DLA Piper is pleased to announce that it has served as sole international counsel on the US$1.1 billion offering by Power Grid Corporation of India, the largest power transmission company in India. The deal was led by Citibank, UBS, ICICI, Kotak Mahindra and SBI Capital as underwriters and global coordinators for the offering.

Power Grid is the principal electric power-transmission company in the country. It owns and operates more than 90% of India's inter-state and interregional electric power transmission systems including 102,109 circuit kilometers of electrical transmission lines.

The offering was a combination of a Government disinvestment (with the Government of India selling a small portion of its existing holding) and the issuance of new equity shares. The proceeds from the sale of new shares will be used for capital expenditure for certain identified projects and other general corporate purposes.

The offering attracted strong interest from investors across all categories and was oversubscribed 6.7 times. This was one of the largest equity capital market transaction in India in 2013 and is an encouraging indication of a revival in equity offerings in the India market.

Stephen Peepels, partner at DLA Piper, said: "This deal is testament to the strong cross-border team we have at DLA Piper and we are delighted to be part of such an important and interesting deal for our clients."

The DLA Piper team was led by Stephen Peepels (Hong Kong) and Biswajit Chatterjee (Singapore) and supported by Timothy Franklyn (Hong Kong), Joywin Mathew (Singapore) and Ankita Manav (Singapore).

Amarchand Mangaldas acted for the company as domestic counsel and S&R Associates acted for the Underwriters as domestic counsel.