Luthra & Luthra and DLA Piper have bagged the 12,500 crore ($2.75bn) follow-on share sale of ONGC, beating five other law firms in a competitive tender, with Amarchand Mangaldas Delhi winning the mandate for the bankers.

Luthra won the mandate late last month together with DLA, after pitching against Amarchand, Crawford Bayley, Fox Mandal, Khaitan & Co and J Sagar Associates (JSA).

Amarchand with Dorsey & Whitney, Crawford Bayley with Lovells and Luthra with DLA were shortlisted after the first round and Luthra submitted the lowest bid to win the role, which is understood to have been near Luthra’s roughly Rs 136 lakh bid that won the firm the Engineers India Limited (EIL) disinvestment.

The Luthra & Luthra team is understood to be led by capital markets partner Madhurima Mukherjee, managing associate Geeta Dhania and associates Abhiroop Lahiri, Raghavendra Singh and Debolina Saha, which is almost the same team that advised on the Coal India Limited disinvestment.

DLA’s team on the deal is led by Singapore-based partner Stephen Peeples.

Amarchand Delhi partner Prashant Gupta is understood to have won the mandate to advise the lead arranging banks Morgan Stanley, HSBC, Nomura, Citigroup, JM Financial Services, and Bank of America Merrill Lynch, that have submitted aggregate bids of Rs 1 according to the Economic Times.