Three firms advise on Canara Bank QIP

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Crawford Bayley & Co advised Canara Bank in its recent ₹20 billion (US$271 million) qualified institutional placement (QIP). IndusLaw was Indian legal counsel, and Squire Patton Boggs was international legal counsel, to the five bookrunning lead managers.

Crawford Bayley’s team was led by its senior partner, Sanjay Asher, and comprised partner Viplaw Kashyap, who heads the firm’s capital markets practice, and associates Vishesh Nahata, Shubha Samani and Bhavesh Bhatia.

IndusLaw partner Ravi Dubey pointed out that Syndicate Bank had merged with Canara Bank on 1 April, as part of the government’s plan to consolidate public sector banks. “[This] posed challenges around disclosure of financial information, and disclosure of Syndicate Bank’s information, in the offer document,” he said. Others at IndusLaw who advised on the deal were senior associate Puneet Passi, and associates Aditya Rajput, Radhika Pandey, Deepansh Goyal and Kamiya Marwah.

Squire Patton Boggs’ team was led by its Dubai-based partner, Biswajit Chatterjee, and included senior associate Kaustubh George.

Canara Bank, which was 78.55% government-owned at the end of September, received shareholder approval for the QIP in August. The QIP closed on 11 December.