India’s largest law firm, Cyril Amarchand Mangaldas advised JM Financial Limited (JM Financial) on its INR 770 crore QIP. JM Financial is an established financial services group providing a range of financial services. Its businesses include (a) Investment banking, wealth management and securities business (IWS) (b) Mortgage Lending (c) Distressed credit (d) Asset Management.
This is the second QIP by an Indian company since the lock-down began in March, 2020. Cyril Amarchand Mangaldas had also advised Kotak Bank in relation to their QIP, which was the first Indian QIP during lock-down period.
The Capital Markets Team of Cyril Amarchand Mangaldas advised on the Transaction. The Transaction team was led by Yash Ashar, Partner & Head – Capital Markets; and Vijay Parthasarathi, Partner; with support from Vinay Sirohia, Principal Associate; Saurav Das, Associate; and Sanyukta Saraf, Associate.
Other parties involve in the Transaction included IDFC Securities Limited and ICICI Securities Limited (Book running lead Managers (‘BRLMs’)); Squire Patton Boggs (MEA) LLP, UAE (international legal advisor to the BRLMs); and Deloitte Haskins & Sells LLP (Statutory auditors).
The preliminary placement document and the placement document was filed with BSE Limited and National Stock Exchange of India Limited on June 9, 2020 and June 12, 2020, respectively.
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. Tracing its professional lineage to 1917, the Firm of Cyril Amarchand Mangaldas is now the largest full-service law firm in India, with over 750 lawyers including over 130 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.
The firm, Cyril Amarchand Mangaldas, was recently awarded with “India – Firm of the Year” at the AsiaLaw Regional Awards 2019 and “India Deal Firm of the Year” at the In-House Community Counsels of the Year Awards 2019. The firm was also named as the “Most Innovative National Law Firm of the Year – India for 2018” at the IFLR Asia Awards, having also been successful in winning the prestigious & coveted “National Law Firm of the Year, 2018 for India” at the Chambers Asia-Pacific Awards. The firm was also voted as the “Employer of Choice for 2018” from India, by the Asian Legal Business, now 4 years in a row, building upon the several awards that the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. had won in the past.