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Reliance’s record-busting $7bn rights issue gifts cap markets boon to AZB, Khaitan, Sidleys, Lathams

Whoever said we are looking at a mammoth recession and slower capital markets? Not the legal advisers close to Reliance Industries...

After now four gigantic rounds of fundraising for its subsidiary Jio Platforms, Reliance Industries (RIL) is issuing Rs 53,125 crores of equity in what is billed as India’s largest ever rights issue (as well as RIL’s first in 30 years). The deal also included 14 investment banks making it probably the largest syndicate of banks that ever did a rights issue together.

AZB & Partners acted for Reliance Industries in what what is fast becoming a near exclusive relationship, at least for mega deals. The AZB team was led by partners Ashwath Rau, Varoon Chandra and Agnik Bhattacharyya, alongside senior associates Sweta Ananthanarayanan and Shivali Singh, with associates Harish Choudhary, Aratrika Choudhuri and Bharat Mordani.

Khaitan & Co acted as counsel to the banks (see full list below), led by executive director Sudhir Bassi, partner Aditya George Cheriyan, counsel Soumya Mohapatra, principal associate Aayush Mohata, senior associate Sathvik Ponappa and associates Devarshi Mukhopadhyay, Sai Saket Rachakonda and Tishita Mukherjee.

Sidley Austin LLP bagged the mandate as international counsel to Reliance Industries, led by partner Manoj Bhargava and senior associate Varun Jetly.

Latham & Watkins was drafted in as international counsel to the lead manager banks, led by partner Rajiv Gupta, and associates Stacey Wong, Priyanka Mehta and Esha Goel.

The global-co-ordinators and lead managers were JM Financial Limited, Kotak Mahindra Capital Company Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, DSP Merrill Lynch Limited, Goldman Sachs (India) Securities Private Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IDFC Securities Limited, J.P. Morgan India Private Limited, Morgan Stanley India Company Private Limited and SBI Capital Markets Limited.

Asia’s richest man Mukesh Ambani-owned Reliance Industries Ltd (RIL), which has been on a fundraising spree despite the covid-19 pandemic, is set to open its massive ₹53,215 crore rights issue on Wednesday. — Mint

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