CAM, Khaitan and Sidley advise on Aditya Birla’s first QIP


Sidley Austin, Khaitan & Co, and Cyril Amarchand Mangaldas (CAM) advised on financial services company Aditya Birla Capital’s first qualified institutional placement (QIP) valued at USD215 million.

Partners Yash Ashar and Abhinav Kumar led the CAM transaction team acting for Aditya Birla. Principal associate-designate Rushab Dhandokia, senior associate Shubham Sancheti and associates Indira Satish, Harsh Lahiri, Raksha Raina and Ved Chanduka also assisted.

Khaitan assisted the bookrunning lead managers on Indian laws in relation to the QIP of Aditya Birla Capital’s equity shares; Khaitan’s core team consisted of partners Abhimanyu Bhattacharya, Aditya Cheriyan, Oishik Bagchi, principal associate Vijayaraghavan Raman, senior associate Ritika Khare and associate Aman Khandelwal.

Commenting on the deal, Khaitan said, “The deal was complex due to the diversified nature of the group, comprising various regulated businesses including asset management, non-banking finance, housing finance, insurance and broking and the presence of multiple listed entities.”

Sidley represented the lead managers BofA Securities India, Jefferies India, Axis Capital, ICICI Securities and JM Financial. Partner Manoj Bhargava, counsel Shashwat Tewary in Singapore and managing associate Harekrishna J. Ashar in London led the team. Associates Jayant Bhardwaj and Sarangan Rajesh Kumar, both in Singapore, along with partners Robert Kreitman, Nicholas Brown, Carla Teodoro, and managing associate Alvin Wang (all based in New York) also assisted the team.

Aditya Birla said its inaugural QIP has been received positively by foreign portfolio investors, sovereign wealth funds and domestic institutional investors. Participants included BlackRock, Capital Group, Norges Bank, Royal Bank of Canada, M&G Investments, the Abu Dhabi Investment Authority, Massachusetts Institute of Technology, the Public Sector Pension Investment Board and SBI Life Insurance.