AZB, CAM, Khaitan, Squire, Milbank on $1bn SBI Life Insurance IPO

Monday, 24 July 2017 By Legally India Capital Markets

“SBI Life Insurance Co. Ltd on Monday filed the draft red herring prospectus for its initial public offering (IPO), joining several other insurance companies headed for the stock market. In an offer for sale, SBI and BNP Paribas will sell 80 million and 40 million shares respectively, amounting to a combined 12% stake. SBI Life is not raising any primary capital. The IPO could see SBI Life raise more than $1 billion (about Rs6,500 crore), a Bloomberg story quoted bankers as saying,” reported Mint.

AZB & Partners partners Varoon Chandra, Lionel D’Almeida and Arvind Ramesh and senior associate Richa Choudhary acted for BNP Paribas Cardif and BNP Paribas.

Cyril Amarchand Mangaldas Mumbai Yash Ashar, Abhinav Kumar and Indranath Bishnu acted for SBI and SBI Life. Squire Patton Boggs Singapore acted for SBI Life Insurance.

Khaitan & Co partner Abhimanyu Bhattacharya, associate partner Aditya Cheriyan, senior associate Navodita Gupta and Rohan Singh and associate Vijayaraghavan acted for the lead managers JM Financial Institutional Securities, Axis Capital, BNP Paribas, Citigroup Global Markets India, Deutsche Equities India, ICICI Securities, Kotak Mahindra Capital Company, and SBI Capital Markets.

_Milbank, Tweed, Hadley & McCloy_ acted for BNP Paribas, Citigroup and Deutsche Equities.

AZB & PartnersCyril Amarchand MangaldasSquire Patton BoggsKhaitan & Co

Comments

Anon1234 24 Jul 2017, 10:15
+4 -1
SBI Life is not raising any primary capital. The IPO could see SBI Life raise more than $1 billion (about Rs6,500 crore), a Bloomberg story quoted bankers as saying,"

How is SBI Life raising money if there's no primary? Aren't the 2 lines above contradictory?
Merchant banker 24 Jul 2017, 15:23
+1 -0
Initial public offer by way of an offer for sale by existing shareholders.
Cap Markets 24 Jul 2017, 10:29
+10 -3
Is Madhurima supervising these matters from AZb? Shes not reported on any matter where AZB works on capital market matters.
Bihari 24 Jul 2017, 11:21
+1 -2
GO Airways
Guest 25 Jul 2017, 11:58
+3 -0
why does she need to supervise? there are three partners on the matter. are you suggesting that they dont know what they are doing?
Cap Markets Ninja 12 Aug 2017, 10:29
+0 -0
Wait. Is she still at AZB? Rumour has it that [...].
Also, AZB Mumbai seems to be doing a lot more deals than the Delhi office. This could answer your question.
Merchant banker 24 Jul 2017, 15:20
+8 -0
Kian - check your facts or the draft red herring prospectus. CAM acted for state bank of India and SBI Life insurance company limited. Curtosey to one of their associates.
Conflict? 25 Jul 2017, 10:59
+4 -0
Isnt there a conflict in CAM getting matters from a Govt entity (SBI) courtsey its associates?? What about CVC rules?!
read the law! 25 Jul 2017, 16:04
+0 -2
How can there be a conflict?? you must be from SAM crying at the lost mandate!! Firms hire associates precisely for this benefit, many examples of mandates being swung by kids in law firms.

if the conflict is disclosed to the board there is no issue. Problem only if its government ..SBI is private.
Sbi 26 Jul 2017, 05:34
+3 -0
How is SBI private?? Should have rules against Conflict of interest, specially for business referral involving relatives of serving bank officials
Merchant banker 26 Jul 2017, 08:17
+2 -0
Sbi life insurance company limited is not a government company under the companies act 2013 and it is not an article 12 state under the constitution of India. Try reading the law, may generally help your practice.
big deal! 26 Jul 2017, 08:38
+0 -0
too much of a big deal is being made out of this issue...are you saying senior sbi or govt officials cannot go to best advisors for their matters if their sons and daughters are employed there??! bizarre logic.

every senior govt officer(SBI or otherwise) knows the CVC rules and the huge risk of going wrong if they create conflict of interest. Go file RTI if you have too much free time and want to snoop for more details
dilli 24 Jul 2017, 15:25
+3 -1
good observation, 2.
Keen Observer 26 Jul 2017, 13:51
+11 -2
Congratulations, Navodita Gupta. You are truly inspiring.
Merchant Banker 26 Jul 2017, 18:39
+1 -7
Ha!
Papa Life 27 Jul 2017, 05:09
+5 -1
Mere papa strongest
Mama Life 27 Jul 2017, 09:02
+2 -4
Mera Mama strongest.
Keen Observer Too 27 Jul 2017, 10:56
+5 -1
Big Fan of her work.
Mama Life 27 Jul 2017, 22:15
+0 -2
Ha ha ha!
Commenting is closed for this article.