Shearman & Sterling, in collaboration with CAM, Link, S&R, and A&O, assisted State Bank of India in achieving a record-breaking $2.9 billion Quantum Investment Placement (QIP).
State Bank of India (SBI), the country's largest lender by assets, has successfully raised INR 25,000 crore through its largest Qualified Institutional Placement (QIP) to date. This makes it the largest QIP ever in Indian history, surpassing the previous record held by Coal India's QIP of INR 22,560 crore from 2015.
The transaction was advised by two law firms, Cyril Amarchand Mangaldas and Linklaters, with Yash J Ashar, senior partner at Cyril Amarchand Mangaldas, providing strategic inputs for the transaction. Meanwhile, S&R Associates and Allen Overy Shearman Sterling advised the bookrunning lead managers.
The bookrunning lead managers for this QIP include Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Morgan Stanley India, HSBC Securities and Capital Markets, and Citigroup.
The QIP is part of SBI's ongoing capital raising strategy. The funds raised will be used to support lending growth and meet regulatory requirements in India's expanding economy. This is the first QIP by SBI since 2017.
The transaction team at S&R Associates and A&O Shearman continues to act for the bookrunning lead managers in SBI's QIP. Devaki Mankad, partner at Cyril Amarchand Mangaldas, led the transaction team, with support from principal associate Rishav Buxi, associates Hitesh Nagpal, Devansh Raheja, and Janhavi Deshmukh.
The QIP is believed to be the largest of its kind in the country to date, and this fundraising by SBI is part of an ongoing effort by Indian banks to strengthen their capital positions.
Law firms Cyril Amarchand Mangaldas and Linklaters provided legal advice for the law-governed transaction that is part of State Bank of India's (SBI) capital raising strategy in finance, which seeks to strengthen SBI's position and support lending growth within India's expanding economy. The funds raised will be used to meet regulatory requirements according to the law.
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