Cyril Amarchand Mangaldas has advised its longstanding client Adani on the 83.73-billion- rupee ($1 billion) fundraise by Adani Energy Solutions through a qualified institutional placement (QIP). Trilegal and Latham & Watkins advised the book running lead managers (BRLM) to the deal.

SBI Capital Markets Limited, Jefferies India Private Limited, and ICICI Securities were the BRLMs.

The QIP is the largest ever in the power sector and one of the largest this year, along with Vedanta’s QIP on which CAM also advised.

The QIP saw overwhelming demand, receiving bids of approximately 6x of the base deal size from a diverse group of investors, including utility-focused US investors entering India for the first time, sovereign wealth funds, major Indian mutual funds, and insurance companies.

The proceeds of the QIP are proposed to be used to fund capital expenditure requirements of certain subsidiaries in relation to setting up transmission systems, purchasing and installing smart meters and repaying debt of certain borrowings availed by Adani Energy and its subsidiaries. 

The CAM capital markets team was led by senior partner Yash J. Ashar and included partner Devaki Mankad, senior associates Jhalak Shah and Rishav Buxi, and associates Hitesh Nagpal, Arikta Shetty and Lajja Mehta.

The Trilegal team advising the BRLMs on Indian law was led by capital markets partner Richa Choudhary and comprised attorneys Avanti Kale, Maitreya Rajurkar, Sanya Chaudhari, Pooja Tada, Aman Bahl, Urmil Shah, Mathangi K. and Archit Jain.

Latham’s team that served as international law counsel to the BRLMs was led by Singapore-based partner Rajiv Gupta, who has been one of the leading international advisors on India capital markets deals in the past few years, and recently also advised on the Ola electric IPO.