Sidley acted as international counsel to lead managers Axis Capital Limited, BNP Paribas, BofA Securities India Limited, and J.P. Morgan India Private Limited in connection with the approximately INR2.5 billion (approximately US$305 million) rights issue of equity shares of PNB Housing Finance Limited (PNBHFL) pursuant to Section 4(a) and Regulation S of the U.S. Securities Act of 1933.
PNBHFL is the fourth-largest housing finance company (HFC) in India in terms of assets under management and the third-largest HFC in terms of deposits, as of March 31, 2022. The company has been operating in the Indian housing finance industry for over three decades through a pan-India network. PNBHFL’s promoter is Punjab National Bank, a nationalized bank and financial institution providing a range of banking and financial services in India.
The Sidley team was led by partner Manoj Bhargava and comprised counsel Shashwat Tewary, managing associate Harekrishna Ashar, and associate Jayant Bhardwaj with support from partners Daniel O’Shea, Nicholas R. Brown, and Carla G. Teodoro, managing associates Alvin Wang and Christian D. Molander-Barraza, and associate John Jee.
