DLA Piper, in conjunction with Indian law firm Luthra and Luthra, served as international counsel to The Government of India, acting through the Department of Disinvestment, as selling shareholder, and Coal India Limited, on the company’s HK$3.4 billion initial public offering. The transaction was India’s largest ever IPO, and was met with significant demand, with the available shares more than 15 times oversubscribed. The initial offer valued the company at US$35 billion dollars, putting it as the seventh largest among India’s listed companies.
The Government sold a 10 percent stake in Coal India and the company was listed on the National Stock Exchange of India and the Bombay Stock Exchange on November 4, 2010. It was the first of eight public equity sales the government plans by March 2011, according to a statement by Disinvestment Secretary Sumit Bose on October 19.
The DLA Piper team was led by Stephen Peepels (Hong Kong), who heads the firm’s US capital markets practice in Asia, together with Biswajit Chatterjee (Singapore); Jack Kantrowitz (New York) added support to the team on US securities law matters, and Jonathan Ciner (Washington) provided international tax advice. The Luthra team was led by Partner Madhurima Mukherjee, who heads Luthra and Luthra’s capital markets practice, with support from lawyers Geeta Dhania and Sudeshna Chatterjee.
Related Posts:
- None Found