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AMSS, Ashurst and Luthra revive key roles in Oil India IPO

Amarchand, Ashurst and Luthra & Luthra have restarted their work on the exhumed Oil India initial public offering (IPO), which the government hopes will fill its coffers by up to Rs 2,400 crore ($500m).

Amarchand & Mangaldas & Suresh A Shroff & Co Delhi office is advising state-owned Oil India, Luthra & Luthra Delhi is leading the legal team for the consortium of underwriting banks and UK firm Ashurst has picked up its role as joint international counsel to the transaction from London.

The same firms had been involved in the initial filing of the draft prospectus from late 2007 but the public offer was put on ice at the end of 2008 after precipitous falls in the stock markets.

Now that the deal has been resurrected, it is understood that much of the original documentation will have to be revisited.

Amarchand Delhi managing partner Shardul Shroff, capital markets head Prashant Gupta and Delhi partner Yash Ashar are leading the team advising the company.

Luthra & Luthra capital markets partner Madhurima Mukherjee is advising the syndicate banks, currently consisting of JM Financial Consultants, Morgan Stanley India Company, Citigroup Global Markets India and HSBC Securities and Capital Markets (India).

Ashurst's London head of US securities and M&A Daniel Bushner, assisted by counsel Stuart Rubin in his team, is providing advice on the international legal advice for the company and the banks.

It is understood that the government had invited pitches from law firms to advise on the original deal in 2007.

Ashurst and Luthra & Luthra declined to comment.

The listing deadline is 10 September 2009 and could raise between Rs 1,900 crore and 2,400 crore ($400m to $500m).

A total of 10 per cent of Oil India's shares will be offered to the public, with another 10 per cent going to government-owned refiners.

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