Cyril Amarchand Mangaldas advised LIC on its IPO
The equity shares aggregated to Rs.20,557 crores
Cyril Amarchand Mangaldas advise LIC on its IPO
The equity shares aggregated to Rs.20,557 crores
Law firm Cyril Amarchand Mangaldas has advised the Life Insurance Corporation of India (LIC) and the President of India (acting through the Government of India's Ministry of Finance), on its recent initial public offering (IPO).
Considered the largest IPO of equity shares in the history of capital markets in the country, it witnessed the highest-ever participation from retail investors with an aggregate of about 7.9 million retail applications. It also had the highest number of anchor investors and the largest bid in the anchor book. The offer was oversubscribed by 2.95 times.
As part of the offer, 221,374,920 equity shares of the face value of Rs.10 each of the Corporation were offered for sale by the Selling Shareholder for cash at a price of Rs.949 per equity share, aggregating to Rs.20,557 crores.
The Capital Markets, General Corporate and Disputes Practice of Cyril Amarchand Mangaldas advised on the transaction. The teams received guidance from Cyril Shroff, the Managing Partner at Cyril Amarchand Mangaldas.
The Capital Markets team comprised Yash J Ashar (Partner & Head – Capital Markets); Gokul Rajan (Partner); and Devaki Mankad (Partner).
They were supported by Amitpal Singh (Senior Associate); Siddhant Sattur (Senior Associate); Sowmya Khandelwal (Senior Associate – Designate); Jhalak Shah (Associate); Rishav Buxi (Associate); Saurav Das (Associate); Shubham Sancheti (Associate); Sanjana Ravjiani (Associate); Neha Sahgal (Associate); Vibham Raman (Associate); and Vartika Bhatnagar (Associate).
The General Corporate team of lawyers advised on insurance-related aspects of the transaction. The team comprised Indranath Bishnu (Partner); Anirud Sudarsan R (Senior Associate); Niyati Dholakia (Senior Associate); Soumyaditya Dasgupta (Associate); and Ayushi Agrawal (Associate).
The Disputes team included Amita Gupta Katragadda (Partner); Indranil D Deshmukh (Partner); Gathi Prakash (Partner); Jyoti Dastidar (Partner); Preksha Malik (Partner); Prakhar Pandey (Principal Associate); Nidhi Asher (Senior Associate); Isha Choudhary (Associate); Arushi Poddar (Associate); Kamakshi Puri (Associate); and Sukanya Singh (Associate).
The taxation-related aspects of the transaction were handled by SR Patnaik (Partner & Head – Taxation); and Reema Arya (Consultant).