Cyril Amarchand Mangaldas acted as the legal counsel to Equitas Small Finance Bank Limited (Equitas Bank) and selling shareholder Equitas Holdings Limited (EHL), on its Initial Public Offering (IPO) aggregating to INR 517.60 crores(Offer).
The Capital Markets Team of Cyril Amarchand Mangaldas advised on the Transaction. The Transaction team was led by Yash J. Ashar, Partner & Head – Capital Markets. The team advising the Bank was led by Reuben Chacko, Partner; with support from Vinay Sirohia, Principal Associate; Tanvi Kini, Associate and Saurav Das, Associate and the team advising the Selling Shareholder (EHL) was led by Vijay Parthasarathi, Partner; with support from Janhavi Manohar, Principal Associate and Sowmya Khandelwal, Associate.
As a part of the Offer, 156,848,484 equity shares of face value of INR 10 each (Equity Shares) for cash at price of INR 33 per Equity Share (including a premium of INR 23 per Equity Share) aggregating to INR 517.60 crores were transacted. The Offer comprised of a fresh issue of up to 84,848,484 Equity Shares aggregating to INR 280 crores by the Equitas Bank (Issuer) and an offer for sale of 72,000,000 Equity Shares aggregating to INR 237.6 crores by EHL (Promoting Selling Shareholder).
Other parties involved in the transaction included:
- JM Financial Limited, Edelweiss Financial Services Limited and IIFL Securities Limited (acted as the book running lead managers (BRLMs))
- S&R Associates (legal counsel to the BRLMs as to Indian Law)
- Squire Patton Boggs (MEA) LLP (International Legal Counsel to the BRLMs)
The Offer was signed on December 16, 2019 and closed on November 2, 2020.
