Mishcons and Olswang win first Indian AIM GDR issue

Mishcon de Reya advised Noida Toll Bridge on the first global depositary receipt (GDR) issue on AIM for an Indian public company.

The AIM listing, which went live this morning (21 March), raised $45m. It will be used to repay loans and to fund the construction of a new road link to the Noida Toll Bridge in Delhi.

The work was won on a recent business development trip to India. Mishcons’ corporate partner Ross Bryson led the team with banking partner Matthew Lindsay and corporate assistants Stuart McMaster and Chris Jones. Bryson said the firm won the work following an October 2005 reception at the Taj Hotel in Mumbai which was particularly focused on promoting AIM.

“India has two good stock markets, Singapore is just around the corner and the Indians are well versed in the Luxembourg GDR market, so it’s not as if they don’t have choice,” Bryson said. “We wanted to raise awareness of AIM as another option.”

Olswang partner Paul Blackmore led the team advising nomad and broker Collins Stewart on the deal. The firm also recently advised on the first Indian company to list on AIM, the £10.9m December float of Great Eastern Energy, with consultant Toby Greenbury taking the lead with partner Howard Palmer (now at Taylor Wessing).

Luthra & Luthra advised Noida on local law issues.