Areas of Service
OUR CAPITAL MARKETS EXPERTISE
Capital markets around the world have seen turbulent times in the recent past. India's capital markets, on the other hand, have displayed a quick bounce back amidst signs of a gradual waning of the global economic crises.
The liberalization of the economy, the conscious move by regulators to welcome foreign investments and a gradually evolving regulatory framework conducive to the capital markets and its participants have augured well for the growth in depth of the markets.
Improved disclosure and governance standards, a focus on investor protection and better surveillance have definitely boosted the confidence of the investors, domestic and overseas, alike. Indian companies have also become more global in terms of their operations and a substantial amount of capital being raised in India or overseas is being utilized towards overseas expansion and acquisitions.
Nishith Desai Associates ("NDA" or the "Firm") Capital Markets practice is geared to advice clients on all facets of capital raising through equity or debt, public or private, domestic or international. We assist clients in domestic offerings including initial public offerings ("IPO") coupled with or without an offer for sale by existing investors, qualified institutions placements ("QIP") and international offerings including issuance of American depository receipts ("ADR") and global depository receipts ("GDR").
We have been involved in 5 out of the 16 American Depository Receipts (ADRs) issued by Indian companies including the first Indian ADR to be listed on NASDAQ - Infosys Technologies followed by Wipro on NYSE. We now represent a good mix of domestic and international offerings that has evolved from representing several Indian corporations in international offerings such as ADR offerings by Infosys Technologies, rediff.com, Silverline Technologies and Wipro and the GDR issue of Himachal Futuristic Communications Limited. We have also worked on the GDR offerings by Indiabulls Financial Services Limited and Indiabulls Real Estate Limited which are listed on the Luxembourg Stock Exchange. We have assisted the investors of Ankur Drugs and Pharma Limited with respect to the issuance of foreign currency convertible bonds by Ankur Drugs and Pharma Limited.
In addition, we have worked on several domestic Initial Public Offerings (IPOs), Qualified Institutional Placements (QIPs) and PIPE transactions. NDA was also involved in AIM and London Main Market Listing where first time an India focused real estate fund was proposing to get listed.
In recognition of our expertise, the Practical Law Company in Which Lawyer? Yearbook 2009 has recommended the Capital Markets practice. Recently, three of our capital market deals where we advise the book running lead managers and the selling shareholders have been reported as star deals of the year (2017) by Indian Business Law Journal.
The Capital Markets Practice Group of the Firm, which represents a good mix of domestic and international offerings, has evolved from representing several Indian corporations in international offerings.
Representing clients in such international offerings requires a deep understanding of not only the domestic laws but also an astute understanding and appreciation of relevant international laws such as disclosure standards, prospectus liability issues, due diligence defence, etc. Our focus on cross-border legal and regulatory issues has given us an in-depth understanding of the various issues that arise when a company seeks to list on a foreign bourse, ranging from the conflicts between the corporate law requirements in the two jurisdictions, the double taxation issues that arise in connection with the returns that international investors get on their investments and other complex issues. We seek to add value to our clients and the projects at all stages from planning through to the initiation and through the execution.
Our services include acting in the capacity of not only the issuer company's counsel or the underwriter's counsel, but also representing the exiting private equity, venture capital and strategic investors in their offer for sale at the time of the IPO.
Given our rich and varied experience in relation to formation of, and structuring of downline investments by, private equity and venture capital funds, we are able to successfully deal with not just their entry into Indian investee companies, but also assist them in securing a successful exit by way of an offer for sale at the time of the investee company's IPO.
With respect to IPOs, the Capital Markets practice group has been involved in the offerings by BSE Limited, Central Depository Services (India) Limited, Indian Energy Exchange Limited, Firstsource Solutions Limited, Purvankara Projects Limited and Orbit Corporation Limited. We are currently involved in the proposed offerings by Mumbai-based and leading financial services companies. On the QIP front, the Capital Markets Practice Group has also handled the QIP by Orbit Corporation Limited and Sunteck Realty Limited.
We have assisted several realty companies in the offering of non-convertible debentures on a private placement basis to select private equity and venture capital funds.
Some of our accolades include:
SCOPE OF SERVICES
We have been successful in handling mandates by acting in the capacity of issue counsel, issuer company's counsel, underwriter's counsel and selling shareholders' counsel. Our scope of services, depending on our role, may vary. However, broadly our scope encompasses the following:
Some of the offerings wherein we have represented the issuer company or the underwriters or the selling shareholders include:
Some of the underwriters that we have represented include: