Shardul Amarchand Mangaldas & Co (SAM) acted as legal counsel to a consortium of selling shareholders, namely, State Bank of India, the largest selling shareholder, Canada Pension Plan Investment Board, SBI Capital Markets Limited, Bank of Baroda, Stock Holding Corporation of India Limited, General Insurance Corporation of India, The New India Assurance Company Ltd., National Insurance Company Limited, United India Insurance Company Limited, ChrysCapital (through Mahagony Limited), The Oriental Insurance Company Limited, Indian Bank, and ICICI Lombard General Insurance Company Limited in connection with the initial public offering(“IPO”) by National Stock Exchange of India Limited(“NSE”).

The IPO comprised entirely of an offer for sale, by existing shareholders, aggregating to ₹225,616 million and collectively, the consortium accounted for approximately 70.39% of the total value of the offer for sale.

The mandate involved advising on a broad range of regulatory, disclosure, diligence, and transaction execution matters. The IPO is one of the most closely anticipated listings in Indian capital markets and is the second largest initial public offering, to date.

The transaction was led by Prashant Gupta (Partner & National Practice Head- Capital Markets), Nikhil Naredi, Partner; and Krupa Brahmbhatt, Partner; along with Harsh Loonker, Principal Associate; and Associates – Ankita Singh, Gayathri Krishnan, Aryaman Pachauri and Shabri Bose.

Strategic inputs were provided by Natashaa Shroff, Partner and Deepa Rekha, Partner, in relation to the sale of equity shares by Canada Pension Plan Investment Board, and Karun Prakash, Partner, in relation to the sale of equity shares by ChrysCapital (through Mahagony Limited).