Cyril Amarchand Mangaldas has advised India’s Bajaj Finance Limited on its 85-billion-rupee ($1.2 billion) qualified institutions placement (QIP), with Duane Morris & Selvam and Khaitan & Co representing the book-running lead managers.

The lead managers are JM Financial, Axis Capital, Kotak Mahindra Capital, Morgan Stanley and Nomura.

QIP is a capital-raising tool, through which listed companies can sell shares, fully and partly convertible debentures, or any securities, other than warrants that are convertible into stocks, to a qualified institutional buyer.

According to Indian newspaper Mint, Bajaj Finance had raised 45 billion rupees in 2017 through a QIP. So far this year, eight companies have raised more than 223 billion rupees through the QIP route.

The Duane Morris team was led by Jamie Benson, head of the firm’s India practice and U.S. capital markets practice, and partner Hope Krebs.

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