Ashurst and DLA Piper land massive Coal India listing

Ashurst and DLA Piper have secured roles advising on the international issues surrounding what is believed to be India’s largest-ever IPO.

State-owned Coal India went public with 10 per cent of its shares on the Bombay Stock Exchange, raising around $3.4bn (£2.1bn).

The move is part of the Indian government’s divestment programme, which has gathered pace since May 2009, when the Congress Party won a decisive victory in the country’s election, making divestments easier to push through.

DLA Piper, led by Asia head of capital markets Stephen Peepels, advised Coal India. Legal director Biswajit Chatterjee and associate Leander Coutinho assisted.

Luthra & Luthra Law Offices advised Coal India on Indian law issues. The firm’s team comprised partner Madhurima Mukherjee, senior associate Greeta ­Dhania and associate Sudeshna Chatterjee.

Ashurst advised lead managers Citi, Deutsche Bank, Bank of America Merrill Lynch, Enam, Kotak and Morgan Stanley.

Ashurst was led by Hong Kong-based US securities partner Stuart Rubin and associates Sundip Biswas and Tamar Keil.

Partner David Nirenberg advised on tax issues, while Ashurst India business group head Richard Gubbins and head of US securities and M&A Daniel Bushner also acted on the deal.

Amarchand & Mangaldas & Suresh A Shroff & Co advised the lead managers on Indian law. Partner Prashant Gupta led on the deal, assisted by senior ­associate Aarti Joshi.

“Taking public a company that itself constitutes one of India’s most critical ­industries is no easy feat, particularly on the timeline set for this transaction,” said Ashurst’s Rubin. “The ­number of constituencies with an interest in the ­transaction was incredible.”

Peepels at DLA Piper said: “Coal India acts through seven subsidiaries across India, so the due ­diligence obligation was a big job; we had to work hard for six months on this deal.

“For all the gloss on India’s technology sector, it’s interesting that a coal ­company was involved in the country’s largest IPO.”

Coal India holds the world’s largest coal reserves and accounts for most of India’s non-captive coal ­production.