Cravath, Swaine & Moore and Davis Polk & Wardwell have advised on a $1.6 billion share sale by Mumbai-based HDFC Bank Ltd.
HDFC, one of India’s largest lenders, raised $1.3 billion by selling 22 million American depositary receipts in the U.S. and another $324 million in equity shares through a qualified institutional placement in India. The proceeds will be used to “fund growth and bolster reserves,” according to The Wall Street Journal.
Cravath London partner Partner Philip Boeckman served as international counsel to HDFC, while Amarachand & Mangaldas & Suresh A. Shroff & Co. Mumbai partners Gaurav Gupte and S. R. Patnaik advised on Indian law.
Davis Polk London partner John Banes acted for underwriters Merrill Lynch Pierce, Fenner & Smith Inc., Credit Suisse Securities (USA), J.P. Morgan Securities, Morgan Stanley & Co. International Plc., Goldman Sachs & Co., Nomura Securities International Inc., UBS Securities and Barclays Capital Inc.
AZB & Partners Mumbai partner Varoon Chandra was Indian counsel to the banks.
Source: www.americanlawyer.com
