limited
  • Initial public offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by ICICI Securities, Citigroup, Axis Capital, and Ambit.
• Vodafone Idea Limited
  • Follow-on Public Offering of equity shares underwritten by Axis Capital, Jefferies, and SBI Capital Markets. This marks India’s largest ever follow-on public offering of equity shares. Named “Deal of the Year” 2024 by India Business Law Journal, and Highly Commended: Best Equity Deal of South Asia by FinanceAsia Achievement Awards 2024.
• Medi Assist Healthcare Services Limited
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by Axis Capital, IIFL Securities, Nuvama, and SBI Capital Markets.
• Muthoot Microfin Limited
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by ICICI Securities, Axis Capital, JM Financial, and SBI Capital Markets.
• India Shelter Finance Corporation Limited
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by ICICI Securities, Citigroup, Kotak Mahindra, and Ambit.
• Honasa Consumer Limited
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by Kotak Mahindra, Citigroup, JM Financial, and J.P. Morgan. Named “Deal of the Year” 2023 by India Business Law Journal.
• Aditya Birla Capital Limited
  • Qualified Institutions Placement of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by BofA Securities, Jefferies, Axis Capital, ICICI Securities, and JM Financial. Named “Deal of the Year” 2023 by India Business Law Journal.
• PNB Housing Finance Limited
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by Axis Capital, BNP Paribas, BofA Securities, and J.P. Morgan. Awarded “Best Equity Deal: South Asia” at the FinanceAsia Achievement Awards 2023.
• Five Star Business Finance Limited
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by ICICI Securities, Edelweiss, Kotak Mahindra, and Nomura.
• Vedant Fashions Limited (Manyavar) 
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by Axis Capital, Edelweiss, ICICI Securities, IIFL Securities, and Kotak Mahindra.
• Paradeep Phosphates Limited
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by Axis Capital.
• MedPlus Health Services Limited
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by Axis Capital, Credit Suisse, Edelweiss and Nomura.
• Shriram Properties Limited
  • Initial Public Offering of equity shares pursuant to Regulation S of the U.S. Securities Act, 1933, and underwritten by Axis Capital, ICICI Securities and Nomura.
• The Indian Hotels Company Limited
  • Qualified Institutions Placement of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by ICICI Securities and Credit Suisse.
• Chemplast Sanmar Limited
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by ICICI Securities, Axis Capital, Credit Suisse. IIFL Securities, Ambit, BOB Capital, HDFC Bank, IndusInd Bank and Yes Securities.
• FSN E-Commerce Ventures Limited
  •  Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by Kotak Mahindra, Morgan Stanley, BofA Securities, Citigroup, ICICI Securities, and JM Financial.
• Aptus Value Housing Finance India Limited
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by ICICI Securities, Citigroup, Edelweiss, and Kotak Mahindra.
• CarTrade Tech Limited
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by Axis Capital, Citigroup, Kotak Mahindra, and Nomura.
• Glenmark Life Sciences Limited
  • Initial Public Offering of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act, 1933, and underwritten by Kotak Mahindra, BofA Securities, Goldman Sachs, DAM Capital Advisors, BOB Capital, and SBI Capital Markets.

Debt Capital Markets — Issuer Side

• A Luxembourg-based producer of glass and metal products in connection with a number of its senior secured notes and senior notes offerings.
• A business travel management company on the restructuring of its existing indebtedness, including an exchange offer, an issuance of rights-offering units consisting of new notes and shares of common equity of a newly created holding company, and an equity contribution. Harekrishna also advised in connection with its consent solicitation and private placement of US$135 million senior secured notes.
• A British listed multinational mining company in connection with its offering of US$1.5 billion senior notes.
• A Middle Eastern communication and automation services in connection with its offering of NIS 300 million debentures.

Debt Capital Markets — Sponsor Side

• The joint bookrunners and joint lead managers in connection with  a major UK retail and commercial bank’s notes offerings.
• The underwriters in connection with a Luxembourg-incorporated multinational steel manufacturing corporation’s US$750 million notes offering.

Some of the above matters were handled prior to joining Sidley.