Acting through the Ministry of Finance, Government of India in Relation to its Initial Public Offer Largest Public Offering of Equity Shares in India
Cyril Amarchand Mangaldas advised the Life Insurance Corporation of India (the “Corporation”) and the President of India, acting through the Ministry of Finance, Government of India (the “Selling Shareholder”) on its recent initial public offering of equity shares aggregating to Rs. 20,557 crores (the “Offer”). This is the largest initial public offering of equity shares in the history of capital markets in India. The Offer received a robust response from the investors, with highest ever participation witnessed from the retail investors with an aggregate of about 7.9 million retail applications, along with the highest number of anchor investors and the largest bid in the anchor book. The Offer was oversubscribed by 2.95 times.
The Capital Markets, General Corporate and Disputes Practice of Cyril Amarchand Mangaldas advised on the transaction.
The Capital Markets team comprised of Yash J. Ashar, Partner & Head – Capital Markets; Gokul Rajan, Partner; Devaki Mankad, Partner; with support from 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 comprising of Indranath Bishnu, Partner; Anirud Sudarsan R, Senior Associate; Niyati Dholakia; Senior Associate; Soumyaditya Dasgupta, Associate; and Ayushi Agrawal, Associate; advised on the insurance-related aspects of the transaction.
The Disputes team comprised of 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 team comprising of SR Patnaik, Partner & Head – Taxation; and Reema Arya, Consultant; advised on the taxation-related aspects of the Transaction.
The deal team also received guidance from Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas.
As a part of the Offer, 221,374,920 equity shares of face value of Rs. 10 each of the Corporation were offered through an offer for sale by the Selling Shareholder for cash at a price of Rs. 949 per equity share, aggregating to Rs. 20,557 crores.
Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities Limited, JM Financial Limited, J.P. Morgan India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited acted as the book running lead managers to the Offer.
Other parties and advisors to transaction included Duane Morris & Selvam LLP acting as legal counsel to the Corporation and the Selling Shareholder as to international law, Linklaters Singapore Pte. Ltd. acting as legal counsel to BofA Securities India Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, J.P. Morgan India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited as to international law.
The equity shares of the Corporation got listed on 17th May, 2022.
