Sidley acted as international counsel to Kotak Mahindra Capital Company Limited, Jefferies India Private Limited, and JM Financial Limited, the book-running lead managers, on Torrent Power’s US$410 million equity offering via a qualified institutions placement (QIP).
Torrent Power is one of the leading brands in the Indian power sector. The QIP was reportedly oversubscribed four times against the issue size.
Manoj Bhargava and Harekrishna J. Ashar led the Sidley team, with support from Carla G. Teodoro, Nicholas R. Brown, Prabhat K. Mehta, Jeffrey R. Dohoda, Sanketh Hareesh Kumar, Andy J. Lau, and Tyler Combest.
This transaction is one of several very prominent QIPs the Sidley team advised on in December, including Godrej Property’s QIP.
The firm’s market leadership in India-related matters has been widely recognized, with Sidley named as a Top Foreign Law Firm for work in India by the India Business Law Journal in 2024 for the seventh year running. Sidley has continued to advise on innovative, market-first equity offerings in 2024, including of FirstCry, Medi Assist Healthcare, Vodafone Idea, and Afcons Infrastructure.
Sidley was also named Securities Firm of the Year at Law.com International’s Asia Legal Awards 2024, underscoring the firm’s preeminence in securities offerings.
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