Squire Patton Boggs has announced that it has advised on two significant Indian equity offerings, acting as US counsel on the US$430 million qualified institutions placement (QIP) by Shree Cement Limited and the US$130 million QIP by Cholamandalam Investment and Finance Company Limited.
Shree Cements is India’s third-largest cement manufacturer. The firm advised lead managers JM Financial and ICICI Securities as US counsel on the transaction.
Cholamandalam Investment is a non-banking financial services company which is part of the Murugappa Group, a diversified Indian conglomerate with 28 businesses and operations across India, Russia, China and South Africa. The firm acted as US counsel to lead managers Axis Capital and Ambit Capital.
The Squire Patton Boggs team advising on both transactions was led by US securities partner and co-head of the firm’s India Practice Biswajit Chatterjee, assisted by senior associate Kaustubh George and associates Nabil Shadab and Anandee Banerji.
The firm has won a string of awards in India, including International Law Firm of the Year at the 2019 India Legal Awards, International Law Firm of the Year at the 2019 Legal Era Awards and Best India Desk of the Year at the Thomson Reuters IDEX Legal Awards. The firm is also ranked as one of the Top 12 Foreign Law Firms for India Work by India Business Law Journal.