CAM, Linklaters, S&R Associates, A&O Shearman act on SBI ₹25,000 crore QIP

The State Bank of India has made a qualified institutional placement of equity shares aggregating to ₹25,000 crore.

Cyril Amarchand Mangaldas is advising SBI on this QIP.

The transaction team is led by Devaki Mankad (Partner, Regional Co-Head - Capital Markets - West), with support from Rishav Buxi (Principal Associate), Hitesh Nagpal (Associate), Devansh Raheja (Associate) and Janhavi Deshmukh (Associate).

Yash J. Ashar (Senior Partner) provided strategic inputs.

Linklaters acted as the international legal counsel for SBI on this QIP and the team was led by Partner Amit Singh.

S&R Associates advised the book running lead managers - Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Morgan Stanley India, HSBC Securities and Capital Markets, and Citigroup, on this QIP.

A&O Shearman acted as the US counsel for the BRLMs.

The transaction team was led by Pallavi Gopinath Aney (International Capital Markets Partner, Co-head - India group), with support from Mark Leemen (Partner), Nabil Shadab (Senior Associate), Shinjan Alok (Associate) and Rajshree Agarwal (Legal Assistant).

This QIP marks SBI's first such move since 2017. This transaction marks SBI’s largest equity issuance to date. SBI raised ₹25,0000 crore pursuant to the QIP. The proceeds will augment SBI’s Common Equity Tier-I capital base.

SBI, India’s largest bank, operates 22,937 branches in India and 244 international offices in 29 countries. The Government of India holds a majority stake in SBI. Through its subsidiaries and joint ventures, SBI operates across a wide spectrum of the Indian financial sector, including asset management, investment banking, factoring and commercial services, treasury operations, credit cards, payment services, life insurance and general insurance.

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