Allen & Overy advises book-running lead managers on Yes Bank transaction

Allen & Overy has advised the book-running lead managers on Yes Bank’s $500m (£300m) qualified institutions placement (QIP) of shares to fund the bank’s future expansion.

The transaction involved a private placement of shares into the US under section 4(a)(2) of the US Securities Act of 1933 and an offering outside the US in reliance on Regulation S of the Securities Act. This is one of the first transactions in India where the offer document included the new disclosure requirements specified under the Form PAS-4 prescribed under the Indian Companies (Prospectus and Allotment of Securities) Rules 2014.

Partner Amit Singh led the Allen & Overy team (which advised on the US aspects of the transaction) from Hong Kong with support from associates Garrick Merlo, Emily Dong and Julie Song.