Cyril Amarchand Mangaldas and Linklaters are advising India’s largest lender, State Bank of India on its INR 25,000 crore qualified institutional placement, the largest ever in Indian history. S&R Associates and Allen Overy Shearman Sterling advised the book running lead managers to the deal.
The book running lead managers comprise Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Morgan Stanley India, HSBC Securities and Capital Markets, and Citigroup.
The QIP will beat Coal India’s INR 22560 crore issue from 2015, making it the largest of its kind on India’s bourses. The QIP saw strong investor interest, being oversubscribed three times over its offer size, according to media reports.
This is SBI’s first capital markets fundraise since 2017.
SBI’s issue comes on the back of a record year for QIPs in 2024. The previous year saw Indian capital markets experience an extraordinary surge in large-scale qualified institutional placements, with marquee names like Zomato, Vedanta, and Adani Energy Solutions each raising over INR 8,000 crore. This activity reflected strong investor confidence and marked a new era for equity fundraising among leading corporates.
The CAM capital markets team was led by partner Devaki Mankad, principal associate Rishav Buxi and associates Hitesh Nagpal, Devansh Raheja and Janhavi Deshmukh. Senior partner Yash J. Ashar provided strategic inputs and guidance.
The Linklaters team was led by partner and head of India practice Amit Singh, with support from senior associate Calvin Soon and associate Rushil Oberoi.
