Sidley acted as international counsel to Kotak Mahindra Capital, BofA Securities India, Jefferies India, and Morgan Stanley India, the book-running lead managers, on Godrej Properties Limited’s (Godrej) US$708 million equity offering via a qualified institutions placement (QIP).
Godrej is a leading Indian real estate developer. This latest offering by Godrej is reported to be the largest QIP fundraise by a real estate company in the country.
The demand for the QIP issue was around four times the size of the QIP. After the QIP, Godrej’s net worth is reported to have increased by more than 50%. Sidley also advised on Godrej’s QIP in 2021, which raised US$518 million.
Manoj Bhargava and Shashwat Tewary led the Sidley team, with support from Carla G. Teodoro, Nicholas R. Brown, Robert M. Kreitman, Prabhat K. Mehta, Edward Lee, Andy J. Lau, and Morgan Ross.
This transaction is one of several very prominent QIPs the Sidley team advised on in December, including Torrent Power’s QIP and Brookfield India Real Estate Trust’s QIP.
The firm’s market leadership in India-related matters has been widely recognized, with Sidley named as a “Top Foreign Law Firm” for work in India by the India Business Law Journal in 2024 for the seventh year running. Sidley has continued to advise on innovative, “market first” equity offerings in 2024, including of FirstCry, Sagility, Medi Assist Healthcare, Vodafone Idea, and Afcons Infrastructure.
Sidley was also named “Securities Firm of the Year” at Law.com International’s Asia Legal Awards 2024, underscoring the firm’s preeminence in securities offerings.
