Skadden, Arps, Slate, Meagher & Flom’s corporate partner from Hong Kong, Edward Lam with Moshe Kushman, the tax partner based out of Los Angeles, advised the bankers in the $315 million (Rs. 1,480 crore) Qualified Institutional Placement (QIP) by GMR Infrastructure Limited. Luthra & Luthra’s Delhi offices, led by capital markets partner, Madhurima Mukherjee advised the bankers.
Amarchand Mangaldas’ Bangalore offices advised GMR Infrastructure on the issue. The transaction is said to be the largest QIP by value in 2010. The shares were placed mostly with investors outside India, including investors in the United States.
GMR had attempted to raise funds via two other QIPs, which they later withdrew. The same teams advised, except that Amarchand Mangaldas were the domestic advisors to bankers and Luthra advised the company. The GMR Group is a leading global infrastructure major with presence in the Airports, Energy, Highways, Urban Infrastructure including SEZs and the agri-business sectors.
