Allen & Overy advised the book running lead managers on the INR49.06 billion (approximately USD750 million) qualified institutions placement (QIP) issue of equity shares by leading private bank YES Bank Limited, the largest-ever private sector QIP from India. The offering of shares was also made into the United States under an exemption from registration under the U.S. Securities Act of 1933.

Allen & Overy advised the book running lead managers, namely CLSA India Private Limited, DSP Merrill Lynch, IIFL Holdings and Motilal Oswal Investment Advisors. Allen & Overy had also advised the different set of book running lead managers on YES Bank’s previous QIP offering of INR29.42 billion (approximately USD500 million) in 2014.

This deal is the most recent in a string of similarly high-profile equity transactions in India for Allen & Overy’s Hong Kong-based capital markets team. These included advising on State Bank of India’s INR80 billion (approximately USD1.3 billion) QIP offering and Axis Bank's INR47.26 billion (approximately USD1.0 billion) QIP offering, which also involved a private placement of shares into the United States. Each of these offerings were the largest-ever QIP share offerings out of India at the time of completion. The Allen & Overy team also recently advised on the INR19.9 billion (approximately USD 300 million) QIP of shares by Motherson Sumi Systems Limited.

Commenting on the YES Bank QIP issue, Allen & Overy U.S. securities partner Amit Singh said: “This landmark deal illustrates the ongoing strength of Allen & Overy’s capital markets practice in India and Asia Pacific, which continues to advise on the some of the most high profile transactions in the region.” 

The Allen & Overy team was led by Amit Singh from Hong Kong with support from senior associate David Cameron and associates Wen Gao and Tiffany Tse.