Reliance Industries Limited has undertaken a Rights Offering with a total value of approximately US$7 billion. The newly issued shares are listed on the Bombay Stock Exchange (BSE) and the Indian National Stock Exchange (NSE).
This is the largest non-financial services rights issuance undertaken globally in over a decade and the largest Indian capital markets transaction in terms of deal size.
Latham represented a group of 14 banks, including JM Financial Limited and Kotak Mahindra Capital Company Limited as Global Co-ordinators and Lead Managers, and Axis Capital Limited, BNP Paribas, DSP Merrill Lynch Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IDFC Securities Limited, J.P. Morgan India Private Limited, Morgan Stanley India Company Private Limited, and SBI Capital Markets Limited as Lead Managers.
The Latham & Watkins team was led by Singapore partner and India Practice Head Rajiv Gupta, with Singapore associates Stacey Wong, Priyanka Mehta and Esha Goel. Tax advice was provided by New York partner Jiyeon Lee-Lim, with New York associate Lea Li. Chicago partner Nabil Sabki and associate John Reinert advised on 40 Act matters and a further nine Latham offices provided local law advice.
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