Axis Bank has completed a qualified institutional placement (QIP) worth approximately US$1 billion. The QIP involved a private placement of shares under section 4(a)(2) of the US Securities Act to investors in the US and a Regulation S offering outside the US. Axis Bank also made a preferential allotment to some of its principal shareholders, which boosted the equity capital raised by the deal to around US$1.03 billion.
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Allen & Overy advised Axis Bank, Citibank and JP Morgan as the bookrunners on the deal, which is the largest QIP to come out of India to date.
The Allen & Overy team was led by Hong Kong partners Andrew Harrow and Jim Grandolfo, assisted by counsel Amit Singh and Eric Gonzalez, and associate Kurt Sherwood.
Amarchand Mangaldas was the India counsel to Axis Bank while Luthra & Luthra advised the bookrunners on Indian law.
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