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Cyril Amarchand Mangaldas has continued its strong run in qualified institutional market deals, advising Godrej Properties on its $708 million equity offering via a QIP. Trilegal and Sidley Austin advised the bookrunning lead managers. 

The same firms advised on Godrej’s QIP in 2021, which raised $518 million. 

The BRLMs comprised Kotak Mahindra Capital, BofA Securities India, Jefferies India and Morgan Stanley India. 

The demand for the QIP issue was four times the size. After the QIP, Godrej’s net worth has increased by more than 50 percent, while equity diluted by 7.68 percent. 

The real estate sector has emerged as the second-most active for QIPs after renewable energy in India, with developers raising around $1.5 billion in the first nine months of 2024, including a $595 million QIP by Prestige Estates. 

CAM has advised on a string of high-value QIPs this year, including Vedanta, Zomato, Adani Enterprises, Adani Energy Solutions, Prestige, and Samvardhana Motherson

CAM’s team on the deal comprised senior partner Yash Ashar, partner Devaki Mankad, senior associate Rishav Buxi, and associates Urmil Shah, Hitesh Nagpal, and Gaurav Lalwani.

Trilegal’s capital markets team advising on the matter was led by partners Bhakta Patnaik and Brajendu Bhaskar, and included senior associate Aditya Dsouza and associates Akanksha Goel, Pratyusha Dasgupta, Kavya Krishnawsamy, and Manasi Barve. 

Sidley Austin's team was led by partner Manoj Bhargava and counsel Shashwat Tewary. The team included Edward Lee, Nicholas R. Brown, Morgan Ross, Carla G. Teodoro, Andy Lau, Prabhat Mehta and Robert Kreitman. 

 

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