Davis Polk & Wardwell last month advised the Petroleum Trust on a block trade of 33 million equity shares of Reliance Industries (RIL) valued at US$763 million. UBS Securities India acted as the placing agent for the transaction, represented by AZB & Partners.
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The Petroleum Trust was formed by Reliance Industrial Investments & Holdings in 2002 as part of the amalgamation of Reliance Petroleum with RIL. Reliance Industrial Investments & Holdings, a wholly owned subsidiary of RIL, is the sole beneficiary of the trust. AZB & Partners was led by partner Shuva Mandal. The Davis Polk corporate team included partner Kirtee Kapoor and associate Gordon Chin, both of the Hong Kong office.
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