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NHPC: Amarchand tallies up second IPO divestment this year

Amarchand Mangaldas is moving on with its second Government divestment instruction, advising NHPC (National Hydroelectric Power Corporation) on raising around Rs 1,680 crore through an initial public offering (IPO).

Amarchand's Delhi managing partner Shardul Shroff is leading the team for NHPC, assisted by principal associate Prashant Gupta Delhi, who is also the firm's regional capital markets head, as well as Bombay capital markets partner Yash Ashar.

Dorsey & Whitney Sydney partner John Chrisman is international counsel to the company.

The firms have been instructed on the same deal for around two years, with plans having been shelved after the financial downturn.

An NHPC draft prospectus was filed with the Securities and Exchange Board of India (SEBI) in August 2008.

Road shows are set to start this week with the IPO opening on 7 August 2009, which is just within the one-year deadline of previously approved draft prospectus.

Amarchand is also fielding the same team on Oil India's Rs 2,400 crore ($500m) IPO, where Luthra & Luthra and Ashurst are also involved advising the banks and the company respectively.

Amarchand was also the legal adviser on the Government divestment of national projects and engineering company Rites. Its draft prospectus was filed on 1 April 2008 but, unlike Oil India and NHPC, has not been revived.

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