Law firms CAM, AZB, and Hogan Lovells participate in CG Power's $351 million Qualified Institutions Placement (QIP)
CG Power and Industrial Solutions, an Indian multinational company specialising in power generation, transmission, and distribution, has successfully raised $351 million through a Qualified Institutional Placement (QIP) of equity shares.
The transaction, which was not specified to be a merger, acquisition, or any other type of corporate restructuring, saw legal advisory roles divided among three firms.
Cyril Amarchand Mangaldas acted as the legal advisor to CG Power, guiding the company through the regulatory and compliance aspects of the QIP. Devaki Mankad, Regional Co-Head - Capital Markets - West at Cyril Amarchand Mangaldas, led the capital markets team in the transaction. Sakshi Sharma, Aniruddh Saraswat, Shabri Bose, and Gayathri Ramachandran provided support to the team.
AZB & Partners served as the legal advisor to the lead managers and underwriters involved in the fundraising, helping structure and execute the placement. The bookrunning lead managers for the transaction were not explicitly stated in the available information.
Hogan Lovells was the legal advisor to the anchor investors, ensuring the interests of this key investor group were legally protected in the placement process. Biswajit Chatterjee, head of the India practice and Dubai office managing partner at Hogan Lovells, led the capital markets team in the transaction. Kaustubh George, Varun Jetly, Aditya Rajput, Suchisubhra Sarkar, Aditya Dsouza, Sanjana Ravjiani, Komal Israni, and Purva Mishra provided support to the team.
In addition to their advisory roles, Hogan Lovells also served as advisors for the bookrunning lead managers in the transaction involving CG Power.
The funds raised through the QIP are expected to support CG Power's capital expenditure plans and potential acquisitions. CG Power may also expand into the semiconductor industry with the funds raised.
CG Power provides end-to-end solutions for managing and applying electrical energy in utilities, industries, and for consumers. The company designs, manufactures, and markets products related to power generation, transmission, and distribution.
While detailed terms of the offering or investor identity are not explicitly provided in the available information, this summary aligns with typical roles of these law firms in similar large-scale QIP transactions. If more granular transaction details or legal documents are needed, they would typically be found in company releases, regulatory filings, or industry press reports specific to the QIP announcement on or near the transaction date.
Cyril Amarchand Mangaldas, as the legal advisor to CG Power, guided the company through the regulatory and compliance aspects of the QIP, with Devaki Mankad leading the capital markets team. Hogan Lovells, on the other hand, served as the legal advisor to both the anchor investors and the bookrunning lead managers, ensuring the interests of the investors were legally protected and providing advisory roles for the bookrunning lead managers in the transaction. The funds raised through the QIP are anticipated to support CG Power's capital expenditure plans, potential acquisitions, and potentially, its expansion into the semiconductor industry.
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