NAME: State Bank of India's $2.9 billion QIP
LAW FIRM: Cyril Amarchand Mangaldas, S&R Associates, A&O Shearman, Linklaters
JURISDICTION: India
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Banking and financial services
State Bank of India's $2.9 billion QIP is our deal of the month for August.
State Bank of India (SBI), the country’s largest lender by assets, has successfully completed a $2.9 billion qualified institutional placement (QIP) of equity shares, marking it as India’s largest QIP to date. The fundraising was approved in May as part of SBI’s broader capital-raising strategy. It is the bank’s first QIP since 2017 and underscores its efforts to bolster its capital base to support lending growth and meet regulatory requirements in India’s expanding economy.
The QIP attracted significant institutional interest, with the proceeds from the offering aimed at strengthening SBI’s financial position, enabling the bank to expand retail and corporate lending while maintaining regulatory buffers as India’s economy scales new highs.
Cyril Amarchand Mangaldas acted as Indian counsel to SBI. The team was led by partner Devaki Mankad, supported by principal associate Rishav Buxi and associates Devansh Raheja, Hitesh Nagpal and Janhavi Deshmukh, with strategic inputs from senior partner Yash J Ashar. Linklaters also advised SBI, with a team led by partner Amit Singh.
S&R Associates and A&O Shearman represented the bookrunning lead managers, which included Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Morgan Stanley India, HSBC Securities and Capital Markets, and Citigroup.