A man walks across the LED display board showing the logo of Vodafone-Idea at the India Mobile Congress 2022, at Pragati Maidan, in New Delhi, India, October 3, 2022. REUTERS/Anushree Fadnavis


Indian law firm Cyril Amarchand Mangaldas has advised Vodafone Idea on its 180-billion-rupee ($2.15 billion) further public offering (FPO). The issuance is the largest successful Indian FPO and the third-largest offering of public equity shares in India.

AZB & Partners and Sidley Austin guided Axis Capital, Jefferies India and SBI Capital Markets, the book-running lead managers to the FPO, while S&R Associates advised the Vodafone Group on the deal.  

This marked the first FPO by a company engaged in the telecommunication sector. CAM said in a statement that the issuance was one of the fastest completed FPOs, having been completed in 54 days from the date of kick-off meeting. The FPO was oversubscribed over six times.

CAM’s team on the deal was led by capital markets practice head Yash Ashar, and included partner Abhinav Kumar, principal associate Akshay Singh Ralhi, senior associates Jhalak Shah and Sanjana Ravjiani, and associates Harshvardhan Lahiri, Adwait Deshmukh, Raksha Raina, Sangram Kokate, Tanishq Mohta, Zeb Burk, and Shivendra Mehndiratta.

S&R’s team that assisted Vodafone was led by partners Rajat Sethi, Lakshmi Pradeep and Meher Mehta, and included associates Ishan Seth, Komal Parakh, Aakriti Jalota and Rohin Goyal.

The Sidley team was led by partner Manoj Bhargava and comprised partners Daniel O’Shea, Robert Kreitman, Nicholas Brown and Carla Teodoro, and managing associates Harekrishna Ashar and Alvin Wang.



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