Three firms involved in CreditAccess Grameen QIP

CreditAccess India capital money

IndusLaw and Clifford Chance advised the book running lead managers on microfinance lender CreditAccess Grameen’s recent ₹7.9 billion (US$108 million) qualified institutional placement (QIP). Cyril Amarchand Mangaldas (CAM) advised CreditAccess Grameen.

The QIP, which opened on 5 October and closed on 8 October, was the company’s first equity market fund-raise since its IPO in 2018.

IndusLaw said the QIP was one of the fastest “in recent times – three weeks from kick-off to launch”.

The firm’s partner, Abhiroop Lahiri, told India Business Law Journal the deal “involved numerous disclosure nuances such as proforma financials, reflecting a key acquisition, and special purpose financial information included in the QIP book”. Senior associates Puneet Passi and Anshul Roy, and associates Radhika Pandey, Ancha Veknata Samarth and Deepansh Goel assisted on the deal.

Clifford Chance’s team was led by its Singapore-based partner, Rahul Guptan, and included senior associate Shashwat Tewary.

Guptan told India Business Law Journal that the firm’s “focus on Indian banking and financial services clients” had resulted in this being the third QIP it had advised on in 2020, the others being for Kotak Mahindra Bank and Indiabulls Housing Finance.

CAM’s team comprised Bengaluru-based partner Vijay Parthasarathi, principal associate Rohit Tiwari, and associates Tanvi Kini, Sarthak Singhdeo, Jhalak Shah and Satakshi Sharma.