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Within days of Essar Group signing a mega $12.9-billion asset sale in its oil business to Russia’s Rosneft, three top lenders — ICICI Bank, Axis Bank and StanChart — have got back an estimated $2.5 billion as part of the first payment for their debt exposure to the Ruias-led conglomerate, reported ET.
Shardul Amarchand Mangaldas & Co. acted as the Indian legal counsel for ICICI Bank, in the restructuring of its approximately US$ 1.1 billion exposure in Essar group.
Shardul Amarchand team worked along with ICICI’s counsels Jayesh Thaikandy and Mayuri Singh.
The Shardul Amarchand team included Partners Pallavi Shroff, Sapan Gupta and Ameya Gokhale along with Principal Associates Soummo Biswas, Meghna Rajadhyaksha and Malvika Kanade.
Allen & Overy acted as the international counsel for the lenders. The Allen & Overy team was led by Singapore Partner Kayal Sachi and Sydney Partner James Abbott, with support from Senior Associates Rahul Chatterji and Pierre Dzakpasu (Singapore), Kunal Katre (London) and Madeleine De Garis (Hong Kong), and from Associates Kanika Dhawan and Katherine Signy (Singapore) and Li Lin (Sydney).
Hogan Lovells acted for StanChart.
Between the two Indian lenders, ICICI Bank’s share is nearly three-fourths while that of Axis Bank is about one-fourth — in the total exposure as well as repayments. In the case of StanChart, the total exposure was much higher at over $3.3 billion, according to ET.