Shardul Amarchand Mangaldas & Co advised Utkarsh Small Finance Bank Limited on the Initial Public Offering of fresh issue of 200,000,000 equity on the Indian Stock Exchange Market.
This deal has been undertaken for the purpose of utilizing the funds raised towards augmenting its Tier-1 capital base to meet its future capital requirements. The deal is valued at ₹ 5,000 million and the date of listing the equity shares on the BSE and the NSE was 21 July 2023.
The Issue had an overall subscription of 101x, with the retail individual portion oversubscribed 80.16x; QIB portion oversubscribed 135.71x; non-institutional bidders (more than Rs. 2 lakhs up to Rs. 10 lakhs portion) oversubscribed 84.24x; and non-institutional bidders (above Rs. 10 lakhs) portion oversubscribed 91.27x.
The Capital Markets team was led by Nikhil Naredi, Partner; Priya Awasthi, Principal Associate; Chinmay Sethia, Senior Associate; Harini Jambunathan, Associate; Rakshita Poddar, Associate.
The Securities Regulatory team was led by Manjari Tyagi, Partner; Deepika Goyal, Principal Associate; and Piyush Kaushal, Associate.
Hogan Lovells Lee & Lee advised ICICI Securities Limited and Kotak Mahindra Capital Company Limited (Book Running Lead Managers) on the international legal aspects.
About Shardul Amarchand Mangaldas & Co.:
Shardul Amarchand Mangaldas & Co., founded on a century of legal achievements, is one of India’s leading full-service law firms. The Firm’s mission is to enable business by providing solutions as trusted advisers through excellence, responsiveness, innovation, and collaboration. SAM & Co. is known globally for its exceptional practices in mergers & acquisitions, private equity, competition law, insolvency & bankruptcy, dispute resolution, capital markets, banking & finance, and projects & infrastructure.
The Firm has a pan-India presence and has been at the helm of major headline transactions and litigations in all sectors, besides advising major multinational corporates on their entry into the Indian market and their business strategy. Currently, SAM has around 775 lawyers including 149 Partners, offering legal services through its offices in New Delhi, Mumbai, Gurugram, Ahmedabad, Kolkata, Bengaluru, and Chennai.
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