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Indian law firms Cyril Amarchand Mangaldas and AZB & Partners and global law firm Hogan Lovells have advised on non-banking financial company Cholamandalam Investment and Finance’s $480 million qualified institutional placement (QIP).

The QIP transaction involved issuing $240 million in equity and $240 million in CCDs in a single offering, the first of its kind by an Indian company, and also the country’s largest private sector QIP transaction in 2023.

CAM represented Cholamandalam while AZB and Hogan Lovells advised book-running lead managers Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India)and IIFL Securities.

The CAM team was led by capital markets practice head Yash Ashar and regional co-head of the firm’s southern region market practice, Vijay Parthasarathi.

The AZB team representing the book-running lead managers was led by senior partners Varoon Chandra, Aarthi Sivanandh and Agnik Bhattacharyya.

The Hogan Lovells team was led by Biswajit Chatterjee, Singapore office managing partner and India practice co-chair. U.S.-based partners Henry Kahn and Nancy O’Neil advised on regulatory aspects and U.S. tax matters, respectively.  

Proceeds from the offering will be used for business growth and augment capital adequacy requirements of Cholamandalam, Hogan Lovells said in a statement.

 

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CAM, AZB, Hogan Lovells act on first-of-its-kind India QIP

by Nimitt Dixit |

Indian law firms Cyril Amarchand Mangaldas and AZB & Partners and global law firm Hogan Lovells have advised on non-banking financial company Cholamandalam Investment and Finance’s $480 million qualified institutional placement (QIP).