DLA Piper has served as sole international counsel on the $1.1bn (£667m) offering by Power Grid Corporation of India, the largest power transmission company in India. The deal was led by Citibank, UBS, ICICI, Kotak Mahindra and SBI Capital as underwriters and global co-ordinators for the offering.
The offering was a combination of a government disinvestment (with the government of India selling a small portion of its existing holding) and the issuance of new equity shares. This was one of the largest equity capital market transactions in India in 2013 and is an encouraging indication of a revival in equity offerings in the India market.
The DLA Piper team was led by Stephen Peepels (Hong Kong) and Biswajit Chatterjee (Singapore), supported by Timothy Franklyn (Hong Kong), Joywin Mathew (Singapore) and Ankita Manav (Singapore).