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Tata Steel favourites prove hard to unseat as it raises a half-billion dollars

Tata Steel has selected an identical roster of firms to advise on its latest fundraising in London, with Amarchand Mangaldas, Talwar Thakore Associates, Cleary Gottlieb Steen & Hamilton and Milbank Tweed Hadley & McCloy reprising their roles from the monster 2008 Corus acquisition-related rights issue.

Tata Steel has raised around $500m (Rs 2,400 crore) of London Stock Exchange-listed global depository receipts (GDR), which is the largest such issue by an Indian company to date.

The same four firms also acted for Tata Steel's $2.3bn (Rs.9,135 crore) equity issue in early 2008 to finance its acquisition of steel maker Corus.

In the present GDR issue, Amarchand Mumbai managing partner Cyril Shroff and capital markets partner Yash Ashar advised Tata Steel and Tata Power in India.

Cleary Gottlieb London partner Raj Panasar led the international legal team for the company.

Talwar Thakore co-founding partner Shobhan Thakore and associate Tejal Velambath led the Indian team for the banks Citigroup Global Markets, Goldman Sachs International, J.P. Morgan Securities and UBS.

Milbank Tweed Beijing and Hong Kong-based partner Anthony Root led the team for the banks on international legal aspects of the present GDR issue.

According to Tata Steel's 2008 annual report, its main legal advisers are AZB & Partners, Amarchand Mangaldas, Mulla & Mulla in India and Herbert Smith, Cleary Gottlieb, Linklaters, Freehills and Milbank Tweed internationally.

Herbert Smith and AZB had advised Tata Steel on its 2008 acquisition of Corus, with Amarchand, Talwar Thakore, Cleary Gottlieb and Milbank Tweed assisting on financing the deal with a $2.3bn equity and preference share issue.

Cleary Gottlieb's present GDR team was led by Panasar and also included senior attorney Jonathan Wallenberger and associate Alistair Russell in London. Washington D.C. partner Ken Bachman, Hong Kong partner David Hirsch, London partners Daniel Braverman, Simon Ovenden and Ashar Qureshi, Washington counsel Rick Bidstrup and Washington associate Christopher Fazekas also assisted. Associates Richard Sultman and Holly Bradley advised on tax issues in London.

Last week LegallyIndia.com reported on Sterlite Industries' $1.5bn (Rs 7,200 crore) American depositary receipt (ADR) fundraising in London, which Luthra & Luthra and S&R Associates had advised on.

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