Allen & Overy advised the book running lead managers on the INR150 billion (approximately USD2.3 billion) qualified institutional placement (QIP) issue of equity shares by State Bank of India, the largest-ever QIP and equity offering from India to-date as well as the third largest equity offering out of Asia Pacific this year. The QIP received strong demand from both international and domestic investors.

Allen & Overy advised the book running lead managers including Kotak Mahindra Capital Company Limited, SBI Capital Markets Limited, DSP Merrill Lynch Limited, Deutsche Equities India Private Limited, IIFL Holdings Limited and JM Financial Institutional Securities Limited.

Commenting on the issue, Allen & Overy U.S. securities partner Amit Singh said: “This is another milestone deal from the India capital markets and a record transaction from State Bank of India, following its previous largest-ever QIP offering of INR80 billion which we also advised on. We are thrilled to continue to be involved in a number of capital markets transactions by State Bank of India, including its recent international issuance of Basel III compliant Additional Tier 1 securities which was the first of its kind from India.”

Allen & Overy recently advised on YES Bank Limited’s INR49.06 billion (approximately USD750 million) QIP issue in April and Motherson Sumi Systems Ltd’s INR19,934.49 million (approximately USD300 million) QIP issue last October.

The team was led by Amit Singh from Hong Kong with support from lawyers David Cameron and Julie Song.