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The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit Dave/

Cyril Amarchand Mangaldas has advised Adani Enterprises on its $2.5 billion secondary share sale, India's largest follow-on public offering (FPO), with Trilegal and Latham & Watkins acting for the underwriters.

The share sale came after a $65 billion rout in the stocks of Indian billionaire Gautam Adani, sparked by a report from short-seller Hindenburg Research alleging improper use of offshore tax havens and concerns about high debt, Reuters reported.

Reuters added that the 30 percent anchor portion of the FPO attracted investors including Maybank Securities and Abu Dhabi Investment Authority, as well as India's HDFC Life Insurance and state-backed Life Insurance Corporation.

The CAM team was led by managing partner Cyril Shroff, and partners Yash Ashar and Devaki Mankad.

 

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