Last month the Indian government successfully completed its public offering of National Mineral Development Corporation (NDMC). The government divested approximately 8.38% of its 98.38% equity stake in the company via a traditional bookbuilding process, raising approximately US$2.2 billion.
Gide Loyrette Nouel acted as international legal counsel to the Indian government on the sale.
NMDC was the largest iron ore producer by volume in India during the last three fiscal years and has access to significant reserves of high-grade iron ore. It operates one of the largest diamond mines in Asia and owns a wind farm in the southern state of Karnataka.
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The underwriters on the deal included UBS, Citigroup, Morgan Stanley, RBS, Edelweiss Capital and Kotak Investment. They were advised by S&R Associates and the Australia office of Dorsey & Whitney.
The Gide team was led by partner Chris Mead in London with assistance from senior associates Sylvain Dhennin in London, Prashanth Kumar Kanukuntla in Dubai, Melinda Arsouze and Ali Ezzatyar in Paris, and Steffi Tam in Hong Kong.
Mumbai-based law firm Crawford Bayley, led by partner Sanjay Asher, acted as the domestic lead legal adviser.
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