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Shardul Amarchand Mangaldas Advises on the Rs. 5000 Cr. NTPC OFS

Shardul Amarchand MangaldasINVC NEWS New Delhi, Shardul Amarchand Mangaldas & Co (SAM & Co) advised the selling brokers on the recently concluded NTPC Offer for Sale (OFS). As a part of the transaction, SAM & Co advised SBICAP Securities Limited, ICICI Securities Limited, Edelweiss Securities Limited and Deutsche Equities India Private Limited (collectively, the “Selling Brokers”). The OFS was carried out on February 23 and 24, 2016,and involved the sale of 41,22,73,220 equity shares, constituting 5% of the equity shares of NTPC Limited. The Capital Markets team of Shardul Amarchand Mangaldas Team was led by Mr. Prashant Gupta, Partner and involvedMr. Sayantan Dutta, Partner, Ms. Shraddha Krishnan Dash, Associate. This was one of the first OFS transactions completed after the amendment dated February 15, 2016, notified by the Securities and Exchange Board of India, pursuant to which, the OFS trade is now undertaken over a period of two trading days, wherein non-retail investors are permitted to bid on the first day (“T” day) and retail investors and non-retail investors, who did not receive allocation on the first day, are permitted to bid on the second day (“T+1” day) of the OFS. The parties involved in the transaction were President of India, acting through the Ministry of Power, Government of India (the “Seller”) and SBICAP Securities Limited, ICICI Securities Limited, Edelweiss Securities Limited and Deutsche Equities India Private Limited (collectively, the “Selling Brokers”) Otheradvisors to the transaction were Cyril Amarchand Mangaldas and Dorsey & Whitney, who acted as the Indian and international legal counsels to the Seller, respectively. Jones Day acted as the international legal counsel to the brokers.

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