Luthra, Trilegal, Duane Morris act on $188m HUDCO disinvestment IPO

Friday, 26 May 2017 By Rukmini Biswas Capital Markets

The President of India recently sold 10.19% of shares in HUDCO for Rs 1,209 crores ($188m) in an IPO in India and concurrent private placements outside the country (including a Rule 144A offering in the United States), as reported by The Times of India.

Duane Morris partner Jamie Benson, who heads its India and US securities law practice, with partners Charles Harrell in Houston and Hope Krebs in Philadelphia, along with Singapore associates Akanksha Gupta and Akshay Kothari acted as the international legal counsel to both parties.

Luthra & Luthra Delhi-based partner Geeta Dhania acted as Indian legal counsel to the President of India and HUDCO.

Trilegal Mumbai partner Bhakta Patnaik acted as Indian legal counsel to the underwriters.

The offer, over-subscribed nearly 80 times on its final day, made a strong debut on the NSE and BSE, listing at a 22 percent premium to the offer price. This was the first Indian public sector undertaking IPO in more than five years.

IDBI Capital Markets & Securities Limited, ICICI Securities Limited, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited were the book-running lead managers for the offer.

Duane MorrisLuthra & LuthraTrilegalL&L Partners

Comments

Crawford 26 May 2017, 13:16
+3 -1
There is no money in these govt sector deals. It is a race to the bottom on fee, L1 gets the deal.

Btw Kian, why do you report few IPOs or capital market transactions selectively while leaving out the more significant ones?
kianganz 26 May 2017, 13:18
+4 -0
It's a little random at present, admittedly. This one was press released by Duane and had some interesting firms on it.

In general, we cover fewer IPOs though since all prospectuses are public anyway, so lawyers in CM will generally be aware who did what... But yes, we should do more of them and have some plans on that front...
Alias 27 May 2017, 08:32
+1 -2
I don't think it's just LI. Globally, the industry tends to lay more importance on M&A deals. I guess it may be simply because M&A space sounds more interesting.
abcd 30 May 2017, 02:29
+0 -0
Doobte ko tinke ka sahara
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