Indian law firm Cyril Amarchand Mangaldas has advised HDFC Bank-backed non-banking financial company HDB Financial Services on its initial public offering, with a total equity value of INR 12,500 crore. Trilegal advised HDFC Bank, the promoter and selling shareholder.
The listing consists of a fresh issue worth INR 2,500 crore and an offer for sale totalling 10,000 crore. HDB
This is the largest IPO by an NBFC till date and the 5th largest IPO ever in India. It is also India’s second-most oversubscribed billion-dollar IPO, and the largest IPO of the year so far.
The BRLMs comprise BNP Paribas, JM Financial, BofA Securities, Goldman Sachs India, HSBC Securities, IIFL Capital, Jefferies India, Morgan Stanley, Motilal Oswal, Nomura, Nuvama Wealth, and UBS Securities.
The net proceeds from the fresh issue are proposed to be utilised by HDB Financial Services for the augmentation of its Tier-I capital base to support future business growth and capital adequacy requirements.
CAM’s team advising the NBFC was led by partner Devaki Mankad with support from senior associate Akash Joshi, and associates Raksha Raina, Urmil Shah, Nayanika Gupta, Gaurav Lalwani, Janhavi Deshmukh, and Yashi Gulecha. The team was assisted by senior partner Yash J. Ashar, and partner Gaurav Gupte.
Trilegal’s team was led by partner Richa Choudhary and supported by counsel Maitreya Rajurkar, senior associates Sanya Chaudhari and Shivayana Balodia, and associate Anay Jain.
