•  •  Dark Mode

Your Interests & Preferences

I am a...

law firm lawyer
in-house company lawyer
litigation lawyer
law student
aspiring student
other

Website Look & Feel

 •  •  Dark Mode
Blog Layout

Save preferences

Luthra, Amarchand, Links dilute DLF promoter stake by $333m through biggest IPP

IPP: In fashion and in compliance
IPP: In fashion and in compliance

Luthra & Luthra advised India’s largest real estate developer DLF in its Rs 1,863 crore ($333m) institutional placement programme (IPP) of 81 million shares.

Amarchand Mangaldas and Linklaters advised the book runners to the issue - Standard Chartered Securities (India), Deutsche Equities India, DSP Merrill Lynch, JP Morgan India, CLSA India, HSBC Securities and Capital Markets (India), Kotak Mahindra Capital Company, UBS Securities India and India Infoline.

Luthra and Luthra Delhi capital markets partner Madhurima Mukherjee and managing associate Geeta Dhania acted DLF’s third biggest fundraising ever by DLF, according to Mint, and possibly the country’s biggest ever fundraising through the IPP route, according to Economic Times.

Amarchand Mangaldas Delhi capital markets partner Prashant Gupta, principal associate Sayantan Dutta, senior associate Shatarupa Dasgupta, and associates Shraddha Krishnan, Sugandha Kapur and Ishita Khandelwal acted for the book runners on Indian law.

Linklaters partner Arun Balasubramanian and associate Jitesh Shahani advised from Singapore.

The issue was made in order to comply with the Securities Exchange Board of India’s (SEBI) directive on shareholding norms which requires 25 per cent minimum public shareholding. Honeywell, NTPC, and Fortis Healthcare also recently offloaded shares to comply with this requirement.

The first ever IPP in India was concluded in March last year by Indian realty major Godrej Properties, advised by Amarchand.

Click to show 2 comments
at your own risk
(alt+c)
By reading the comments you agree that they are the (often anonymous) personal views and opinions of readers, which may be biased and unreliable, and for which Legally India therefore has no liability. If you believe a comment is inappropriate, please click 'Report to LI' below the comment and we will review it as soon as practicable.

Latest comments