AZB & Partners advised Bharti Airtel on its recently concluded INR209 billion (USD2.8 billion) rights issue of partly paid-up equity shares, while Linklaters was sole international counsel to the lead managers and Shardul Amarchand Mangaldas & Co (SAM) advised the lead managers on Indian law.
The issue closed on 21 October and shares issued were listed on 1 November.
AZB & Partners’ team comprised partners Varoon Chandra and Agnik Bhattacharyya, and senior associate Rahul Aggarwal.
Linklaters’ team was led by its Singapore-based partner, Amit Singh, with support from counsel Joseph Wolpin.
According to Linklaters, the deal represents the largest issue of partly paid-up equity shares by a telecom company in India to date.
Payment for the shares issued will be collected in three tranches over a three-year period. The proceeds from the issue are be used for prepayment, repayment or repurchase of all or a portion of certain borrowings and other liabilities availed, including deferred payment term liabilities to the Department of Telecommunications, and for general corporate purposes.