Khaitan & Co and Herbert Smith Freehills advised the ministry of finance in the Rs 11,470 crore ($2.1bn) disinvestment of 9.5 per cent in India’s largest thermal power producer NTPC through an offer for sale.

Amarchand Mangaldas and Cleary Gottlieb Steen & Hamilton advised the brokers to the issue: Goldman Sachs, Morgan Stanley, Citigroup, Deutsche Bank, Kotak Securities, and SBI Securities.

Khaitan & Co Mumbai capital markets partner Nikhilesh Panchal and Delhi capital markets partner Sharad Vaid, with Herbert Smith Freehills London partner Steve Thierbach and Singapore counsel Siddhartha Sivaramakrishnan acted for the Department of Disinvestment under the finance ministry.

Amarchand Mangaldas Delhi capital markets partner Prashant Gupta and Cleary Gottlieb London partner Sebastian R Sperber acted for the brokers.

This was the largest capital market transaction this fiscal year, according to a press release from Khaitan & Co, with the issue subscribed 1.7 times.

The disinvestment was approved by the cabinet in November 2012, as reported by Reuters at the time.

The government’s stake in the Maharatna company has now reduced to 75 per cent, reported the Economic Times.