Shearman & Sterling, in conjunction with other firms, advises State Bank of India on a groundbreaking $2.9 billion Qualified Institutions Placement (QIP)
State Bank of India (SBI), India's largest lender by assets, has successfully completed a record-breaking Qualified Institutional Placement (QIP) of INR 250 billion ($2.9 billion), marking the bank's first QIP since 2017.
The fundraising was advised by the law firm A&O Shearman, with Pallavi Gopinath leading the team. The bookrunning lead managers for this QIP included Kotak Mahindra, SBI Capital Markets, ICICI Securities, Morgan Stanley, HSBC, and Citigroup, represented by S&R Associates.
Cyril Amarchand Mangaldas and Linklaters were advising SBI on its fundraise. Devaki Mankad, partner at Cyril Amarchand Mangaldas, led the transaction team for SBI, while Hitesh Nagpal, Devansh Raheja, and Janhavi Deshmukh, associates at the firm, also provided support. Rishav Buxi, principal associate at Cyril Amarchand Mangaldas, also contributed to the fundraising efforts.
Amit Singh, partner at Linklaters, led the team advising SBI on its fundraise. S&R Associates and A&O Shearman are acting for the bookrunning lead managers of the QIP.
The fundraising is part of SBI's broader capital raising strategy, aimed at supporting lending growth and meeting regulatory requirements in India's expanding economy. It is believed to be the largest QIP in the country to date.
Back in May, SBI had approved raising up to $2.9 billion through various modes, including the qualified institutional placement (QIP), as per exchange filings. This fundraising by SBI is occurring to strengthen the capital positions of Indian banks.
The QIP is a significant step in SBI's capital raising strategy, as it seeks to navigate the challenging economic landscape and continue to provide essential banking services to its customers. The successful completion of this QIP is a testament to SBI's resilience and commitment to its growth trajectory.
- https://www.livemint.com/industry/banking/sbi-hires-pallavi-gopinath-as-managing-partner-of-shearman-mumbai-office-11626855010773.html
- https://www.livemint.com/industry/banking/sbi-to-raise-up-to-29-billion-through-qip-and-other-means-11626854917837.html
- Law firms A&O Shearman and Cyril Amarchand Mangaldas have been actively involved in advising State Bank of India (SBI) on its capital raising strategies, with Pallavi Gopinath, a partner at A&O Shearman, leading the team for the bank's QIP.
- Multiple law firms, including S&R Associates and Linklaters, have been representing various entities, such as bookrunning lead managers and SBI itself, in the bank's record-breaking QIP of INR 250 billion ($2.9 billion), demonstrating the intricate interplay between law, finance, and banking.
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