Allen & Overy has advised the book running lead managers on Yes Bank’s Rs. 29,420.75 million (approximately USD500m) Qualified Institutions Placement (QIP) of shares to fund the bank’s future expansion. Please enter ByLine.
The transaction involved a private placement of shares into the United States under Section 4(a)(2) of the U.S. Securities Act of 1933 (Securities Act) and an offering outside the United States in reliance on Regulation S of the Securities Act. This is one of the first transactions in India where the offer document included the new disclosures requirements specified under the Form PAS-4 prescribed under the Indian Companies (Prospectus and Allotment of Securities) Rules, 2014.
Partner Amit Singh led the Allen & Overy team (which advised on the US aspects of the transaction) from Hong Kong with support from associates Garrick Merlo, Emily Dong and Julie Song.
Commenting on the deal, Amit said: “We were delighted to advise on this significant transaction for Yes Bank. It follows State Bank of India’s QIP earlier this year which was the largest QIP from India when executed, where we acted as sole international counsel. Following the recent parliamentary elections in India, we expect to see an increase in the number of equity capital markets transactions from India, and we are well placed for this work.”
Allen & Overy’s Hong Kong based Indian capital markets team, led by Andrew Harrow and Amit Singh, has recently worked on a number of significant equity capital markets transactions from India such as the QIPs for State Bank of India and Axis Bank and the recently completed rights issue for Tata Power Company Limited. In addition, the team has worked on several significant Indian debt capital markets transactions that have been executed this year, including bond issuances for Bharti Airtel, State Bank of India, IDBI Bank, Indian Railway Finance Corporation and Bank of Baroda.
