Talwar Thakore and Associates are advising Axis Bank in raising equity by means of Qualified Institutional Placements (QIPs) and Global Depository Receipts (GDRs). Axis bank has raised Rs. 3,490 crores ($720 million) in total, Rs.3,007 crores ($625 million)from its QIP and Rs. 456 crores ($95 million) through GDRs. In addition, the bank plans to raise Rs. 384 crores ($80 million) from its promoters, bringing the entire transaction value to Rs. 3,880 crores ($800 million).

Mr. Shobhan Thakore, name Partner of Talwar Thakore and the head of the Capital Markets Practice, declined to comment on the grounds that the transaction was ongoing. This QIP is the largest this year, ousting the Amarchand Mangaldas-advised Unitech QIP which raised Rs. 2789 crores ($580 million) in June.

The joint lead managers and book runners were advised on aspects of domestic law by the Mumbai offices of Amarchand Mangaldas. Allen & Overy's Hong Kong offices acted as International counsel for the lead managers and book runners.

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