Trilegal has advised Asset Reconstruction Company (India) Limited (ARCIL) on its initial public offering (IPO), through which the company raised INR 732.9 crore. Cyril Amarchand Mangaldas (CAM) acted as legal counsel to the book-running lead managers (BRLMs). Trilegal also advised SBI, one of the selling shareholders, in connection with the IPO.
The IPO comprised an offer for sale of equity shares by institutional investors, including Avenue India, Federal Bank, Lathe Investment and State Bank of India (SBI). The offer marked the first-ever IPO and listing of an asset reconstruction company in India.
IIFL Capital Services, IDBI Capital Markets & Securities, and JM Financial are the merchant bankers for the public issue.
ARCIL is engaged in the business of acquiring stressed assets from banks and financial institutions and implementing resolution strategies, including through restructuring, enforcement of rights over underlying securities and settlements, with a focus on maximising recoveries.
Trilegal’s team advising ARCIL was led by partners Bhakta Patnaik and Albin Thomas, with support from senior associate Somya Jena and associates Akanksha Goel, Tushar Chitlangia and Adhish Mohanty.
The Trilegal team advising SBI was led by partner Albin Thomas, supported by senior associate Arsh Sinha and associate Adhish Mohanty.
CAM’s transaction was led by partner and regional co-head – capital markets – west Ravi Dubey, with support from senior associate Urmil Shah, and associates Zeb Burk, Akshita Dhawan, Gaurav Lalwani, Harsha Menon, Alok Antony and Syamantak Sinha.
